| Issue |
SHS Web Conf.
Volume 152, 2023
8th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD2022)
|
|
|---|---|---|
| Article Number | 05002 | |
| Number of page(s) | 7 | |
| Section | Chapter 5: Social Science and Contemporary Humanity Development | |
| DOI | https://doi.org/10.1051/shsconf/202315205002 | |
| Published online | 05 January 2023 | |
Research on the Relationship between Green Low-carbon Transformation and Capital Market Reactions
School of Economics and Finance, South China University of Technology, Guangzhou 510006, China
* Corresponding author: Email: maplexu@scut.edu.cn
Green low-carbon transformation can effectively elicit capital market reactions. Based on the annual reports of A-share listed enterprises from 2012 to 2019, this paper defines the green low-carbon transformation behavior of enterprises and uses event analysis to explore the capital market reactions caused by the green low-carbon transformation behavior of enterprises. The results show that the green low-carbon transformation of enterprises can produce significant “announcement” effect, which will bring significant impact effect to the capital market. The results of this paper are still significant after robustness tests for different sectors and different policy shocks. Further investigation shows that the increase in corporate costs and profitability are the key factors that lead to a significant capital market reactions. The research in this paper can provide an important basis for the green low-carbon transformation of enterprises and can further reveal the motivation of green low-carbon transformation of enterprises.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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