The Impact Of Carbon Trading Policies On The Value Of High-polluting Industrial Enterprises

With the progress of human society,economic growth at the cost of destroying environmental resources seriously threatens the survival of human beings,resulting in frequent occurrence of greenhouse effect and other problems.Countries around the world have reached a consensus on environmental protection and signed environmental protection agreements for many times to curb the global climate problem.To shoulder the heavy responsibility of environmental protection as a major developing country,China has made a solemn commitment to the world to achieve the "3060" dual carbon target.But this goal brings more challenges and opportunities for Chinese enterprises.In 2021,China officially established a national carbon trading market to promote low-carbon transformation of enterprises through market-based environmental regulations.As an important part of China’s economy,high-polluting industrial enterprises have become the focus of carbon trading policies.All stakeholders also attach importance to the influence of policies on the economic effects of such enterprises.Therefore,while promoting the emission reduction of highpollution industrial enterprises,whether and how the carbon trading policy affects the enterprise value becomes an issue worthy of attention.Based on public goods theory,Porter hypothesis and other relevant theories,this paper makes an in-depth analysis of the relationship between carbon trading policy and enterprise value of high-pollution industries and puts forward hypotheses.Taking a-share listed companies from 2010 to 2020 as the research object,2012 was selected as the policy impact time point,and the influence of policies on the value of high-pollution industrial enterprises was explored by constructing A triple difference model and A chain multiple mediating effect model,and the two mediating factors of corporate carbon information disclosure and corporate R&D and innovation were analyzed.In order to supplement the theoretical basis for the construction of carbon trading market from the micro perspective.The results show that carbon trading policy can improve the value of high-pollution industrial enterprises.Policies promote enterprise value through the mediating effects of carbon disclosure and innovation power,and there is a chain relationship between the two.The policy sensitivity and transmission path of enterprises with different equity nature are different.Non-state-owned enterprises are more sensitive,and state-owned enterprises mainly rely on the path of corporate carbon information disclosure to enhance corporate value.On the basis of the research conclusions,the paper puts forward suggestions from the perspective of the government and enterprises,in order to promote the low-carbon economic development of high-pollution industrial enterprises and promote the better operation of the national carbon market.