碳排放权交易能提升高能耗企业韧性吗?——基于准自然实验的证据

Can Carbon Emission Trading Improve the Resilience of Energy-Intensive Companies:Based on Quasi-Natural Experiments Evidence

当前全球经济模糊性、复杂性和不稳定性突出,企业韧性成为评价企业可持续发展能力的新指标,而碳排放权交易政策是我国实现“碳达峰、碳中和”目标的重要抓手。基于中国2009—2022年八大高耗能行业上市企业数据,运用多时点双重差分模型探究碳排放权交易政策对高能耗企业韧性的影响及作用机制。研究发现,碳排放权交易政策有助于提升高能耗企业韧性,主要通过发挥创新效应、信息效应和绿色治理效应提升高能耗企业韧性水平。内部控制水平和政府补助在这一关系中发挥正向调节作用,融资约束发挥抑制作用。异质性分析表明,在非国有、大规模以及高科技企业中,碳排放权交易对高能耗企业韧性的提升作用更显著。因此,研究碳排放权交易政策对高能耗企业韧性这一微观层面的经济后果,对我国实现“碳达峰、碳中和”目标、保持企业持续稳定健康发展具有重要意义。

At present,the global economy is ambiguous,complex and unstable,and the resilience of enterprises has become a new indicator to evaluate the sustainable development ability of enterprises,and the carbon emission trading policy is an important starting point for China to achieve the goal of“carbon peak and carbon neutrality”.Based on the data of listed enterprises in China’s eight high-energy-consuming industries from 2009 to 2022,this paper uses a multi-time-point differen-tial model to explore the impact of carbon emission trading policies on the resilience of enterprises with high energy consumption and its mechanism.It is found that the carbon emission trading policy can help improve the resilience of high-energy enterprises,mainly through the innovation effect,in-formation effect and green governance effect.The level of internal control and government subsidies play a positive moderating role in this relationship,and financing constraints play a inhibitory role.Heterogeneity analysis shows that in non-state-owned,large-scale and high-tech enterprises,car-bon trading has a more significant effect on the resilience of high-energy enterprises.Therefore,studying the economic consequences of carbon emission trading policies on the resilience of highenergy enterprises at the micro level is of great significance for China to implement the goal of“car-bon peak,carbon neutrality”and maintain the sustainable,stable and healthy development of enter-prises.