| Our country has been committed to promoting all countries in the world to take the path of sustainable development and pay attention to harmonious development between people and nature.In recent years,our country has been practicing the development concept of "green mountains are gold mountains",constantly accelerating the reform and upgrading of industrial chain,promoting low carbon development mode.At the General debate of the 75 th session of the UN General Assembly,the "30.60" goal was proposed by President Xi Jinping,making a commitment to the world to reach peak carbon neutrality on time.The national carbon emission trading policy is one of the core policy tools to achieve the goal of carbon peaking and carbon neutrality.It can achieve the goal of diversifying and transferring risks,and is conducive to the green transformation development of enterprises.It is considered as an important link to promote the green transformation of economic society and low-carbon emission reduction.Therefore,it is particularly important to improve the enthusiasm of enterprises to participate in the carbon emission trading market.Taking the listed manufacturing enterprises from 2009 to 2021 as the research object,this paper analyzed and tested the influence mechanism of carbon emission trading market on the value of manufacturing enterprises by constructing PSM-DID and intermediary effect model,combined with signal transmission hypothesis,stakeholder related theory,external regulation hypothesis,sustainable development theory and sequencing financing theory.It also studies the mediating effect of financing constraints in the process,and draws the following conclusions:(1)The participation of manufacturing enterprises in the carbon emission trading market can improve enterprise value,and compared with state-owned enterprises,non-state-owned enterprises’ participation in the carbon emission trading market has a more significant promoting effect on enterprise value;(2)Joining the carbon emission trading market can reduce the financing constraints faced by manufacturing enterprises;(3)In the process of enhancing corporate value in the carbon emission trading market,financing constraints play a reverse regulating effect,that is,enterprises joining the carbon emission trading market can improve corporate value by easing their own financing constraints.Based on the above analysis,this paper puts forward corresponding countermeasures and suggestions from the two levels of enterprises and government.For enterprises,manufacturing enterprises should reduce their own financing constraints by increasing environmental protection investment,effectively using green credit,timely releasing carbon trading information and actively upgrading the industrial chain,so as to enhance enterprise value.On the government side,the government should improve the carbon trading market system,strengthen the implementation mechanism,provide green subsidies and refine the carbon emission trading policies to increase the enthusiasm of enterprises to join the carbon emission trading market,so as to promote the long-term and stable development of the carbon emission trading market. |
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