An Empirical Analysis on the Impact of Carbon Emission Trading on Corporate Cash Holdings——Empirical Evidence from A-Share Enterprises in Eight Industries
Carbon emission trading policy is an important emission reduction policy,and has a significant impact on the financial decisions of enterprises.Based on the data of listed enterprises in eight major A-share industries in China from 2007 to 2018,the DID model was constructed for empirical analysis to explore the im-pact and mechanism of carbon emission trading on the cash holding level of enterprises.The results show that the carbon emission trading policy can improve the cash holding level of enterprises,but the effect of this policy on heterogeneous enterprises is quite different,and it is more obvious for enterprises in cities with high admin-istrative level,state-owned enterprises,large-scale enterprises and enterprises with high product competi-tion.At the same time,it is found that carbon emission trading policy affects the cash holding level of enterpri-ses through two paths:R&D innovation effect-precautionary motivation,and carbon investment effect-trans-actional motivation.
万方数据
