碳排放权交易下财务绩效对碳绩效的影响研究

A Study of the Impact of Financial Performance on Carbon Performance under Carbon Emissions Trading

本文基于2010—2020年实行碳交易试点地区所有A股上市公司的数据,采用双向固定效应模型分析企业财务绩效和碳绩效的关系,并引入环境社会责任为中介变量、碳排放权交易及绿色技术创新为调节变量。研究结果表明:企业财务绩效对碳绩效存在显著正向影响;环境社会责任在两者关系中充当正向且显著的中介作用,且该结论在多项稳健性检验中得到验证。同时,碳排放权交易和绿色技术创新在财务绩效对碳绩效的影响中具有正向调节作用。异质性检验结果显示,国有企业的财务绩效对碳绩效的正向影响更加显著。进一步研究显示,碳绩效亦可显著改善财务绩效,两者相互影响。此研究为我国企业长期发展提供了战略思维,旨在实现经济和环境效益的可持续平衡,呼吁管理者关注环境社会责任,为企业早日实现经济绩效与环境绩效共赢提供支持。

Based on the data of all A-share listed companies in carbon trading pilot regions from 2010 to 2020,this paper analyzes the relationship between corporate financial performance and carbon performance by using a two-way fixed-effects model and introduces environmental social responsibility(ESR)as an intermediary variable and carbon emissions trading and green technological innovation(GTI)as moderating variables.The results show that corporate finan-cial performance has a significant positive effect on carbon performance,and environmental so-cial responsibility plays a positive and significant intermediary role in the relationship between the two,and this conclusion is verified in several robustness tests.At the same time,carbon emissions trading and green technology innovation have a positive moderating effect on the im-pact of financial performance on carbon performance.The results of heterogeneity test show that the financial performance of SOEs has a more significant positive effect on carbon performance.Further research shows that carbon performance also significantly improves financial perfor-mance,and the two have a reciprocal effect on each other.This study provides strategic think-ing for the long-term development of Chinese enterprises,aims to achieve a sustainable balance between economic and environmental benefits,calls for managers to pay attention to environ-mental social responsibility,and provides support for enterprises to realize a win-win situation between economic performance and environmental performance at an early date.