Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.

With the development of ecological paradigm coupled with the relentless implementation of myriad environmental policies in China, the rapid development of carbon emission trading and carbon trading market has had a vital impact on the financial performance of enterprises at the microlevel. This stud...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Meijuan Liu, Chang Zhou, Feifei Lu, Xiaohan Hu
Formato:	article
Lenguaje:	EN
Publicado:	Public Library of Science (PLoS) 2021
Materias:	Medicine R Science Q
Acceso en línea:	https://doaj.org/article/3cc1a83650c045ab89332ec7db922997
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:3cc1a83650c045ab89332ec7db922997
record_format	dspace
spelling	oai:doaj.org-article:3cc1a83650c045ab89332ec7db9229972021-12-02T20:09:49ZImpact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.1932-620310.1371/journal.pone.0253460https://doaj.org/article/3cc1a83650c045ab89332ec7db9229972021-01-01T00:00:00Zhttps://doi.org/10.1371/journal.pone.0253460https://doaj.org/toc/1932-6203With the development of ecological paradigm coupled with the relentless implementation of myriad environmental policies in China, the rapid development of carbon emission trading and carbon trading market has had a vital impact on the financial performance of enterprises at the microlevel. This study has sampled the A-share listed companies in China, from 2009 to 2018, and adopted the difference-in-difference (DID) method to investigate the effect of the carbon emission trading on corporate financial performance from the microlevel. Evidence showed that the implementation of carbon emission trading effectively improved the total asset-liability ratio of enterprises, though it reduced the value of the current capital market. Moreover, in the regions under strict legal environment, the enhancement effect of the total asset-liability ratio was more obvious, whereas in the regions under loose legal environment, the reduction effect of the value of the capital market was more obvious. Further analysis showed that the implementation of carbon emission trading could not promote Chinese enterprises to increase R&D investment. Hence the implementation of carbon emission trading has improved the level of non-business income of enterprises incorporated into the trading system, but its impact on the investment income of enterprises was not significant.Meijuan LiuChang ZhouFeifei LuXiaohan HuPublic Library of Science (PLoS)articleMedicineRScienceQENPLoS ONE, Vol 16, Iss 7, p e0253460 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Medicine R Science Q
spellingShingle	Medicine R Science Q Meijuan Liu Chang Zhou Feifei Lu Xiaohan Hu Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
description	With the development of ecological paradigm coupled with the relentless implementation of myriad environmental policies in China, the rapid development of carbon emission trading and carbon trading market has had a vital impact on the financial performance of enterprises at the microlevel. This study has sampled the A-share listed companies in China, from 2009 to 2018, and adopted the difference-in-difference (DID) method to investigate the effect of the carbon emission trading on corporate financial performance from the microlevel. Evidence showed that the implementation of carbon emission trading effectively improved the total asset-liability ratio of enterprises, though it reduced the value of the current capital market. Moreover, in the regions under strict legal environment, the enhancement effect of the total asset-liability ratio was more obvious, whereas in the regions under loose legal environment, the reduction effect of the value of the capital market was more obvious. Further analysis showed that the implementation of carbon emission trading could not promote Chinese enterprises to increase R&D investment. Hence the implementation of carbon emission trading has improved the level of non-business income of enterprises incorporated into the trading system, but its impact on the investment income of enterprises was not significant.
format	article
author	Meijuan Liu Chang Zhou Feifei Lu Xiaohan Hu
author_facet	Meijuan Liu Chang Zhou Feifei Lu Xiaohan Hu
author_sort	Meijuan Liu
title	Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
title_short	Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
title_full	Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
title_fullStr	Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
title_full_unstemmed	Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.
title_sort	impact of the implementation of carbon emission trading on corporate financial performance: evidence from listed companies in china.
publisher	Public Library of Science (PLoS)
publishDate	2021
url	https://doaj.org/article/3cc1a83650c045ab89332ec7db922997
work_keys_str_mv	AT meijuanliu impactoftheimplementationofcarbonemissiontradingoncorporatefinancialperformanceevidencefromlistedcompaniesinchina AT changzhou impactoftheimplementationofcarbonemissiontradingoncorporatefinancialperformanceevidencefromlistedcompaniesinchina AT feifeilu impactoftheimplementationofcarbonemissiontradingoncorporatefinancialperformanceevidencefromlistedcompaniesinchina AT xiaohanhu impactoftheimplementationofcarbonemissiontradingoncorporatefinancialperformanceevidencefromlistedcompaniesinchina
_version_	1718375056453664768

Impact of the implementation of carbon emission trading on corporate financial performance: Evidence from listed companies in China.

Ejemplares similares