碳排放权交易试点政策对企业低碳转型的影响

The Impact of CET Policy on Low‐Carbon Transition of Enterprises

在碳达峰、碳中和目标下,“能耗双控”向“碳排放双控”的转变是中国低碳发展的重要举措。在此过程中,碳排放权交易作为碳市场调节机制的核心,对中国推进碳减排具有重要意义。本文基于2009—2020年894家中国A股上市公司数据,运用多时点双重差分模型实证检验了碳排放权交易试点政策对企业碳排放强度的影响,并从数字化转型和企业分工两个维度进行了作用机制分析。研究发现,碳排放权交易试点政策降低了企业碳排放强度,且结论在经过一系列稳健性检验后仍然成立。这说明碳排放权交易试点政策加速了企业低碳转型进程。作用机制分析发现,碳排放权交易试点政策能够通过企业数字化转型来降低企业碳排放强度,但不能通过企业分工降低碳排放强度,且政策的实施效果对不同性质、不同规模和不同资本密集度的企业有所差异。本文研究表明,实施“碳排放双控”政策需要健全各项配套措施,重视碳市场建设并加强企业环境监管对中国低碳发展具有深远影响。

As the problem of global warming becomes increasingly prominent,carbon emission reduction has become an urgent and arduous task for all countries.As the largest carbon emitter,China has actively responded to the pressure of carbon emission reduction.with the aim of promoting China’s carbon emission reduction through the shift from“dual control of energy consumption”to“dual control of carbon emission”.Against this backdrop,enterprises,as the main bearers and implementers of carbon emission reduction,face serious challenges.However,due to differences in production activities,enterprises have differentiated carbon emission needs.In order to balance the demand for carbon emissions among enterprises and incentivize them to reduce carbon emissions,China has implemented a carbon emissions trading(CET)policy since 2013.However,there is a lack of studies that explore the carbon reduction effect of the CET policy from a micro perspective,especially on the impact pathways.Based on the data of Chinese listed companies from 2009 to 2020,this paper measures the carbon emissions and carbon intensity of enterprises,and empirically explores the impact of the CET policy on the carbon intensity of enterprises under the goal of“dual control of carbon emissions”by using a multi⁃temporal difference⁃in⁃differences(DID)model.In addition,this paper conducts in⁃depth research on the impact path from perspectives of enterprise digital transformation and enterprise division of labor.The empirical study shows that the CET policy reduces the carbon emissions intensity of enterprises,and it can reduce the carbon emissions intensity of enterprises through digital transformation,but not through the division of labor of enterprises.The study also finds that the implementation effect of the CET policy varies for enterprises of different ownership,different sizes and different industries.Compared with previous literature,the marginal contributions of this paper are as follows.First,this paper explores the impacts of the CET policy from a micro perspective by focusing on the carbon emissions intensity of enterprises,which provides theoretical and data support for the development of the low⁃carbon economy of enterprises.Second,this paper analyses the mechanism of the impact of the CET policy on the carbon emissions intensity of enterprises from perspectives of digital transformation and division of labor of enterprises,which provides reference for the development of low⁃carbon economy of enterprises.Third,this paper classifies enterprises according to enterprise ownership,enterprise scale and enterprise industry for heterogeneity testing,which provides empirical reference for policy makers.This study reveals the internal logic of the CET policy affecting the carbon emissions intensity of enterprises,provides a micro⁃foundation for the implementation of the policy,supports government departments in evaluating,improving and revising the policy,and also provides reference for the formulation of the development strategy of low⁃carbon economy for enterprises.