Yali Cao

Using a carbon emission trading pilot policy in China, we construct a DID method to investigate the effect of carbon emission trading on corporate financial behaviour. We find that enterprises in the pilot areas get less bank loans after the ‘pilot policy’, which indicates that carbon emissions trading has a negative impact on debt financing. Additional analysis shows that the negative influence is more significant in state-owned enterprises. Our study provides a more complete picture of the microeconomic impact of carbon emissions trading, and improves our understanding of the role and significance of corporate ‘carbon assets’ in the capital market.

This research was conducted for the purpose of exploring the role of venture capital (VC) based on the heterogeneity of human capital in the process of transforming innovation capabilities of enterprise into enterprise benefits and providing a reference for further research on enterprise performance development. In this study, 399 listed companies that obtained VC before 2018 from the China VC database and Wind China financial database were selected as research objects, and relevant data of patent number, return on equity, Tobin’s Q ratio, and research and development (R&D) investment ratio of each enterprise were obtained. Enterprise innovation ability was introduced to construct the relationship model of human-capital VC, enterprise innovation ability, and enterprise benefit, and the relationship between human-capital VC, enterprise innovation ability, and enterprise benefit was analyzed by the multiple-regression model. The results show that the number of patents of invested enterprises has an extremely significant positive correlation with the human capital index (P < 0.001), and a significant positive correlation with the education level of personnel, the proportion of engineering professionals (P < 0.05). The return on equity and Tobin’s Q ratio of enterprises have extremely significant positive correlations with the number of patents of invested enterprises (P < 0.001) and have a significant positive correlation with the number of patents of the invested enterprises × education level of the personnel, and the number of patents of the invested enterprises × proportion of engineering professionals (P < 0.05). All in all, the education level of the entrepreneur’ s VC human capital and the proportion of engineering professionals can effectively improve the innovation ability of the enterprise, thus indirectly playing a value-added role in the improvement of enterprise benefits. The invested enterprises will also face the problems of scale diseconomy and financing constraint when their profitability is enhanced, so they need to optimize their own business strategies.