Research On The Impact Of "Carbon Peaking And Carbon Neutrality" Policy On The Market Value Of Enterprises In Key Industries

In recent years,many environmental problems have emerged in the course of global economic development.In September 2020,the Chinese government announced at the United Nations General Assembly that it would adopt stronger policies and measures to increase the country’s autonomous contribution to environmental protection and strive to achieve peak CO2 emissions by 2030 and carbon neutrality by 2060.emissions by 2030 and carbon neutrality by 2060."On October 24,2021,the Central Committee of the Communist Party of China(CPC)and the State Council issued the " Circular on the Complete and Accurate Implementation of the New Development Concept of Carbon In2022,the 20 th Party Congress report emphasized the need to actively and steadily The promotion of carbon neutrality has put forward higher requirements for high-quality energy development.Therefore,how to improve the market value of enterprises under the "double carbon" policy is a problem that every enterprise should face.In this paper,we found that many studies have focused on the impact of policies on enterprises,such as monetary policies,industrial policies,environmental regulations,etc.on the market value of enterprises.As the national "dual carbon" strategy has just been established,there is relatively little research on the impact of policies on enterprises in this field.Against this background,this paper focuses on the eight key industries classified according to the "National Carbon Emissions Trading Management Measures(Trial Implementation)",and uses event analysis to study the impact of the release of the Opinions on the market value of 727 listed companies in the eight key industries,supported by effective market theory and signaling theory,and analyzes the reasons behind it,in order to provide enterprises with a full understanding and appreciation of the impact of the "dual carbon" policy on the market value of enterprises.This study provides theoretical guidance for enterprises to fully understand and understand the impact of the "double carbon" policy on their market value,and then adopt positive coping strategies.The main conclusions obtained in this study are:(1)Without distinguishing industries and considering the sample as a whole,the release of the Opinions has an overall positive short-term impact on the market value of listed companies in the eight key industries.(2)Looking at the industry breakdown,the variability of industry impact is significant.Different industries reacted differently to the release of the Opinions,as shown by the fact that-the release of the Opinions raised the market value of listed companies in four industries,namely chemical,electric power,non-ferrous metals and paper,in the short term,with the most significant positive impact on companies in the chemical industry.In addition,the release of "Opinions" reduces the market value of listed companies in four industries: steel,building materials,civil aviation and petrochemicals in the short term,and the inhibiting effect on enterprises in steel industry is the most significant.(3)Since different industries face different pressures under the "double carbon" policy,the market investors’ understanding of this pressure is also inconsistent,thus leading to the existence of industry differences.The findings of this paper provide reasonable suggestions and references for enterprises in key industries to improve their market value under the "double carbon" policy,and the main management insights are as follows:(1)Enterprises in key industries can improve their market value under the double carbon policy by improving their competitiveness,optimizing their organizational structure and establishing a good corporate image.Specifically,enterprises in key industries should carry out green and low-carbon technology innovation,optimize their energy and industrial structures,and actively fulfill their environmental responsibilities,etc.(2)Enterprises in the chemical and steel industries,as typical industry enterprises,can improve their market value by optimizing their organizational structure,improving their product positioning,strengthening their core competitiveness,and making full use of resources.Specifically,enterprises in the chemical industry can apply renewable energy instead of fossil energy and build a clean and low-carbon energy system;adopt eco-friendly green raw materials;develop carbon reduction and control technologies,etc.Enterprises in the steel industry should design green steel products,accelerate the promotion and application of low-carbon technologies,and focus on low-carbon talent training,etc.This paper examines the impact of the "Opinions" on the market value of enterprises in eight key industries across China,and analyzes the reasons behind them to provide guidance and suggestions for enterprises to improve their market value under the "Double Carbon" policy.