碳排放权交易制度与企业绿色治理

Carbon Emission Trading System and Corporate Green Governance

碳排放权交易制度是促进减排治污、实现绿色发展的重要推动力,制度实施对企业生产经营和获取经济利益产生了一定影响,但其能否促使企业在追求经济可得的过程中更多考虑环境保护、进行绿色治理、从本质上追求绿色却鲜有关注。基于制度经济学理论和信号传递理论,从微观企业绿色治理视角,理论分析和实证检验碳排放权交易制度对企业绿色治理影响的机理。选取2008年至2020年沪深A股上市企业作为研究样本,构建三重差分模型,检验碳排放权交易制度对企业绿色治理的直接影响关系;采用中介效应方法检验碳排放权交易制度对企业绿色治理的作用机制;根据企业异质性特征,检验企业成本转嫁、公众环保意识和产权异质性对二者之间关系的差异影响。研究结果表明,碳排放权交易制度显著促进企业绿色治理,与未参与碳排放权交易的企业相比,参与碳排放权交易的企业具有更高的绿色治理绩效、更多的绿色创新和绿色支出,在进行平行趋势检验、倾向得分匹配、Heckman两步法检验、更换对照组样本等稳健性处理后此结果依然成立。作用机制检验表明,碳排放权交易制度能够传递企业环保标签信号,吸引绿色基金投资和绿色信贷,支持企业绿色治理;还能传递企业迎合信号和迁移压力信号,获取政府环保补助,推动企业绿色治理。进一步研究发现,在成本转嫁能力较低的企业、公众环保意识较强的地区和国有企业中,碳排放权交易制度更能促进企业绿色治理。通过理论分析和实证检验,将碳排放权交易制度的经济后果研究拓展到企业绿色治理领域,为评估中国碳排放权交易制度的实施效果提供了新的研究视角,丰富了企业绿色治理的影响因素研究,对于探索环境治理变革之路和推进生态文明建设具有启示意义。

The carbon emission trading system is an essential driving force to promote emission reduction and pollution control to achieve green development,the implementation of the system has some impact on the production and operation of enterprises and the acquisition of economic benefits.However,whether it can encourage enterprises to consider environmental protection more in pursuing economic availability,and to carry out green governance,which essentially pursues green,needs more attention.Based on the institutional economics theory and signalling theory,this study theoretically analyzes and empirically tests the mechanism of the impact of the carbon emission trading system on corporate green governance from the perspective of micro-enterprise green governance.The difference-in-differences-in-differences model is constructed by selecting Shanghai and Shenzhen A-shares listed companies from 2008 to 2020 as the research sample to examine the direct impact of carbon emission trading system on corporate green governance;and the mediating effect method is further used to test the mechanism of the carbon emission trading system on corporate green governance.Finally,the differential effects of corporate cost transfer,public environmental awareness,and property rights heterogeneity on the relationship between the carbon emission trading system and corporate green governance are examined based on corporate heterogeneity characteristics.The results show that the carbon emission trading system significantly promotes corporate green governance,companies that participate in carbon trading have higher green governance performance,more green spending,and more green innovation than companies that do not participate in carbon trading.This conclusion remains after robustness treatments such as parallel trend test,PSM matching method,Heckman two-step test,and replacement of control group samples.The mechanism test shows that the carbon emission trading system can signal the“environmental label”of enterprises to attract green fund investment and green credit,supporting corporate green governance;it can also signal the“catering”and“migration pressure”of enterprises to obtain government environmental subsidies,promoting corporate green governance.Further study shows that in enterprises with low cost transfer ability,regions with strong public awareness of environmental protection,and state-owned enterprises,the carbon emission trading system can better promote corporate green governance.Through theoretical analysis and empirical tests,the study on the carbon emission trading system′s economic consequences is extended to the corporate green governance field,which provides a new research perspective for evaluating the implementation effect of Chinese carbon emission trading system.It also enriches the research on the influencing factors of corporate green governance.The study has implications for exploring the way of environmental governance reform and promoting the construction of ecological civilization.