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,是实现“双碳”目标的重要手段。基于2009—2021年沪深A股1155家制造业上市企业面板数据,通过构建多时期双重差分模型,探讨“双碳”目标下碳排放权交易对制造业企业低碳转型的影响及作用机制。研究发现:碳排放权交易可显著促进制造业企业低碳转型,数字化转型在其之间发挥中介作用。异质性分析表明:相比民营企业和大型企业,碳排放权交易对国营企业和小型企业低碳转型提升效果更为明显。研究结论对促进制造业企业低碳转型具有重要意义,为进一步完善全国碳市场建设提供了参考意见。

The carbon emission trading policy, as a market incentive based environmental regulation tool, is an important means to achievethe dual carbon goal. Based on panel data of 1 155 manufacturing listed companies in the Shanghai and Shenzhen A-shares from 2009 to2021, this study constructs a multi period double difference model to explore the impact and mechanism of carbon emission trading on low-carbon transformation of manufacturing enterprises under the “dual carbon” target. Research has found that carbon emission trading cansignificantly promote low-carbon transformation of manufacturing enterprises, and digital transformation plays a mediating role betweenthem. Heterogeneity analysis shows that compared to private enterprises and large enterprises, carbon emission trading has a moresignificant effect on improving the low-carbon transformation of state-owned enterprises and small enterprises. The research conclusion isof great significance for promoting low - carbon transformation of manufacturing enterprises, and provides reference opinions for furtherimproving the construction of the national carbon market.