Research On The Impact Of Low Carbon Policy Implementation On Enterprise Value In China

Climate change caused by environmental problems has become a worldwide problem for human survival and economic development in the post-industrial civilization era.Facing up to the limitations of its development model and its responsibilities as a major country,China has made clear its position on the climate issue on the international stage and made bold reforms and innovations in the domestic market in the field of low-carbon construction.In order to cope with low carbon emission reduction,from unified standard construction of carbon measurement indicators disclosure,to pilot areas environmental regulation measures and carbon information disclosure,and to the nationwide key areas of carbon trading market construction and industrial upgrading,our country low carbon policy development foundation is increasingly solid,policy flexibility and policy effects are increasingly strengthened.On the basis of combing domestic and foreign literature,based on Porter’s theory and information disclosure and other relevant theories,this paper selects Chinese Ashare listed companies as the total sample to screen the range of objects that meet the research needs,and uses the multi-period difference-in-differences model from the empirical level to explore the impact of low carbon city pilot policy on enterprise value and carbon emission trading policy on high carbon emission enterprise value,The research time windows are 2009-2019 and 2007-2021 respectively.In order to study the impact mechanism of policies on corporate value and the heterogeneity grouping differences,this article considers the mechanism role of green technology innovation and information disclosure level in policy effects,and conducts heterogeneity analysis on the relationship between policies and corporate value from the perspective of carbon emission level,property rights nature,and internal characteristics of corporate financial performance.The study found that:(1)under the low-carbon city pilot policy,compared with listed companies in non-pilot provinces and cities,listed companies in pilot areas have higher enterprise value.(2)The pilot policy of low carbon cities promotes enterprise value by promoting green technology innovation of enterprises,and realizes enterprise value return growth by increasing the comprehensive level of information disclosure,but the mechanism of social responsibility information disclosure is not perfect.(3)The pilot policy of low carbon cities has a more significant impact on the value of non-high carbon emission enterprises,and on the value of state-owned enterprises.Enterprises with high financial leverage are more affected by the policy and face more severe pressure of low carbon transformation.(4)The implementation of the carbon emission trading policy can enhance the value of high-carbon emission enterprises in the pilot areas.This paper comprehensively explores the impact of China’s low-carbon related policies on enterprise value,expands the theoretical research content,and the empirical research conclusion is biased towards the "Porter hypothesis".According to the research and analysis conclusions,relevant suggestions are put forward from the perspectives of the government and enterprises,and they are optimistic about the further development of the low-carbon city policy and the construction of the national carbon market system.