| Due to the swift advancement of China’s economy,there has been a substantial surge in carbon emissions.In order to alleviate the environmental problems caused by carbon dioxide emissions,the government has gradually introduced a series of policies aimed at reducing emissions.The relationship among carbon emissions,economic growth,and corporate development has gained significant international attention.Furthermore,scholars both domestically and internationally have conducted extensive research on the topic.The carbon emission trading mechanism refers to a mechanism that promotes enterprises to reduce carbon emissions through the establishment of a carbon trading market and market-oriented means.It is of great significance to explore the relationship between carbon emission trading pilot policies and enterprise investment efficiency in China,alongside an evaluation of the efficacy of such policies,in order to improve enterprise investment efficiency,promote sustainable development of enterprises,and improve the carbon emission reduction policy system.This paper starts from an overview of the current status of research undertaken by both domestic and foreign scholars on environmental regulation,the carbon emission trading mechanism,and the determinants of enterprise investment efficacy.Based on the theory of externality,Porter’s hypothesis,information asymmetry.It makes a preliminary theoretical analysis on the relationship between carbon emission trading mechanism and enterprise investment efficiency.Subsequently,it develops a double difference model to conduct empirical analysis.The present study utilizes the dataset of A-share listed corporations on the Shanghai and Shenzhen Stock Exchanges spanning the time period 2007 to 2021 as the research sample.To analyze the influence of carbon emission trading policies on corporate investment efficiency,empirical experiments are performed utilizing the statistical analysis software Stata.It also passes a series of robustness test regression results,and then explores the mesomeric effect of financing constraints,as well as the relationship between them under different property rights,enterprise size and equity concentration ratio.And then we come to the following conclusion:firstly,carbon emission trading policies serve as a means to enhance the investment efficiency of enterprises.Further research has found that carbon emission trading policies have no significant impact on the efficiency of over investment non investment by enterprises.However,such policies have a significant inhibitory effect on underinvestment non efficiency investment by enterprises.Second,the carbon emission trading policy can bring more ways for enterprises to participate in the financial market.Further research found that the carbon emission trading policy mainly suppresses enterprises’ inefficient investment by easing the mesomeric effect of financing constraints.Third,the heterogeneity analysis conducted at the level of different property rights,enterprise size and equity concentration ratio shows that the carbon emission trading policy has a significant inhibitory effect on inefficient investment of state-owned enterprises,small-scale enterprises and enterprises with high equity concentration ratio.Finally,combined with the practical problems faced by China’s carbon emissions trading policy and enterprise investment efficiency,the paper puts forward relevant suggestions from the aspects of carbon emissions trading policy,carbon market management and enterprise development.In order to improve enterprise investment efficiency and help China achieve the "dual carbon" goal as soon as possible. |
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