碳排放权交易政策能否促进高碳行业企业ESG水平——基于中国上市公司数据的准自然实验

Whether carbon emission trading policies can promote the ESG level of enterprises in high-carbon industries:A quasi-natural experiment based on data from listed Chinese companies

碳排放交易政策作为我国经济发展绿色化、低碳化的重要制度创新,在微观层面能够助推企业实现绿色化转型,在宏观层面有助于实现“碳达峰、碳中和”目标。基于建立碳排放权交易市场的准自然实验,运用多阶段的双重差分模型,以2009—2022年沪深A股高碳行业上市公司数据为样本,实证检验碳排放权交易政策对企业ESG表现水平的影响。研究发现,碳排放权交易政策能够通过提高企业信息透明度、推动企业技术创新两个渠道促使高碳行业企业展现出更好的ESG表现,且在国有企业、大规模企业、中西部企业中更为明显。研究有助于进一步健全全国碳排放权交易市场、助推“双碳”目标实现。

As an important institutional innovation for green and low-carbon economic development in China,the carbon emission trading policy can boost enterprises to achieve green transformation at the micro level,and help achieve the goal of“carbon peak and carbon neutrality”at the macro level.Based on A quasi-natural experiment to establish a carbon emission trading market,this paper uses a multistage differential model to test how carbon emission trading policies excert influence on the ESG performance of enterprises empirically by taking the data of Shanghai-Shenzhen A-share listed companies in high-carbon industries from 2009 to 2022 as samples.It is found that carbon emission trading policy can promote enterprises in high-carbon industries to show better ESG performance through two channels of promoting technological innovation and improving corporate information transparency,and it is more obvious in state-owned enterprises,large-scale enterprises,and enterprises in the central and western regions.The research will help to move forard a single step to improve the national carbon emission trading market and effectively realize of the"dual carbon"goal.