Effects of market-based environmental regulations on enterprise value:evidence from China's carbon emissions trading pilot policy
Under the constraints of the'dual carbon'goals,investigating the impact of market-based environmental regulations on en-terprise value has significant implications for enhancing the enthusiasm and initiative among enterprises to participate and achieving a'win-win'situation in environmental protection and enterprise development.Using the carbon emissions trading pilot policy as a natu-ral experiment and data from eight pilot industries in China's A-share market from 2008 to 2020,this study further investigated the im-pact mechanisms and heterogeneity of the policy on enterprise value on the basis of the parallel trend sensitivity test and the processing effect heterogeneity test,and examined the effects of the policy on enterprise value using robust estimators.The results showed that:① After the implementation of the carbon emissions trading pilot policy,the enterprise value in the pilot area significantly increased,and this conclusion held after a series of robustness tests.② Mechanism analysis found that this policy could improve enterprise value by improving enterprise ESG performance and that analyst attention had a dynamic moderating effect.By adjusting the two paths of the intermediation process,analysts not only adjusted the impact of the carbon emissions trading pilot policy on enterprise ESG perfor-mance but also adjusted the impact of enterprise ESG performance on enterprise value,thus strengthening the mediating role of enter-prise ESG performance.③ Heterogeneity analysis showed that the effects of this policy were more pronounced in regions with strong law enforcement,high attention to environmental governance,and an 'open economic order' business environment.Based on these re-search results,countermeasures and suggestions are put forward,including:focusing on the key links of the implementation of the car-bon emissions trading pilot policy;actively improving the allocation mechanism for carbon market quotas and giving full play to their in-centive mechanisms;standardizing the behavior of ESG information disclosure,and continuously improving the'information transmis-sion'and'external supervision'functions of analysts to further strengthen the catalytic role of ESG performance.Additionally,the con-struction of a'promising government'should be strengthened,the important role of local governments to environmental governance should be heeded,law enforcement should be strengthened,a neutral and inclusive competition policy should be maintained,and the high-quality development of the carbon trading market with a competitive open market should be promoted.
国家科技期刊平台
NSTL
万方数据
