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

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dc.contributor.author Liu, Meijuan
dc.contributor.author Zhou, Chang
dc.contributor.author Lu, Feifei
dc.contributor.author Hu, Xiaohan
dc.date.accessioned 2021-08-17T09:05:02Z
dc.date.available 2021-08-17T09:05:02Z
dc.date.issued 2021
dc.identifier.citation Liu , M , Zhou , C , Lu , F & Hu , X 2021 , ' Impact of the implementation of carbon emission trading on corporate financial performance : Evidence from listed companies in China ' , PLoS One , vol. 16 , no. 7 , 0253460 . https://doi.org/10.1371/journal.pone.0253460
dc.identifier.other PURE: 167656819
dc.identifier.other PURE UUID: c50dcafa-1694-4252-96c4-db27c9532013
dc.identifier.other WOS: 000668791400017
dc.identifier.uri http://hdl.handle.net/10138/333242
dc.description.abstract 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. en
dc.format.extent 19
dc.language.iso eng
dc.relation.ispartof PLoS One
dc.rights cc_by
dc.rights.uri info:eu-repo/semantics/openAccess
dc.subject SCHEME ETS
dc.subject SYSTEMS
dc.subject INNOVATION
dc.subject FOOTPRINT
dc.subject TRANSPORT
dc.subject FRAMEWORK
dc.subject SECTOR
dc.subject MARKET
dc.subject 512 Business and Management
dc.subject 1172 Environmental sciences
dc.title Impact of the implementation of carbon emission trading on corporate financial performance : Evidence from listed companies in China en
dc.type Article
dc.contributor.organization Faculty of Agriculture and Forestry
dc.description.reviewstatus Peer reviewed
dc.relation.doi https://doi.org/10.1371/journal.pone.0253460
dc.relation.issn 1932-6203
dc.rights.accesslevel openAccess
dc.type.version publishedVersion

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