碳交易制度对企业环境治理的影响--基于技术创新的中介效应检验

The Impact of Carbon Trading System on Enterprise Environmental Governance--Mediation Effect Test Based on Technological Innovation

碳交易制度如何影响企业的环境行为?这关系到企业能否走好高质量发展之路。本文基于深圳42家纳入碳排放配额管理上市企业以及深圳其他200家A股上市企业2011—2021年的面板数据建立双重差分模型,从过程与结果多维视角探究碳交易制度对企业环境治理的影响及其内在机理。实证结果表明:(1)碳交易制度能显著促进企业环境治理,对环境治理过程及结果均产生正向影响;(2)中介检验结果表明,技术创新研发投入与专利产出均在碳交易制度对企业环境治理的影响中产生部分中介效应;(3)调节中介效应检验结果显示,政府补助强化了技术创新投入对企业环境治理的正向影响;(4)异质性分析结果显示,在碳交易制度约束下,非国有企业比国有企业更注重企业环境治理。本文将碳交易制度的环境效应细分到微观层面,是对碳排放权交易及企业环境治理相关研究的有效拓展。

How does the carbon trading system affect the environmental behavior of enterprises?This is related to whether enterprises can take the path of high-quality development.Based on the panel data of 42 listed companies included in the carbon emission quota management in Shenzhen and 200 other A-share listed companies in Shenzhen from 2011 to 2021,this paper establishes a double difference model to explore the impact of the carbon trading system on corporate environmental governance and its internal mechanism from both process and result dimensions.The empirical results show that:(1)The carbon trading system can significantly promote the environmental governance of enterprises,and has a positive impact on both the process and results of environmental governance;(2)The results of the mediation test show that both technological innovation R&D investment and patent output have a partial mediating effect on the impact of the carbon trading system on corporate environmental governance;(3)The results of the moderating mediation effect test show that government subsidies strengthen the positive impact of technological innovation investment on corporate environmental governance;(4)The results of heterogeneity analysis show that under the constraints of the carbon trading system,non-state-owned enterprises pay more attention to corporate environmental governance than state-owned enterprises.This paper subdivides the environmental effect of the carbon trading system to the micro level,which is an effective expansion of relevant research on carbon emission trading and corporate environmental governance.