Research On The Impact Of China’s Carbon Emission Trading Market On Enterprise Value

With the rapid development of economy,global carbon emissions are increasing rapidly.The International Energy Agency(IEA)pointed out in the report released in March 2022 that China is the country with the largest carbon emissions in the world,accounting for 30.7% of the total global carbon emissions.China attaches great importance to the issue of carbon emissions.In July 2021,the national carbon emission trading market was officially launched for trading,and the development of China’s carbon trading market has entered a new stage.In this context,the study of the impact of China’s carbon emission trading market on enterprise value has important theoretical and practical significance.This paper studies from the following four parts.Firstly,sort out the domestic and foreign research literature on carbon emission trading market and enterprise value,and build the mechanism framework of the impact of China’s carbon trading market on the value of enterprises with different carbon emissions on the basis of existing theories,so as to lay a theoretical foundation for follow-up research.After that,it analyzes the current situation of carbon trading market and enterprises,so as to lay a practical foundation for follow-up research.On the basis of theory and reality,on the one hand,it analyzes the short-term impact of China’s carbon trading market on enterprise value through VAR model,Granger causality test and impulse response function.On the other hand,through DCC-GARCH model,this paper studies the long-term fluctuation of the impact of China’s carbon trading market on enterprise value from the perspective of dynamic correlation.The results show that:(1)from the perspective of short-term impact,the impact of China’s carbon trading market on enterprise value lags behind,has little impact on the value of low-carbon emission enterprises,and has different impact on the value of high-carbon emission enterprises.(2)From the perspective of long-term dynamic volatility,the impact of China’s carbon trading market on the value of high-carbon emission enterprises is significantly higher than that on low-carbon emission enterprises.The impact of each carbon trading market on enterprise value is different.Finally,according to the conclusions,combined with the development status of China’s carbon trading market,this paper puts forward targeted policy suggestions from the perspective of government and enterprises.There are four innovations in this paper:(1)from the perspective of research,in the context of promoting the "14th five year plan" and realizing the "carbon peak",especially when the online trading of the national carbon trading market is less than one year,this research can have a positive impact on the construction of the initial stage of the national carbon trading market.(2)In terms of sample data,this paper brings the national carbon trading market and the pilot market into the collection scope of sample data,which complements the achievements of the national carbon trading market.(3)In terms of research methods,through VAR model,Granger causality test,impulse response function and DCC-GARCH model,this paper discusses the short-term and long-term impact of China’s carbon trading market on enterprise value respectively,and the research is more comprehensive in the time dimension.(4)In the research conclusion,we get the specific situation of the long-term and short-term impact of China’s carbon trading market on different enterprise values.The research of this paper will help to promote the development of China’s carbon trading market and provide reference for enterprises to reduce carbon emission and deal with carbon trading policies.