Study on the impact of carbon emission trading on corporate green investment

Lin Fangzhu; Wang Rong

Abstract：Based on the data of China's A-share listed companies from 2010 to 2021 and the quasi-natural experiment of pilot enterprises in seven provinces and cities of China's carbon emission trading pilot cities at the end of 2013,this paper makes an empirical analysis of the data before and after the implementation of carbon emission trading using A triple difference model to explore the impact of carbon emission trading on enterprises'green investment.At the same time,it also discusses the relationship between carbon emission trading and green investment of different types of pilot enterprises.The findings are as follows:first,carbon emission trading has a positive effect on enterprises'green investment.Second,carbon emission trading has heterogeneity on green investment of enterprises with different ownership types and operating conditions.Meanwhile,under the influence of carbon emission trading,development level has a regulating effect on green investment.Third,further analysis shows that the effect of carbon emission trading on green investment of different types of enterprises is different.Based on the corresponding experimental results,this paper puts forward countermeasures and suggestions to provide empirical support for China to start carbon emission trading.