Research On The Impact Of Carbon Emission Reduction Policy On Enterprise Investment Efficiency

The greenhouse effect caused by excessive carbon dioxide emissions has become a major problem that the world needs to solve urgently.Controlling carbon dioxide emissions is the core of solving this problem.In the rapid growth of China’s economy,carbon emissions are also growing rapidly.In order to alleviate carbon dioxide emissions,the government has gradually introduced emission reduction policies for China’s situation.Under the limited carbon emission space and limited resources,in order to meet the national carbon emission reduction targets,enterprises bear the rigid requirements of carbon emission reduction.Research on the relationship between carbon emissions and economic growth has become the focus of attention at home and abroad,and domestic and foreign scholars have also conducted a lot of research on this.Therefore,combining with China’s existing carbon emission reduction policies,it is of great theoretical significance to explore the constraints of different types of carbon emission reduction policies and corporate investment efficiency under industry differences,and to improve the efficiency of corporate investment and promote the development of China’s carbon emission reduction policies.And practical application value.This paper combines the relevant theories of Porter’s hypothesis,information asymmetry and principal-agent,and divides China’s existing carbon emission reduction policies into incentive carbon emission reduction policies,penalized carbon emission reduction policies,government subsidized carbon emission reduction policies,and carbon.There are four types of emission trading policies,which analyze the relationship between four types of carbon emission reduction policies and corporate investment efficiency from the perspective of industry differences,and conduct empirical tests on this basis.This paper takes the data of 2011~2017 A-share listed companies in Shanghai and Shenzhen as samples,and uses SPSS statistical software to conduct empirical analysis to verify the impact of different types of carbon emission reduction policy constraints on corporate investment efficiency from the perspective of industry differences,and the nature of different property rights.The relationship between them finally draws the following conclusions:(1)When an enterprise is an industry constrained by an incentive carbon emission reduction policy,the non-investment efficiency of the enterprise will be alleviated and investment efficiency will be improved.However,this relationship is not significant among state-owned enterprises and not significant among non-state-owned enterprises.(2)When the enterprise is a penalized carbon emission reduction policy-bound industry,the carbon emission reduction policy has no significant impact on the investment efficiency of the enterprise,but the penalty carbon emission reduction policy will aggravate the non-investment efficiency of non-state-owned enterprises and reduce the investment efficiency.(3)When the enterprise belongs to the government subsidized carbon emission reduction policy support industry,the government’s carbon subsidy will alleviate the non-efficiency investment of the enterprise and improve the investment efficiency.However,this kind of influence relationship exists prominently in state-owned enterprises,and the impact on non-state-owned enterprises is not significant.(4)When the enterprise belongs to the key emission control industry of carbon emission trading policy,the carbon emission trading policy can alleviate the non-investment efficiency of the enterprise and improve the investment efficiency of the enterprise,and this relationship is significant in both state-owned enterprises and non-state-owned enterprises.Finally,this paper puts forward reasonable suggestions for the main difficulties of China’s enterprises’ insufficient emission reduction capacity,imperfect carbon emission reduction policies and unbalanced development of carbon trading carbon financial regions.At the same time,it points out the limitations of this paper and future research directions.