The impact of the "dual carbon" target on China's coal industry stock prices--Analysis based on the dual event study method
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https://doi.org/10.54097/096y7m03Keywords:
Abstract
The proposal and implementation of the "dual carbon" target has a profound impact on the stock price of China's coal industry. 75 coal enterprises are selected as research objects, and based on the daily closing price data of each stock from 2020 to 2023, the coal industry stock index is constructed by using the Rathbair index method. The dual-event research method is used to empirically test the impact of the proposal and implementation of the "dual-carbon" target on the stock price of China's coal industry, and the transmission path and heterogeneity are analyzed. The results show that: (1) the proposal of the "dual carbon" target has no significant impact on the stock price of the coal industry, while the implementation of the "dual carbon" target policy has a significant negative impact on the stock price of the coal industry; (2) The implementation of the "dual carbon" target has a negative impact on both state-owned shares and non-state-owned shares, but state-owned shares are more obvious. (3) The implementation of the "double carbon" target has a greater impact on the GEM and is uncertain, and has a negative impact on the main board and the original small and medium-sized board. (4) The implementation of the "dual carbon" target has a negative impact on stock prices in different regions, and the fluctuation range is ranked as follows: central region > Western region > Eastern region > Northeast region. (5) The implementation of the "double carbon" target has a negative impact on both directly and indirectly participating enterprises, and the negative fluctuation of directly participating enterprises is more severe. Based on this, this paper puts forward suggestions from four aspects: the government, regulators, coal industry enterprises and investors, in order to jointly promote the implementation of the "dual carbon" goal and the transformation and upgrading of the coal industry.
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