The Impact Of Carbon Emission Trading Policy On The Benefit Of Listed Companies In Our Country

At present,our economy has gradually changed from high speed development to high quality development.The country has vigorously advocated the green development concept of "Lucid waters and lush mountains are invaluable assets",and "peak carbon dioxide emissions" and "carbon neutrality" have become national strategies.Under this background,implementing carbon emissions trading policies is an effective way to promote economic green development,high-quality development and sustainable development.n 2013,several provinces and cities,including Beijing,Shanghai,Tianjin,Chongqing,Guangdong and Hubei,implemented carbon emissions trading policies in succession.It has been 10 years since the policy was adopted.How effective is the carbon emissions trading policy? Did it really promote the improvement of enterprise benefits and realize ecological environmental protection? Do policies have the same impact on enterprises of different types and sizes? Is there an intermediary mechanism,that is,policies affect the efficiency of enterprises through other channels? These questions are worth exploring.Starting from the research on the impact of carbon emissions trading policy on the efficiency of enterprises,this paper makes an in-depth analysis and discussion on the relevant issues,which is of great significance to the implementation and popularization of relevant policies,and can provide theoretical and empirical reference for policy makers.Of course,the research results can also provide relevant policy suggestions for the development path of "peak carbon dioxide emissions","carbon neutrality" and green economy.This paper selects the data of A-share listed enterprises from 2008-2020 as the research object,based on externality theory,Coase property rights theory and Porter’s hypothesis theory,and uses the propensity score matching method(PSM)nearest neighbor 1:1 matching to arrive at the closest control group sample to the treat group,and then uses the double difference method(DID)to explore the effect of carbon emission trading policy on enterprise efficiency and the heterogeneity of the effects on different types and sizes of enterprises,and different methods are used to test the robustness of the empirical results.The study found that:(1)the implementation of carbon emissions trading policies significantly improved the corporate effectiveness of enterprises in the experimental regions,while the corporate effectiveness of enterprises in regions without the implementation of related policies did not change significantly.(2)The level of green innovation plays a mediating role in the effect of carbon emissions policies on firm efficiency.(3)By classifying the types and sizes of enterprises,this paper concludes that carbon emissions trading policies have a significant effect on non-state enterprises,but little effect on state-owned enterprises;they have a significant effect on smallscale enterprises,but almost no effect on large-scale enterprises.