The Impact Of Carbon Emission Price On The Enterprise Value Of China’s Energy Listed Companies

In September 2020,President Xi proposed the "double carbon" target,which is,China strives to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.As an important regulatory means of carbon emission reduction,the carbon emission trading system has attracted more and more attention from Chinese enterprises.Among them,traditional energy enterprises and new energy enterprises,as the main participants in the carbon trading market,the research on the relationship between carbon emission price and enterprise value can guide energy enterprises to carry out carbon asset management.Compared with the mature carbon trading market in the developed areas and their in-depth academic research on the carbon emission trading system,China’s carbon trading system started late,and the data and the experience provided by the system are limited,so the related domestic research is mainly qualitative research.Based on the theory of enterprise value,this thesis selects the quarterly weighted closing prices of carbon products from January 1,2014 to March 31,2021 in eight carbon trading pilot areas in China,and uses the fixed effect to test the relationship between carbon emission price and the enterprise value of China’s energy listed companies.In addition,this thesis establishes transmission mechanism— " Carbon Emission Price--Free Cash Flow--Enterprise Value ".The test results show that the carbon emission price is negatively correlated with enterprise value of traditional energy companies and positively correlated with the that of new energy companies;" free cash flow" both play an intermediary effect for new energy industry;After lagging the carbon emission price by one to three periods,it is found that the impact is still significant,which proves that there is a certain degree of time lag in the transmission mechanism.In view of this,this thesis puts forward the following suggestions: First,the government should play a policy regulatory role,the government needs to guide and improve the carbon trading system,including enriching the quota methods and trading varieties;Also,the government should vigorously promote low-carbon clean technology and appropriately subsidize relevant enterprises.Secondly,as the main participant in the carbon market,energy enterprises should formulate carbon management development policies;Besides,energy enterprises should build their own carbon management talent pool.At the same time,traditional energy companies need to do a good job of carbon inventory,find out their own "carbon family foundation",and achieve low-carbon transformation,and new energy companies should seize the opportunity of "carbon neutrality" to obtain excess benefits.