| Emission trading is based on the theory of property rights,which means that within a certain region,on the premise that the total emission of pollutants does not exceed the allowable emission,pollution quotas are traded among various internal pollution sources through currency exchange,so as to achieve the purpose of reducing the amount of pollution discharged and protecting the environment.Power generation enterprises are not only economic entities participating in the emission rights trading market,but also the focus of China’s pollution emission reduction work.Whether the implementation of emission right trading can force power generation enterprises to carry out green production innovation,offset the cost increase caused by pollutant emissions and technological upgrading,and increase the economic benefits of enterprises needs empirical testing.Taking the pilot emission trading policy since 2007 as a quasi-natural experiment,this paper studies the impact of emission trading on the business performance of power generation enterprises.Through DEA model measurement,empirical analysis,robustness test and heterogeneity analysis,the impact of emission trading is investigated from various aspects.The research content mainly includes the following aspects:(1)Theoretical basis and research hypothesis.Through the induction of environmental externality theory,Coase property rights theory and other theoretical analysis,put forward the direct impact of emission rights trading on the business performance of power generation enterprises,indirect impact and heterogeneity research hypothesis.(2)Model construction and empirical analysis of business performance of power generation enterprises.This paper expounds the basic principle,concept and basic model of DEA method,and finally selects the super efficiency SBM model to measure the management performance of power generation enterprises and the Malmquist productivity index to measure the management efficiency progress of power generation enterprises,and measures the operation performance of power generation enterprises from two aspects.By selecting the important financial indicators that affect the production and management of the enterprise,the paper makes an empirical study of the power generation enterprise by using the model.(3)Using the differential model to conduct an empirical study on the operating performance of power generation enterprises.Taking the management performance and management efficiency progress of power generation enterprises evaluated by DEA as the explained variables,the empirical research results were obtained by benchmark regression,and the robustness of the regression results was verified by dynamic effect analysis,propensity score matching and triple difference model.(4)Heterogeneity analysis of the impact of emission trading on the business performance of power generation enterprises.The heterogeneity of emission trading effects was investigated by reclassifying the experimental group and the control group by the scale of power generation enterprises,the background of regional economic development and the intensity of regional environmental regulations.The results show that emission trading significantly improves the operating performance of power generation enterprises in pilot areas,and the impact of emission trading has a certain lag effect.Environmental regulation coordination can avoid the cost effect of emission trading.Power generation enterprises in medium-sized enterprises,economically developed areas and regions with local environmental regulation can better utilize trading market to improve their business performance in emission rights trading. |
PDF Full Text Request