The Impact Of Carbon Emission Trading On Enterprise Investment Efficiency

Carbon emission trading is a scarce economic resource and an integral part of the green financial system.In 2013,China set up its first pilot carbon emission trading markets in seven regions,and then in 2016,with the addition of Fujian Province,it made up all the pilot programs in China.Through the development of pilot areas,the pilot work of carbon emission trading has achieved positive results in promoting the reduction of total carbon emission,promoting the reduction of carbon emission intensity,plays an important role in the establishment of green and low-carbon society.The official opening of the China’s carbon emission trading market in July 2021 marks a new stage of development for China’s carbon emission market,and a large number of experts and scholars begin to study carbon emission trading."Porter’s hypothesis" shows that appropriate environmental regulation will encourage enterprises to innovate,so that they can have competitive advantages and good economic benefits in the market,and achieve a win-win situation of environmental protection and enterprise development.The steady development of carbon emission trading market has an impact on social and economic development and enterprise investment choice.The purpose of establishing the carbon emission trading market system is to promote green and low-carbon development while controlling carbon emissions.Further research and analysis are needed to determine whether enterprises of different sizes and nature will be affected the same by participating in carbon emission trading and what specific changes will happen to investment efficiency after participating in carbon trading.In view of this,in order to describe the realistic impact of participating in carbon trading on enterprise investment efficiency,this paper selects the financial data of A-share listed enterprises from 2010 to 2021 as samples to empirically analyze the impact of carbon trading on enterprise investment efficiency,and further analyzes whether the improvement of carbon trading on enterprise investment efficiency has heterogeneity in terms of enterprise property rights and scale.The results of the study show that:(1)Participating in carbon emission trading significantly improves the investment efficiency of enterprises;(2)Carbon emission trading has a heterogeneous effect on improving investment efficiency of enterprises.In terms of enterprise scale,by participating in carbon emission trading,enterprises have significantly improved the investment efficiency of large-scale enterprises,but the improvement in investment efficiency of small and medium-sized enterprises is not significant;In terms of property rights,carbon emission trading significantly suppresses the inefficient investment of non-state-owned enterprises and significantly enhances the inefficient investment of state-owned enterprises;(3)Corporate social responsibility plays a reverse moderating role in the impact of carbon trading on corporate investment efficiency,and will weaken the improvement of carbon trading on corporate investment efficiency.To sum up,through a quasi-natural experiment,this paper attempts to study the changes in investment efficiency before and after enterprises participate in carbon emission trading from the earliest established pilot Shenzhen emission trading market in China,which helps and enriches the research in the related fields of carbon emission trading.It enriches the development of Porter hypothesis,and also has a certain reference role for the subsequent development of the national unified carbon market,and is of great significance for the realization of carbon peak and carbon neutrality strategy.