Research On The Impact Of High Energy Consumption Enterprises’ Emission Reduction Measures On Enterprise Value Under The Mediating Effect Of Carbon Performance

Global warming has had a huge impact on human’s economy and life.Scientists predict that if global warming continues at its current pace,large areas of Arctic and Antarctic ice will melt and coastal islands and urban land will be submerged by the sea by2050.As an important part of the world economy,enterprises not only promote economic growth,but also are the main source of greenhouse gas emissions.Therefore,we should start from enterprises to reduce carbon dioxide emissions and slow down the pace of global warming.All enterprises in the high energy consumption compared with other enterprise more carbon dioxide emissions,cause more serious pollution to the environment,should be more strict government regulation and social evaluation,stakeholders should also concern the degree of the protection of ecological environment,therefore,with high energy consumption enterprises as the research object more has the necessity.The implementation of emission reduction measures,as the most direct environmental protection behavior of enterprises,helps to save energy consumption of enterprises and reduce carbon dioxide emissions.However,the corresponding emission reduction measures will occupy the management and capital resources of the enterprise,which will have a certain negative impact on the financial performance of the enterprise in the short term.But from a market value point of view,the beneficial impact of reducing emissions is more than offset by the cost of reducing emissions.Therefore,it is of more theoretical and practical significance to study whether emission reduction measures can enhance enterprise value through the mediating effect of carbon performance.Firstly,this paper reviews and analyzes relevant domestic and foreign literatures,and puts forward the research hypothesis of this paper based on Porter Hypothesis,Social Reputation Theory,Sustainable Development Theory,Voluntary Information Disclosure Theory,Signal Transduction Theory and Stakholder Theory.Secondly,high energy consumption enterprises listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2015 to 2019 are selected as research samples.Through descriptive statistical analysis,correlation coefficient analysis and multiple regression analysis,It examines the relationship between emission reduction measures and enterprise value,the relationship between emission reduction measures and carbon performance,the relationship between carbon performance and enterprise value,and the mediating effect of carbon performance on the relationship between emission reduction measures and enterprise value.The results show that:(1)enterprise emission reduction measures can effectively improve enterprise value;(2)Corporate emission reduction measures can effectively improve corporate carbon performance;(3)Carbon performance can effectively improve enterprise value;(4)Carbon performance has a mediating effect on the relationship between emission reduction measures and enterprise value.Finally,according to the relevant research results,the following countermeasures and suggestions are put forward:(1)Establish and improve the corresponding environmental legal system.(2)Expand the applicable scope of mandatory carbon information disclosure policy.(3)Play the driving role of the market to promote the carbon emission reduction of enterprises.(4)The implementation of emission reduction measures shall be included in the scope of enterprise evaluation.(5)Strengthen enterprise carbon emission reduction management.(6)Using the mediating effect of carbon performance to achieve low-carbon transformation of enterprises.