Carbon Emission Trading,Negative Media Attention and Corporate Capital Expenditure on Environmental Protection
Using carbon emission trading as a natural experiment,540 Shanghai and Shenzhen A-share listed companies from 2010 to 2020 are taken as samples,and the difference-in-differences method is used to compare the changes in the capital environmental protec-tion expenditure of enterprises in pilot areas compared with non-pilot areas before and after the implementation of carbon emission trading policy,so as to explore the impact of carbon emission trading policy on enterprises'environmental protection investment activities and to examine the moderating effect of negative media attention.The results indicate that carbon emission trading can promote enterpri-ses to increase capital environmental protection expenditures,and negative media attention has a positive moderating effect on the rela-tionship between carbon emissions trading and corporate capital environmental protection expenditure.When the negative media atten-tion is high,the capital environmental protection expenditure of emission control enterprises in pilot areas increases significantly.The results of heterogeneity analysis indicate that carbon emission trading has a stronger promoting effect on capital environmental expendi-ture in inland areas,heavily polluting industries,state-owned enterprises,and large-scale enterprises.Through economic consequence analysis,it is found that carbon emission trading will ultimately improve the financial performance and green innovation capabilities of enterprises.
国家科技期刊平台
NSTL
万方数据
维普
