碳市场启动对企业ESG表现的影响——基于上市公司的实证分析

The Impact of Carbon Market Launch on Corporate ESG Performance:Empirical Analysis based on Listed Companies

碳市场作为一种市场减排工具,具有碳排放信息核查和披露的制度设计,会提升企业ESG表现。以试点碳市场为研究对象,选取我国2013—2022年的A股上市公司为样本,构建双向固定效应模型,探究碳市场启动与企业ESG表现的关系,并进行异质性分析。结果表明:碳市场启动能显著提升企业的ESG表现,在控制了企业个体因素的基础上,进一步发现碳市场启动对国有企业ESG表现的提升更为明显。同时,碳市场可以倒逼不具有非金融机构持股、董监高不具有金融背景的企业提升ESG表现。因此,在制度设计上,需要考虑碳市场与ESG政策设计的相容性,以促进企业参与碳市场和提升ESG表现的协同性,同时重视对非国有企业和无金融背景企业的ESG工作指导。

As a market emission reduction tool,the carbon market has a system design for verifying and disclosing carbon emission information,which theoretically can improve corporate ESG performance.This article takes the pilot carbon market as the research object and uses A-share listed companies in China from 2013 to 2022 as samples to construct a two-way fixed effects model,exploring the relationship and heterogeneity between the launch of the carbon market and corporate ESG performance.The results indicate that the launch of carbon markets can significantly improve the ESG performance of enterprises.After controlling for individual factors of enterprises,it was further found that the launch of carbon markets has a more significant impact on the ESG performance of state-owned enterprises.At the same time,the carbon market can force companies that do not hold shares in non-financial institutions and whose directors,supervisors,and executives do not have financial backgrounds to improve their ESG performance.Therefore,in terms of institutional design,it is necessary to consider the compatibility between the carbon market and ESG policy design,in order to promote the synergy of enterprise participation in the carbon market and enhance ESG performance.At the same time,attention should be paid to ESG work guidance for non-stateowned enterprises and non-financial background enterprises.