Research On The Influence Of Carbon Finance On Enterprise Performance:From The Perspective Of Carbon Emission Trading

At present,85%of CO₂ emission in China comes from enterprise production.Therefore,it is an important task to control the carbon emission in the production process of energy-intensive enterprises.As a market-based carbon financial activity,carbon emission trading is an important way for enterprises to participate in carbon emission reduction.Although it can effectively reduce the total carbon emission,it will also have a certain impact on enterprise performance.Given that,in this paper,we use the differences-in-differences（DID）and the differences-in-differences propensity score matching method（PSM-DID）to assess the impact of carbon trading policies on the corporate performance of 1,126 listed companies from 2010to 2019 considering the time span and the heterogeneity of enterprise size.The results show that carbon finance can significantly improve the economic performance of enterprises,and its long-term impact degree is higher than the short-term impact.Furthermore,considering the heterogeneity of enterprise scale,it is found that carbon finance has a positive effect on the economic performance of large-scale enterprises,while for small-scale enterprises,only their short-term profitability and growth ability are positive,while the short-term debt solvency and long-term operating capacity are negative,it shows that small and medium-scale enterprises,as the main high-growth enterprises,also face great challenges in the process of rapid development.On the other hand,carbon finance can significantly improve the innovation performance of large-scale enterprises.From the perspective of the impact path,it indirectly promotes R＆D and innovation of enterprises by increasing the expected returns of large-scale enterprises,thereby enhancing the innovation performance of enterprises.At present,under the background that enterprises pay too much attention to economic development but ignore environmental protection,participation in carbon trading and active carbon emission reduction can promote the survival and development of an enterprise.In other words,the implementation of the carbon emission trading system is very necessary.The conclusion of this paper provides reference and practical impetus for the launch of carbon trading market nationwide.Finally,based on the empirical results,this paper puts forward policy suggestions from the perspective of enterprises and governments.