摘要
本研究基于碳排放权交易试点政策、构建了一项准自然实验,检验了宏观层面的碳排放权交易对微观企业节能减排的影响.基于2010年-2017年中国上市公司的节能减排数据和多时点双重差分模型,本研究发现参与碳排放权交易试点的企业的节能减排绩效显著更高,表明碳排放权交易机制有助于企业的节能减排.进一步,CEO的海外经历强化了碳排放权交易机制与企业节能减排绩效之间的正向关系.此外,碳排放权交易机制对企业节能减排的促进作用在污染行业和市场竞争程度较高的行业中更为突出,碳排放权交易机制对企业的绿色创新和产业链的环保协作均具有显著的促进作用,且碳排放权交易机制能够抑制公司层面的碳排放.本研究的发现可以为碳排放权交易机制的治理作用提供重要参考.
This study constructs a quasi-natural experiment based on carbon emission trading system(CETS)pilot zones,and then explores the effect of CETS on corporate energy conservation and emission reduction(ECER).Using a staggered difference-in-difference model and data on the ECER of Chinese listed firms from 2010 to 2017,our findings reveal that firms participating in the CETS trials exhibit better ECER performance than their counterparts,suggesting that CETS promotes corporate ECER performance.In addition,CEOs'o-verseas experience reinforces the positive effect of CETS on ECER performance.Moreover,the positive impact of CETS on ECER performance is more pronounced for firms in polluting industries and highly competitive in-dustries,CETS is significantly positively associated with both green innovation and environmental cooperation in the value chain,and CETS can significantly mitigate carbon emissions at the firm level.Our findings pro-vide important references to understand the governance role of CETS.
作者
杜兴强
张心舒
谢裕慧
曾泉
章永奎
DU Xing-qiang;ZHANGXin-shu;XIE Yu-hui;ZENG Quan;ZHANG Yong-kui(Center for Accounting Studies,Xiamen University,Xiamen 361005,China;Accounting Department,Xiamen University,Xiamen 361005,China)
出处
《管理科学学报》
北大核心
2025年第7期22-38,共17页
Journal of Management Sciences in China
基金
国家社会科学基金资助项目(22VRC130)
国家社会科学基金资助重大项目(20&ZD111)。
关键词
碳排放权交易
企业节能减排
CEO海外经历
准自然实验
多时点双重差分模型
carbon emission trading
corporate energy conservation and emission reduction
CEOs'overseas experience
quasi-natural experiment
the staggered difference-in-difference model
