Carbon Emissions Trading And Green Investment By Enterprises

The 20th National Congress of the Communist Party of China once again emphasized the importance of the construction of ecological civilization,pointing out that if we want to build a modern socialist power in an all-round way,we must integrate the construction of ecological civilization into the overall development situation.At the same time,we have made further planning and deployment to achieve the goals of carbon peaking and carbon neutralization.As one of the important means to achieve the great vision of carbon emissions reduction and building a beautiful China,the development of carbon emissions trading has attracted more and more attention.This paper summarizes previous studies,and discusses the green impact of carbon emissions trading on this basis,and analyzes the role of carbon emissions trading on green investment from the enterprise level.Specifically,the work of this paper mainly includes the following points.First of all,this paper analyzes the impact of carbon emissions trading on green investment of enterprises from the Decentralized Responsibility Effect,Coase Theorem and Cost-Benefit Theory,and puts forward H1:Carbon emissions trading will promote green investment of enterprises.Secondly,based on the Pecking Order Theory,Asymmetric Information Theory and Stakeholder Theory,this paper discusses the role of corporate financing constraints and environmental responsibility level in the mechanism,and accordingly proposes H2:Carbon emissions trading promotes green investment by easing corporate financing constraints H3:Carbon emissions trading promotes green investment of enterprises by improving their environmental responsibility.In order to verify the above assumptions,this paper selects A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2019 as samples,conducts an empirical test using the double difference model,and draws the following conclusions:(1)Carbon emissions trading can promote green investment of enterprises;(2)The level of financing constraints and environmental responsibility of enterprises has indeed played a role as a mechanism;(3)Carbon emissions trading can have a positive effect on the green investment of state-owned enterprises and non-state-owned enterprises,enterprises in economically developed regions and enterprises in non-economically developed regions,and small-scale enterprises,and there is no significant difference in the impact of carbon emissions trading on the green investment of state-owned enterprises and non-state-owned enterprises,enterprises in economically developed regions and enterprises in non-economically developed regions.Finally,combined with the research conclusions,this paper puts forward corresponding policy recommendations:(1)Strengthen the publicity of carbon emissions trading and encourage enterprises to participate in carbon emissions trading;(2)Strengthen the awareness of environmental responsibility of enterprises;(3)Create a good environment for the implementation of carbon emissions trading.The innovations of this paper are as follows:(1)Extract carbon emissions trading from market incentive environmental regulation instruments separately and conduct empirical research;(2)In the empirical study,the mechanism effect of environmental responsibility level on green investment is verified.