Research On The Influence Mechanism And Effect Of Carbon Emission Reduction Behavior On Enterprise Value Under The Background Of "Double Carbon"

With the proposal of the "dual carbon" strategy and the implementation of the concept of low-carbon development,the carbon emission reduction and low-carbon development of enterprises continue to receive attention from all sectors of society.Striving to reach the peak of carbon emissions by 2030 and achieving carbon neutrality by 2060 is a broad and far-reaching change for economic and social development.Fight this tough battle and implement the "dual carbon" concept in the entire process of green and sustainable development of enterprises.Since the reform and opening up,the rapid development of the industrial economy is also the source of increased carbon emissions.How to achieve high-quality economic development while achieving environmental sustainability has become a major challenge.Adopting emission reduction measures is the most effective means of environmental protection for enterprises,which can greatly reduce the consumption of traditional energy by enterprises.However,if enterprises want to achieve carbon emission reduction,they must adopt advanced low-carbon equipment and continuously promote their own low-carbon technological innovation.Obviously,this will consume a large amount of company resources,recruit new employees,and increase the company’s operating costs.Therefore,in the short term,the implementation of carbon emission reduction will reduce the financial performance of enterprises.However,from a long-term market perspective,the sustainable value creation brought by adopting emission reduction measures in the future will compensate for the financial expenses incurred in the early stage.Therefore,it is of theoretical and practical significance to study whether emission reduction measures can promote the promotion of comprehensive value of enterprises.Currently,academic research on the impact of corporate carbon emission reduction behavior on corporate value focuses on empirical big data analysis of economic value.Through a series of research on relevant literature,it is found that currently,scholars’ differences on the impact of carbon emissions reduction on corporate value mainly focus on three aspects:positive correlation,negative correlation,and insignificant correlation,even with a lag effect.Moreover,the real estate industry has its particularity in energy consumption,which is crucial for national economic development.Compared to the coal,power generation,and energy industries,the carbon emissions level of the real estate industry is also high.However,its carbon emissions have received little attention.After in-depth research,we found that Vanke Group,as a leader in the real estate industry,takes it as the research object of this article.Analyze the specific situation of carbon emission reduction in the past five years,as well as the impact mechanism and effect on the comprehensive value of enterprises.The study found that Vanke’s carbon emission reduction behavior mainly affects corporate value through three paths:low-carbon value creation,low-carbon reputation,and low-carbon internal control.Using Tobin Q and Economic Value Added(EVA)as indicators of economic value,it is found that carbon emission reduction behavior has a certain positive impact on the economic value of enterprises.Using carbon performance as a measure of environmental value,there is a trend of increasing year by year.As a measure of social value,social contribution value has decreased to a certain extent,but its amplitude is relatively slow.Therefore,on the whole,the implementation of carbon emission reduction by enterprises may incur a series of costs in the short term,but in the long run,it can promote the improvement of the comprehensive value of enterprises,including economic value.However,China does not have a unified standard for carbon emission reduction policies.Enterprises should continuously strengthen their own management and actively participate in public supervision to promote carbon emissions reduction and achieve sustainable development.Finally,government departments should establish standards and provisions for carbon information disclosure,carry out regulatory monitoring of carbon emissions,strengthen attention to carbon emissions reduction,and promote sustainable economic development.