| Natural ecological environment is an important foundation for human survival and development.In recent years,global warming,acid rain,fog,haze weather phenomenon such as the world’s attention,to alleviate the pollutants caused by all kinds of climate anomalies,countries have a number of measures to reduce carbon dioxide emissions,which are recognized as policy tools for carbon emissions trading,carbon trading through the way of market mechanism to two or more things carbon reduction and economic development,It is of great significance for enterprises to implement green low-carbon and sustainable development of technological innovation.China as the biggest developing country in the world,carbon emissions will rise in the process of industrial development,for as soon as possible "carbon neutral" and "carbon peak" double carbon targets,in multiple pilot start carbon trading policy in our country,the effectiveness of the policy and its effect on enterprise development become more scholars such as key research direction.Based on the externality theory,information asymmetry theory,stakeholder theory and principal-agent theory,this paper explores the action mechanism and development status of carbon emission trading policy by combining relevant literatures at home and abroad.From the macro and micro levels,this paper analyzes the effectiveness of carbon emission trading policy in each pilot area and the impact of the policy on the investment efficiency of listed companies,further analyzes the moderating effect of financing constraints on carbon trading policy and investment efficiency,and establishes empirical research based on theoretical analysis to test.First of all,this paper analyzes the effectiveness of carbon emission trading policy by using differential difference method.Panel data of 30 provinces and cities(except Tibet,Hong Kong,Macao and Taiwan)are taken as samples to distinguish the experimental group and the control group,explore the changes of carbon emissions before and after the implementation of carbon trading in managed areas and unmanaged areas,and analyze the effectiveness of the policy.Secondly,this paper takes the relevant financial data of Shanghai and Shenzhen A-share listed companies from 2015 to 2019 as the research object,establishes the expected investment model and the relationship model between carbon trading policy and investment efficiency,and conducts regression analysis on the sample data.Finally,the moderating effect model of financing constraint,carbon emission trading and enterprise investment efficiency is constructed to verify the influence relationship between financing constraint,carbon emission trading policy and enterprise investment efficiency.Through empirical analysis,the conclusions of this paper are as follows :(1)the carbon emission trading policy has a certain lag in carbon emission reduction in the pilot areas,but it has a significant and sustained promoting effect in the long term.(2)Carbon emission trading policy,as an emission reduction tool,can effectively alleviate inefficient investment behaviors of enterprises,promote investment efficiency of enterprises,and help reduce emission reduction costs of enterprises and stimulate technological innovation of enterprises.(3)Financing constraint has a negative moderating effect on the relationship between carbon emission trading policy and non-investment efficiency of listed companies.When the degree of financing constraint is high,it helps to improve the behavior of over-investment or underinvestment of enterprises.In view of the existing shortcomings of China’s carbon emission trading policy,this paper puts forward suggestions such as improving the carbon emission trading mechanism,innovating the carbon trading system and strengthening the concept of carbon emission reduction of enterprises,and points out the limitations and shortcomings of this study and the prospect of the future research direction. |
