Carbon Emission Trading,Green Innovation And Enterprise Value

In recent years,China’s environmental governance has achieved remarkable results,but there is still a long way to go in the construction of ecological civilization in China.In order to reduce carbon emissions,the National Development and Reform Commission approved the pilot work of carbon emissions trading in seven provinces and cities in 2011,and completed the establishment of carbon emissions trading markets in all pilot areas in 2014.The proposal of the "double carbon" goal of "carbon peak carbon neutrality" further promoted the development of the carbon emission trading market.The smooth implementation of the carbon emission trading policy has mobilized the enthusiasm of China’s enterprises to innovate increasingly.Green innovation can improve the production efficiency of enterprises to reduce costs,and enterprises can produce green products to obtain higher market share,which is ultimately reflected in the improvement of enterprise value.Therefore,under environmental pressure,enterprises may carry out green innovation to alleviate the cost burden of enterprises participating in carbon emissions trading.In view of this,this paper analyzes the impact of carbon emissions trading policy on enterprise value and green innovation,as well as the intermediary role of green innovation between enterprises’ participation in carbon emissions trading and enterprise value,which has certain theoretical and practical significance.First of all,this paper combs the relevant literature at home and abroad,and summarizes the existing research from four perspectives: carbon emissions trading and enterprise value,carbon emissions trading and green innovation,green innovation and enterprise value,and carbon emissions trading,green innovation and enterprise value.Through the analysis of existing literature,it can be seen that relevant research focuses on the macro level,considering the macroeconomic and environmental effects of emission reduction policies including carbon emission trading.In view of this,this paper focuses on micro-enterprises for relevant research and analysis.Secondly,based on the theoretical analysis of public goods theory,externality theory,property rights theory and innovation theory,this paper puts forward relevant research assumptions.Taking the listed companies in Shanghai and Shenzhen stock markets from 2011 to 2021 as the research object,this paper takes the complete establishment of the carbon emission trading pilot market in 2014 as the node of policy impact,takes the enterprises in the pilot areas participating in the carbon emission trading policy as the treatment group,and the enterprises in the non-pilot areas as the control group,and uses the double difference method to conduct empirical research.Finally,through empirical analysis,this paper draws the following conclusions: the participation of enterprises in carbon emissions trading helps to enhance the value of enterprises;Green innovation activities carried out by enterprises will help to enhance enterprise value;Green innovation plays an intermediary role in promoting the value of enterprises by participating in carbon emission trading.On this basis,this paper makes a heterogeneity analysis and draws the following conclusions: by participating in carbon emissions trading,state-owned enterprises have more obvious corporate value promotion effect than non-state-owned enterprises;Large-scale enterprises can promote enterprise value by participating in carbon emission trading more than small-scale enterprises;Enterprises in heavy pollution industries receive relatively heavy environmental responsibilities.When participating in carbon emissions trading,enterprises in non-heavy pollution industries can more enhance their corporate value.In view of the above conclusions,this paper puts forward corresponding policy recommendations from the perspectives of government,enterprises and society.