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Carbon Emission Reduction,carbon Trading And Financialization Of Entity Enterprises

Posted on:2024-07-26Degree:MasterType:Thesis
Country:ChinaCandidate:L L MiaoFull Text:PDF
GTID:2531307052488174Subject:Accounting
Abstract/Summary:PDF Full Text Request
In recent years,the financialization of China’s entity enterprises has shown a gradual upward trend,resulting in the risk of recession.It was proposed to prevent and resolve major economic and financial risks and focus on developing the real economy in the 2022 Central Economic Conference,it was also pointed out that ensuring the healthy development of the real economy is an important focus of economic construction in China’s "14th Five-Year Plan".At the same time,Our country has put forward the goal of carbon peak and carbon neutrality,and advocated the development of low-carbon industries in key fields and industries and promoted energy transformation and upgrading.Entity enterprises need to comply with the concept of green and low-carbon development,and assume the responsibility of carbon emission reduction in the process of developing the real economy such as agriculture,industry,manufacturing,and transportation.Therefore,how to implement the carbon emission reduction of enterprises and how to curb the financialization of entity enterprises are two major problems that need to be solved urgently in the process of entity economic transformation.Carbon emission reduction activities involve strategic planning,industrial adjustment,technological upgrading and long-term goal adjustment,which will affect the original resource layout of enterprises and provide new investment options for enterprises to invest in the industrial or financial industry.Distributing funds to the real industry or the financial industry is an inevitable strategic choice for real enterprises in the process of developing their main business.In order to promote the high-quality development of Chinese enterprises,we must handle the relationship between carbon emission reduction and the financialization of real enterprises.China began to prepare for the pilot carbon trading market in 2011,and after ten years,it has achieved a large-scale promotion from local pilot to nationwide,and established a standardized and large-scale carbon trading market.Therefore,in the process of studying the impact of carbon emission reduction on the financialization of real enterprises,it is necessary to incorporate the important policy variable of carbon trading into the research system,and deeply analyze the role of carbon trading policy in the impact of carbon emission reduction on the financialization of real enterprises.Therefore,based on the theory of entrusted agency,the theory of investment substitution and the theory of "reservoir",this paper analyzes the theoretical framework of carbon emission reduction to inhibit the financialization of real enterprises by analyzing the data of A-share listed companies in Shanghai and Shenzhen from 2013 to2020,and empirically tests the inhibitory effect of carbon emission reduction on the financialization of real enterprises;Based on the "Porter hypothesis" theory and signal transmission theory,the regulatory role of carbon trading policy is analyzed and studied;From the three perspectives of agency mechanism,financing constraint mechanism and environmental protection investment mechanism,the impact channels of carbon emission reduction on the financialization of real enterprises are further studied;From the perspective of industry heterogeneity and property rights heterogeneity,the impact of industry carbon emission differences and ownership nature differences on the research issues is further studied.It is found that carbon emission reduction can significantly inhibit the financialization of real enterprises and carbon trading plays a strengthening role in regulating the relationship between carbon emission reduction and the financialization of real enterprises.Further research shows that carbon emission reduction mainly affects the financialization of enterprises through "agency mechanism","financing constraint mechanism" and "environmental protection investment mechanism".The inhibitory effect of carbon emission reduction on the financialization of real enterprises is more pronounced in industries with high carbon emissions and state-owned enterprises.The research in this paper reveals the inherent law of carbon emission reduction affecting the financialization of real enterprises,provides a new way to inhibit the financialization of real enterprises,and plays a constructive role in clarifying the economic consequences of carbon emission reduction work,effectively formulating carbon emission reduction policies and achieving the "dual carbon" goal.At the same time,it also provides new ideas for using market-oriented means to prevent and resolve financial risks.The marginal contributions of this paper are: First,it expands the research on the influencing factors of the financialization of real enterprises in the environmental field;Second,it Enriches the research on the impact of carbon emission reduction on enterprises’ investment activities;Third,it provides new ideas for the study of the policy implementation effect of carbon trading;Fourth,it provides empirical evidence for scientifically measuring the carbon emission reduction of enterprises.
Keywords/Search Tags:carbon emission reduction, financialization of entity enterprises, carbon trade
PDF Full Text Request
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