| Carbon trading in China started as a pilot scheme in 2011,and a national carbon market was set up in July of this 2021.At present,as the world’s largest carbon market our carbon market covers a wide range of industries and subjects.As an environmental economic policy,the principle of carbon emissions trading is that government agencies transfer carbon rights to emitters for a fee through auction and bidding,and emitters use the secondary market to buy or sell it,that is,the use of market mechanisms to limit corporate greenhouse gas emissions.Carbon emissions trading internalizes the environmental costs of enterprise production and provides a platform for income and financing,thus affecting the internal and external environment of enterprise production and operation,resulting in external financing,and affecting the scale of enterprise debt financing.At present,our country’s capital market is not perfect,credit,debt and other debt financing methods are still favored by enterprises,which means using capital leverage to get more cash flow.On the one hand,if enterprises rely on debt financing excessively,resulting in the increase of leverage ratio,beyond the optimal leverage ratio,will affect the performance of enterprises,and even lead to debt risk and bankruptcy risk.On the other hand,the scale of corporate debt is small,and the leverage ratio is far lower than the optimal leverage ratio,which means that the debt tax shield,signal transmission effect and so on can not be brought into full play,and is not conducive to corporate performance.Therefore,based on the carbon pilot work carried out in 2013,this paper studies the relationship between carbon emissions trading and corporate leverage deviation.On the basis of literature review,concept definition and basic theory,this paper analyzes the influence mechanism of carbon emission trading mechanism on corporate leverage deviation.At the same time,this paper analyzes the coverage of our country’s carbon emission trading market industry and main body,trading situation and the evolution of Our Enterprises’ leverage ratio.Then,using the data of a-share listed companies in Shanghai and Shenzhen from 2009 to 2020 and the list of key emitters of carbon emissions trading published by the National Development and Reform Commission of each Pilot Carbon Province,and dividing the research samples into treatment group and control group to study the impact of carbon emissions trading on leverage deviation and its mechanism by using double difference model,and test the heterogeneity based on development level of green finance,industry characteristics and property rights nature.Finally,the conclusions are as follows:(1)carbon emissions trading has a positive impact on leverage deviation;(2)the impact of carbon emissions trading on leverage deviation varies with the development of regional green finance,the emission characteristics of its industry,and the nature of enterprise property rights;(3)R&D investment is an intermediary variable,which is regulated by the financing constraint index.Based on the above conclusions,this paper puts forward the following suggestions:(1)ease the financing constraints of enterprises,play the role of the regulation of the financing constraints of enterprises,promote enterprise innovation;(2)develop green finance,promote the development level of green finance in various regions,broaden the diversification of the financing channels of enterprises,optimize the financing methods and sources of enterprises;(3)develop transitional finance,provide financial support for the low-carbon transition of high-carbon industries,and help achieve carbon neutrality. |
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