Research On The Capital Market Effect Of Enterprise Carbon Behavior

With the launch of the construction of the national unified carbon trading market,more and more attention has been paid to the low-carbon behavior of energy saving and emission reduction by enterprises.On the basis of reviewing and combing the carbon performance evaluation indexes of enterprises and the current situation of carbon information disclosure,this paper constructs a carbon behavior index system of enterprises,which includes six major factors,such as carbon strategy,system and implementation,carbon information disclosure,government subsidies and incentives,energy consumption intensity,carbon dioxide emission intensity and investment in low-carbon technology.By manually collecting data from corporate social responsibility report,sustainability report,environmental report and other data from2011 to 2017,269 samples were finally obtained through matching.We used STATA software to conduct regression analysis on comprehensive evaluation index of enterprise carbon behavior,six enterprise carbon behavior indicators and corporate value indicators tobin Q,and conducted robustness test on the replacement of dependent variables through debt capital cost.The regression results show that the carbon behavior of enterprises can change the value of enterprises significantly,among which the carbon strategy,system and implementation,carbon information disclosure,government subsidies and incentives,energy consumption intensity and carbon dioxide emission intensity have responded strongly to the capital market,and the weak input response of low-carbon technology shows that it has a negative impact on the current benefits of enterprises and the short-sighted behavior of investors.In the robustness test,in addition to carbon strategy,system and the implementation,carbon information disclosure,government subsidies and incentives,energy consumption intensity,carbon dioxide emission intensity and investment in low-carbon technology have responded to the capital market significantly,whichshows that creditors pay more attention to the actual capital flow and investment return of enterprises.The difference between regression analysis and robustness test indicates that different stakeholders have different concerns about the carbon behavior of enterprises.It is suggested that the unified evaluation standard of enterprise carbon behavior should be issued as soon as possible,so that the evaluation of enterprise carbon behavior by stakeholders can be fair and comparable,so as to make the capital market more effective and provide clear ideas for enterprise carbon behavior management.Enterprises and stakeholders should raise their awareness of green and environmental protection constantly,strengthen source control of energy,and accelerate the establishment of carbon trading system and market at the same time.To form a virtuous circle of external pressure and internal impetus for energy saving and emission reduction by enterprises comprehensively,so as to promote the green and sustainable development of social economy effectively.