The Research On The Impact Of Environmental Costs On The High-quality Development Of Enterprises

Since China proposed the "30-60" dual carbon target in September 2020,how manufacturing enterprises and other emission entities control environmental costs and leverage the policy role of environmental regulations such as carbon emission trading to promote high-quality development of enterprises has become a focus of social attention.Therefore,based on a comprehensive review and synthesis of relevant literature at home and abroad,a detailed study was conducted on the impact of environmental costs on the highquality development of enterprises,the impact of participating in carbon emissions trading on the high-quality development of enterprises,and the moderating effect of participating in carbon emissions trading on the relationship between environmental costs and high-quality development of enterprises.First,based on sustainable development theory,externality theory,emission rights theory and signaling theory,the relationship framework between environmental costs,carbon emissions trading and high-quality development of enterprises is constructed.Secondly,descriptive statistics and correlation analysis were conducted on the data of Ashare listed manufacturing companies in China’s Shanghai and Shenzhen stock markets from 2010 to 2020.Regression models were used to analyze the impact of environmental costs on high-quality development of enterprises.By combining the double difference method and propensity matching score method,the impact of enterprises’ participation in carbon emissions trading on their high-quality development was analyzed in depth,At the same time,enterprises’ participation in carbon emission trading is taken as the moderating variable to explore the relationship between the three,and robustness test is conducted by replacing the explained variable,parallel trend test,placebo test and instrumental variable method.Finally,in-depth analysis was conducted through heterogeneity testing and lagged dependent variables.Research has found that:(1)the increase in environmental costs,mandatory environmental costs,and voluntary environmental costs can all promote high-quality development of enterprises;(2)Participating in carbon emissions trading can promote highquality development;(3)The participation of enterprises in carbon emission trading can enhance the promotion of environmental costs,mandatory environmental costs,and voluntary environmental costs for achieving high-quality development of enterprises;(4)The robustness test was conducted,and the conclusions were verified again by replacing the explained variable,parallel trend test,placebo test and instrumental variable method;(5)Further research has shown that increasing the mandatory environmental costs of stateowned enterprises and participating in carbon emission trading can better promote highquality development of enterprises;Increasing the voluntary environmental costs of nonstate-owned enterprises can better promote high-quality development of enterprises;Compared to mandatory environmental costs,the increase in voluntary environmental costs has a certain lag in the positive impact of achieving high-quality development for enterprises.Finally,optimization suggestions are proposed based on the above conclusions.At the government level,the government should vigorously develop the carbon finance market,improve the circulation and quality of carbon finance products,and fully optimize the allocation of financial market resources;At the same time,fully encourage and support enterprises to disclose information related to high-quality development,and improve the quality of environmental information disclosure.At the enterprise level,state-owned enterprises need to strengthen their green research and development capabilities,promote the transformation of innovative achievements,achieve optimized resource allocation,and achieve sustainable high-quality development;Non state-owned enterprises need to pay timely attention to the release of relevant policies,fully utilize the dividends brought by policies,shape and strengthen the motivation and potential to help enterprises achieve highquality development.