Low-Carbon Transition and Firm Value:Analysis Based on Text Big Data
From the perspective of the micro level,this paper constructs a variable to measure the low-carbon transition of Chinese A-share listed companies.From 2007 to 2021,the degree of low-carbon transformation of China's A-share listed companies has gradually deepened,and the number of companies participating in low-carbon transformation has gradually increased.Firms with larger sizes and higher profitabil-ity,and firms with significant carbon emissions are more likely to adopt low-carbon practices.Our empirical analysis shows that the low-carbon transition has a signif-icantly and positive effect on firm value.This effect is stronger for firms that face stricter environmental regulations.The increasing of market attention,improving of financing constraints,easing financing constraints and the reducing of financing costs are the plausible channels that low-carbon transition affects firm value.These findings offer valuable insights for promoting green and low-carbon development and provide empirical evidence supporting the transition of firms towards a low-carbon economy.
low-carbon transitionmarket valuegreen and low-carbon developmenttext analysisbig data
NETL
NSTL
万方数据
