School of Management, Heilongjiang University of Science and Technology

碳排放权交易政策作为市场激励型环境规制工具的代表,是实现企业可持续发展的重要手段。以2009—2022年沪深A 股上市企业为研究对象,通过构建多时点双重差分回归模型进行经验分析,探讨“双碳”目标下碳排放权交易政策作用于上市企业ESG表现的影响机制及效应。研究表明:企业参与碳排放权交易政策后会显著促进ESG表现,环境治理水平在其间发挥部分中介作用,数字化转型发挥调节中介变量的效应。异质性分析表明:碳排放权交易政策对非重污染企业、高技术企业的ESG表现提升作用更为明显,东部地区和高市场化地区更容易受到政策影响。 研究结论对促进上市企业提高ESG表现具有重要意义,为充分发挥碳排放权交易政策作用提供参考建议。

Carbon emission rights trading policy, as a representative of market incentive-based environmental regulation tools, is an important means to achieve sustainable development for enterprises. Taking the listed enterprises on the Shanghai and Shenzhen stock exchanges from 2009 to 2022 as the research object, this paper constructs a multi-time-point double-differenced model to explore the impact of carbon emission rights trading policy on the ESG performance of listed enterprises and its mechanism of action under the "dual carbon" goal. The research shows that after enterprises participate in the carbon emission rights trading policy, they will significantly promote their ESG performance, and level of environmental governance plays partial mediating role in this process, digital transformation has moderating mediating effect on the variable. The heterogeneity analysis shows that the carbon emission rights trading policy has a more significant impact on the ESG performance of non-heavy pollution enterprises, high-tech enterprises, and enterprises in the eastern region and low-marketization areas. The research conclusions have important implications for promoting the ESG performance of listed enterprises and provide reference suggestions for further improving the national carbon emission rights trading market construction.

张倩, 朱奕翰. 碳排放权交易政策对企业ESG表现的影响研究. 煤炭经济研究. 2024, 44(10): 101-110

ZHANG Qian, ZHU Yihan. Research on impact of carbon emission trading policies on ESG performance of enterprises. Coal Economic Research. 2024, 44(10): 101-110