As an important market mechanism,carbon trading policy is widely used in various industries to promote energy conservation and emission reduction.As the largest carbon emitter and a key player in the energy sector,power companies have a great responsibility to reduce carbon emissions.Taking China's A-share listed power companies from 2009 to 2022 as a sample,this paper uses quantitative a-nalysis methods to construct a difference-in-difference model to explore the relationship between carbon trading policy and the enterprise value of listed companies from the perspective of ESG.The results show that the carbon trading policy can significantly enhance the enterprise value of power enterprises,and the financing constraint plays a moderating role in the relationship between carbon trading policy and the enterprise value of power enterprises.The impact of the implementation of carbon trading policy on the value of power enterprises is heterogeneous:the implementation of carbon trading policy can sig-nificantly improve the enterprise value of power enterprises and Chinese state-owned enterprises,but cannot enhance the enterprise value of non-state-owned enterprises.It can positively increase the corpo-rate value of the separation of the two positions,but has no significant impact on the corporate value of the integration of the two positions.There is a significant positive correlation between the corporate val-ue of high and low ESG scores,but the effect of improving the corporate value of companies with low ESG performance is more obvious.
关键词
碳交易政策/电力企业/企业价值/双重差分模型/调节效应/异质性
Key words
carbon trading policy/electric power companies/enterprise value/double difference model/regulatory effect/heterogeneity
维普
万方数据