| In order to better solve the problem of environmental damage caused by excessive grccnhouse gas emissions,at the end of 2017,China issued the "national carbon emission trading market construction scheme(power generation industry)",which launched China’s unified carbon emission trading system,and the power generation industry became the first breakthrough to start the carbon emission trading market.It is very important to study the impact of carbon emission rights market and power generation industry,which can not only grasp the dynamic changes between the markets,but also provide reference for investors.Based on the basic theory of carbon emission trading market and corporate value,this paper analyzes the mutual influence between power companies and carbon emission trading markets,and deduces the internal transmission mechanism from carbon emission trading market to power enterprise value change.Theoretical analysis results show that when the price of carbon emission rights increases,the value of power companies will also increase.Combined with the actual situation in China,this paper selects the trading price of carbon emission rights and the value of electric power enterprises to construct copula function and analyze their correlation.The VAR model is constructed by adding five variables including coal price,natural gas price and crude oil price,which verifies that there is a weak one-way positive correlation between carbon emission right trading price and the company value of electric power enterprises,while the company value of power enterprises has little impact on the transaction price of carbon emission rights.Through the analysis results,this paper gives the following reasons,micro level:first,the impact of carbon emission rights price on the value of electric power enterprises is time-delay,which reflects the complex transmission relationship between carbon emission rights market and power enterprises;second,the impact of carbon emission rights price on the value of power enterprises is one-way,which is due to the control of carbon emission rights price by China’s market system Third,the price of carbon emission rights has a long-term impact on the value of electric power enterprises,because there are many links between the market price of carbon emission rights and the value transmission of electric power enterprises;at the macro level,at present,the domestic carbon emission trading price is subject to excessive government intervention,its own price law is not obvious,and its connection with other markets is relatively weak;second,China’s carbon emission rights market price has a long-term impact on the value of power enterprises Thirdly,the process of coal electricity integration is slow.At the same time,it also puts forward corresponding suggestions for carbon emission market and power enterprises. |
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