Research on the impact of carbon emission intensity on firm value
DOI:
https://doi.org/10.54097/y8j0q644Keywords:
Carbon Risk, Carbon Emission Intensity, Corporate Value.Abstract
In the context of the global push to achieve the "dual carbon" goals (carbon peaking and carbon neutrality), carbon risk, as an emerging and increasingly prominent issue, has attracted widespread attention from all sectors of society. Especially at the corporate level, where companies are critical agents and vehicles for realizing these ambitious objectives, the impact of carbon risks on their financial behavior has become a focal topic of academic research. This paper delves into the impact of corporate carbon emissions on their value, collecting and organizing carbon emission data, stock market data, and financial statements from sample companies from 2003 to 2021. A panel regression model was constructed to study the samples of companies listed on China's A-share market, specifically quantifying and analyzing the impact of corporate carbon emissions on their value through the regression model. Additionally, heterogeneity tests were conducted on high-emission and low-emission industries. The analysis concluded that corporate carbon emission intensity has a significant negative impact on corporate value; the greater the carbon intensity, the lower the corporate value. The heterogeneity tests revealed that, compared to high-emission industries, corporate values in low-emission industries are more significantly negatively affected by carbon intensity. Based on in-depth empirical analysis, this paper offers several policy recommendations to achieve the "dual carbon" goals.
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