Research On The Effect And Mechanism Of Carbon Emission Trading On Capital Allocation Efficiency Of Enterprises

In the context of intensified global climate change,excessive carbon emissions have multiple negative impacts on the world’s ecological environment,making carbon emissions governance a realistic issue that countries around the world urgently need to face.Carbon emissions trading provides a feasible way to solve the negative environmental externalities generated in carbon emissions governance and stimulate the willingness of enterprises to environmental governance.Since 2013,eight provinces and cities in China have successively launched carbon trading pilot projects.Since the implementation of the carbon trading pilot project,it has not only promoted the green and low-carbon transformation of the economy and improved energy efficiency at the macro level,but also had an important impact on optimizing enterprise business decisions and improving the state of capital allocation at the micro level.However,there is other evidence that the trading price of China’s carbon market is relatively low compared to developed countries,and the willingness of trading entities to participate is relatively insufficient,resulting in limited impact of carbon pilot projects on corporate capital allocation decisions.So,what is the impact of carbon emissions trading on the efficiency of corporate capital allocation? Through what mechanism does it work? This article will explore and answer these questions.This article first introduces the background of the research,determines the purpose and significance of the research,and through the analysis of core research issues,combs the relevant literature on carbon emissions trading and corporate capital allocation efficiency.Secondly,this article defines the concepts of carbon emissions trading and corporate capital allocation efficiency studied,and combines externality theory,Coase property rights theory,information asymmetry theory,and Porter hypothesis with subsequent research to lay a theoretical foundation.To verify relevant assumptions,based on the matching data between listed companies and carbon trading lists in various provinces and cities in China’s carbon emission rights pilot projects from 2011 to 2020,this thesis empirically tests the impact of carbon emission rights trading on corporate capital allocation efficiency using a multi-period dual difference model(DID),and analyzes whether the impact is heterogeneous due to the nature of corporate property rights,the pollution intensity of the industry in which it operates,and the strength of regional environmental regulations,And explored the mechanism through which carbon emissions trading plays a role in the efficiency of corporate capital allocation.The study found that after the implementation of carbon emissions trading,compared to enterprises that did not participate in carbon emissions trading,the capital allocation efficiency of enterprises that participated in carbon emissions trading significantly improved.After using a series of methods such as propensity score matching double difference method,placebo test,and substitution dependent variable for robustness testing,this conclusion is still valid.The heterogeneity test results show that the implementation of carbon emissions trading has a stronger impact on the capital allocation efficiency of state-owned enterprises and enterprises in industries with lower pollution levels and areas with higher environmental regulations.Mechanism research shows that the level of marketization and government efficiency strengthen the role of carbon emissions trading system in improving the efficiency of corporate capital allocation.Based on the conclusions drawn from theoretical derivation and empirical testing,this article puts forward suggestions such as giving play to the leading role of the carbon market,constructing a "promising government" and "effective market",and implementing targeted carbon trading policies based on the characteristics of enterprises.The research conclusions of this article not only provide empirical evidence for the microeconomic effects of carbon emissions trading system,but also provide useful reference for the government to implement carbon trading according to local conditions and improve the efficiency of enterprise capital allocation.