Research On The Impact Of Carbon Emission On Firm Value Of Iron And Steel Enterprises Under The Vision Of Carbon Neutrality Goals

At present,climate change has become a global problem.In order to deal with the challenges caused by global climate change,China put forward the goal of carbon neutrality and carbon peak in 2020,striving to achieve carbon peak by 2030 and carbon neutralization by2060.However,enterprises face transformation risks.These changes of policy may bring many problems for carbon intensive industries,such as increasing production costs,receiving emission fines,forming stranded assets and so on,and bring risks to high-carbon industries.In China,the iron and steel industry has the characteristics of high energy consumption and high pollution.The development of the industry brings more pollution and great impact to the environment,but the iron and steel industry still plays an important role in China’s economic development.Since the goal of carbon neutrality and carbon peak was put forward,many documents has been put forward to improve the requirements of the iron and steel industry.The iron and steel industry urgently needs to transform to a way of low-carbon,clean and green development.Therefore,this paper hopes to explore the relationship between carbon emission and firm value of China’s iron and steel company.This paper first introduces the literature at home and abroad,and then introduces the theory and path about carbon emissions how to affect corporate performance.Before the empirical analysis,it first introduces the development and carbon emission performance of China’s iron and steel industry.Using an sample of 34 iron firms over the years 2012-2020,the basic model of is to analysis the correlation between carbon emission performance and firm value of iron and steel industry.The data come from CSMAR,Wind and the carbon evaluation database released by the International Research Institute of green finance of Central University of Finance and economics.Apart from the basic model,this paper make further research to exam whether different enterprise ownership affect the relationship between carbon emission performance and firm value.Since the construction of ecological civilization is highly valued after 2015,this paper further analyzes the correlation difference between carbon emission performance and firm value before and after 2015.The main conclusions are as follows:(1)there is a significant and positive correlation between carbon emission score(carbon intensity score)and Tobin Q for iron company.(2)Tobin Q is more affected by carbon emission score(carbon intensity score)for SOEs compared to nonSOEs.(3)Tobin Q is more affected by carbon emission score(carbon intensity score)after 2015 compared to before 2015.Finally,this paper makes some suggestions:(1)accelerate the low-carbon transformation of iron companies;(2)Accelerate investment in scientific and technological research and development;(3)Pay attention to the characteristics of enterprises with different forms of ownership and adopt suitable policies for different companies;(4)Strengthen the disclosure of environmental information;(5)Accelerate the construction of carbon trading market;(6)Give full play to the supporting role of transitional finance and use the finance power to help achieve the goal of carbon neutrality and carbon peak.