摘要
碳排放权交易作为我国推进“双碳”目标的重要政策工具,其能否切实实现经济与环境协同发展,并优化企业高管薪酬制度,是一个值得研究的课题。基于2010—2023年制造业上市公司数据,将碳排放权交易试点政策视为准自然实验,构建双重差分模型,分析其对企业高管超额薪酬的影响。研究发现:碳排放权交易能够有效抑制企业高管超额薪酬,且交易成本是主要传导路径;碳排放权交易政策的实施效果在企业规模、产权性质及两职是否合一等方面存在异质性,并且市场化水平越高的地区,其抑制效果越显著。基于此,政府与市场需要持续深化碳排放权交易政策,推进全国统一大市场以降低交易成本,完善企业高管薪酬制度,进而以更趋合理的内部分配助力企业高质量发展。
As an important policy tool for China to promote the"dual carbon"goals,whether carbon emission trading can effectively play a role in the synergy between the economy and the environment and optimize the executive compensation system of enterprises is a question that needs to be urgently answered.Based on the data of listed manufacturing enterprises from 2010 to 2023,a difference-in-differences model is constructed by taking carbon emission trading as a quasi-natural experiment to analyze its impact on the excess compensation of enterprise executives.The research finds that carbon emission trading can effectively curb the excess compensation of enterprise executives,and this effect is transmitted through the channel of transaction costs.The implementation effect of carbon emission trading varies among enterprises of different scales,different property rights natures,and those with separated positions of chairman and CEO.Moreover,the higher the degree of marketization,the more obvious the inhibitory effect of carbon emission trading.Therefore,the government and the market still need to continuously deepen the carbon emission trading policy continuously promote the construction of a unified national market to reduce transaction costs,and improve the executive compensation system to optimize internal distribution to help promote high-quality development of enterprises.
作者
佟璐
TONG Lu(Central Institute of Judicial Police,Baoding Hebei 071000,China;Nankai University,Tianjin 300071,China)
出处
《技术经济与管理研究》
北大核心
2025年第12期124-130,共7页
Journal of Technical Economics & Management
基金
国家社会科学基金重大项目“现代归纳逻辑的新发展、理论前沿与应用研究”(15ZDB018)。
关键词
碳排放权交易
高管超额薪酬
交易成本
市场化水平
Carbon emission trading
Excess executive compensation
Transaction costs
Marketization level
