碳排放交易制度对企业绩效的促进效应——基于中国上市公司数据的双重差分检验

Promoting Effect of Carbon Emission Trading System on Enterprise Performance---Double Difference Test Based on Data of Chinese Listed Companies

碳排放交易是应对全球气候变暖和降低碳排放的重要机制。企业往往会顾虑碳排放交易制度对企业绩效带来的不利影响,因而其参与交易的积极性不高。基于2008-2020年我国沪深A股上市公司的数据,运用双重差分模型评估碳排放交易制度对试点省份内企业绩效的影响。研究结果显示:碳排放交易制度显著提升了试点省份内企业的绩效;其作用机制是通过提高区域内的环境规制标准来提升企业绩效;碳排放交易制度对非重污染企业绩效的促进作用大于重污染企业,对中部地区企业的促进作用大于其他地区。对此,分别从允许跨区域交易、搭建碳配额现货交易平台、完善碳定价、加强针对性监督和激励方面提出建议,以推动我国经济绿色可持续发展,早日实现双碳目标。

The carbon emissions trading is an important mechanism for addressing global warming and reducing carbon emissions.As a rational economic entity,the enthusiasm of enterprises to participate in transactions is not high due to concerns about the adverse impact of carbon emissions trading systems on their performance.This article is based on the data of listed companies in Shanghai and Shenz-hen A-shares from 2008 to 2020,and uses the difference-in-difference model to evaluate the impact of carbon emissions trading system on the performance of enterprises in the pilot provinces.The results show that the carbon emissions trading system has significantly im-proved the performance of enterprises in the pilot provinces;The mechanism of the carbon emissions trading system is to improve corpo-rate performance by improving the environmental regulation standards in the region;The carbon emissions trading system has a greater promoting effect on the performance of non-heavy polluting enterprises than heavy polluting enterprises,and a greater promoting effect on enterprises in the central region than in other regions.In this regard,research has proposed suggestions from cross regional trading,carbon quota spot trading,improving carbon pricing and strengthening targeted supervision and incentives,in order to promote sustain-able green economic development and promote China̍s early achievement of the dual carbon goals.