Carbon Emission Trading Policy And Green Investment Behavior Of Enterprises

With the economic development,excessive carbon dioxide emissions have gradually become the main problem facing China.Since the Fifth Plenary Session of the 18 th Central Committee of the Communist Party of China,China has attached great importance to green development,not only issued a series of relevant policies to guide the society to establish environmental protection concepts,but also put forward the principle of "who pollutes and who develops,who protects".According to the principle that polluters take care of it,enterprises should be the main body responsible for emission reduction.Therefore,in the face of the new situation of China’s economic transformation,we must guide enterprises to assume environmental governance responsibilities as much as possible and achieve sustainable development on the basis of reducing carbon dioxide emissions.In this context,carbon emission trading policy came into being,and this article analyzes the impact of carbon emission trading policy on enterprises’ green investment behavior in the context of the implementation of carbon emission trading policy.This paper collects the annual data of listed companies in China from 2011 to 2020 to verify whether the carbon emission trading policy has enabled enterprises to expand the scale of green investment.The results show that the implementation of the carbon emissions trading policy has significantly expanded the scale of green investment by enterprises.In addition,the impact of carbon emission trading policies on enterprises’ green investment is heterogeneous,and the impact of carbon emission trading policies on enterprises’ green investment is different under different regional nature and different enterprise nature,and is more obvious in state-owned enterprises,large-scale enterprises,economically developed areas,and areas with high environmental regulation intensity.Further research finds that carbon emissions trading policies can promote enterprises to expand the scale of green investment by improving their total factor productivity.Considering the persuasiveness of the experimental results,this paper confirms the robustness of the experimental results through a series of robustness tests.The innovation of this paper is as follows: First,from the perspective of green investment,it links macro policies with micro enterprises,studies the impact of carbon emission trading policies on the green investment level of enterprises,and further enriches the relevant research on the effects of carbon emission trading policies.Second,from the perspective of total factor productivity,this paper analyzes the transmission mechanism of carbon emission trading policy affecting enterprises’ green investment,which provides new content for the research between environmental policy and corporate green investment behavior.This paper puts forward policy suggestions based on the results of the study: First,change the previous idea that pollution first and then treatment,development and environmental protection cannot be parallel,and use the market to reduce carbon emissions.Second,strengthen the intensity of environmental regulation to ensure the effective implementation of carbon emission trading policies.Third,avoid "one-size-fits-all" policies,and formulate targeted environmental policies for enterprises with different characteristics.Fourth,further promote the carbon emission trading policy nationwide,and apply the successful experience of the establishment of the carbon emission trading market to the improvement of the trading market for water rights and energy use rights.