Research On The Impact Of Carbon Emission Trading Policy On Sustainable Development Of High Carbon Listed Enterprises In China

Sustainable development has always been a topic of global concern,and greenhouse gas emissions caused by global warming and increased industrial fuel consumption pose a threat to global sustainable development.As a kind of market incentive environmental regulation,carbon emissions trading policy is widely regarded as an effective tool to reduce Greenhouse Effect.In 2013,China opened carbon emissions trading markets in seven pilot provinces and cities in Beijing,Shanghai,Tianjin,Chongqing,Hubei,Guangdong and Shenzhen,which played an important role in guiding China to achieve carbon peak and carbon neutralization.As an important participant in the market economy,especially high-emission enterprises,enterprises have always been the focus of energy conservation and emission reduction,and the performance of high-carbon enterprises in the pilot areas of carbon emissions trading policies may be affected to varying degrees.Therefore,in order to clarify the impact of carbon emissions trading policy on the sustainable development of high-carbon enterprises,this paper constructs a double difference model and selects the high-carbon enterprises listed on Shanghai and Shenzhen stock exchanges from 2010 to 2020 as the research object for empirical analysis.On the basis of benchmark regression,this paper analyzes the enterprise heterogeneity from the perspective of industry and region,and finally analyzes the influence mechanism from the perspective of green innovation and digital level adjustment.The results show that: first of all,carbon emissions trading policy promotes the performance of sustainable development of enterprises.Specifically,after the implementation of China’s carbon emissions trading policy,it promotes the financial performance,environmental and social responsibility performance of high-carbon enterprises,indicating that the "compensation effect" of carbon emissions trading policy is greater than its "crowding-out effect".It is conducive to the sustainable development of high-carbon enterprises.Secondly,we divide high-carbon enterprises into eight industries for heterogeneity analysis,and find that the impact of carbon emissions trading policies on corporate sustainable development performance is heterogeneous in eight high-carbon industries.It is also found that carbon emissions trading policies have heterogeneity on corporate performance in the eastern and central and western regions.Finally,in the analysis of regulation mechanism,it is found that green innovation and digital level play a positive role in regulating the relationship between carbon emissions trading policy and corporate sustainable development performance.Accordingly,the policy recommendations of this paper are put forward: first,improve the construction of carbon emissions trading system and introduce corresponding legal regulatory measures.Second,the precise implementation of carbon emission trading policies based on regional and sectoral heterogeneity.Third,strengthen the R & D technical support of enterprises to promote the process of green innovation of enterprises.Fourth,increase the construction of digital economic infrastructure to provide a data trading platform for the carbon emissions market.Figure [5] Table [14] Reference [96]...