企业参与碳交易能够提升ESG表现吗?——基于数字化转型的调节效应分析

Can Corporate Participation in Carbon Trading Improve ESG Performance?——An Analysis of the Moderating Effect Based on Digital Transformation

碳排放权交易能够将公众利益融于企业价值体系中,通过引导企业遵守社会规范、树立正确价值导向,对ESG表现的提升产生重要影响。本文以我国A股上市公司2009~2021年的数据作为研究样本,使用多期DID模型,检验企业参与碳交易对其ESG表现的影响,以及数字化转型对二者之间关系的影响。研究发现:企业参与碳交易对ESG表现具有显著提升效应;同时,数字化转型能够显著促进碳交易对ESG表现的提升效应。异质性检验发现,在CFO兼任董事或企业所在地区碳市场流动性更高时,企业参与碳交易对ESG表现的促进作用更明显;与高排放行业相比,其他行业企业参与碳交易对ESG表现的影响更明显。本文丰富了企业参与碳交易和进行数字化转型的经济后果研究,为研究ESG表现的影响因素提供了新的视角和经验证据,对提升公司治理能力具有借鉴意义。

Carbon emissions trading can integrate public interest into the corporate value system,which has an important impact on the enhancement of ESG performance by guiding enterprises to comply with social norms and establish correct value orientation.This paper takes the data of China's A-share listed companies from 2009 to 2021 as the research sample,and uses the multi-period DID model to test the impact of corporate participation in carbon trading on their ESG performance,and the impact of digital transformation on the relationship between the two.It is found that corporate participation in carbon trading has a significant enhancing effect on ESG performance;meanwhile,digital transformation can significantly contribute to the enhancing effect of carbon trading on ESG performance.The heterogeneity test finds that the boosting effect of corporate participation in carbon trading on ESG performance is more pronounced when the CFO is also a director or when the carbon market in the region where the corporation is located is more liquid;and the effect of corporate participation in carbon trading on ESG performance is more pronounced in other industries compared to high-emission industries.This paper enriches the research on the economic consequences of firms'participation in carbon trading and undergoing digital transformation,provides new perspectives and empirical evidence for the study of the influencing factors of ESG performance,and has implications for improving corporate governance capabilities.