School of Economics and Management, Yan′an University

基于2009—2020年我国A股上市企业数据,构建多时点三重差分模型检验了碳排放权交易制度对企业ESG表现的影响及作用机制。结果表明:第一,碳排放权交易制度能够显著促进企业的ESG表现,在进行安慰剂检验、倾向得分匹配等稳健性检验后,研究结论仍然成立。第二,机制检验表明,碳排放权交易制度通过获取政府环保补助,提升企业的ESG表现。其中,政府环保补助在碳排放权交易制度对企业环境、社会的影响中发挥了部分中介效应,对企业治理并未产生显著影响。第三,异质性研究表明,在高管具有海外背景的企业、媒体关注度高的企业和西部地区的企业,碳排放权交易制度更能促进企业ESG表现的提升。

This article is based on the data of A-share listed companies in China from 2009 to 2020, and constructs a multi time point triple difference model to test the impact and mechanism of carbon emission trading system on corporate ESG performance. The results indicate that, firstly, the carbon emission trading system can significantly promote the ESG performance of enterprises. After conducting robustness tests such as placebo test and propensity score matching, the research conclusion still holds. Secondly, mechanism testing shows that the carbon emission trading system improves the ESG performance of enterprises by obtaining government environmental subsidies. Among them, government environmental subsidies have played a partial mediating role in the impact of carbon emission trading system on corporate environment and society, but have not had a significant impact on corporate governance. Thirdly, heterogeneity studies have shown that in companies with overseas executives, high media attention, and western regions, carbon emission trading systems can better promote the improvement of ESG performance.

陈云桥, 李梦圆. 碳排放权交易制度能否诱发企业更好的ESG表现?. 煤炭经济研究. 2024, 44(5): 46-55

CHEN Yunqiao, LI Mengyuan. Can the carbon emission trading system induce better ESG performance of enterprises?. Coal Economic Research. 2024, 44(5): 46-55