碳排放权交易机制作为一种市场激励型环境规制,能够鼓励企业更加注重环境保护、社会责任履行和内部治理水平提升,从而提升企业环境、社会和公司治理(environmental,social and governance,ESG)表现。文章基于碳排放权交易试点政策设计...碳排放权交易机制作为一种市场激励型环境规制,能够鼓励企业更加注重环境保护、社会责任履行和内部治理水平提升,从而提升企业环境、社会和公司治理(environmental,social and governance,ESG)表现。文章基于碳排放权交易试点政策设计准自然实验,选取2009—2021年中国A股上市企业数据,运用广义合成控制法(generalized synthetic control method,GSCM),以绿色创新、信息披露和代理成本为机制变量,从理论逻辑和经验证据两个方面探讨中国碳排放权交易政策对企业ESG表现的影响、作用机制及异质性。研究表明:(1)碳排放权交易试点政策能够有效提升企业ESG表现,经过安慰剂检验和更换估计模型检验回归结果等一系列稳健性检验后,结论依然显著;(2)机制检验发现,碳排放权交易试点政策通过提高企业绿色创新水平和信息披露质量来提升企业ESG表现,但碳排放权交易试点政策会增加企业的代理成本从而降低企业ESG表现;(3)异质性检验发现,碳排放权交易试点政策在提升企业ESG表现的过程中具有区域、产权和行业差异。展开更多
Enterprises must be concerned about the environment when seeking economic benefit. However,because of the defect of the market economy,enterprises are difficult to carry out green supply chain management spontaneously...Enterprises must be concerned about the environment when seeking economic benefit. However,because of the defect of the market economy,enterprises are difficult to carry out green supply chain management spontaneously. In order to solve the above problem,the feasibility of the government as an external driving force to lead the implementation of green supply chain management was studied,and then a mixed guidance model of enterprise green supply chain management was established. In addition,the mechanisms of the government encouraging enterprises to implement green supply chain management were discussed,including negative punitive measures( fines and taxes) and positive incentive measures( subsidies and tax reduction) and the supplementary function of environmental credit system policy to realize government-led green supply chain management,which provides certain guiding for achieving the sustainable development of enterprises and society.展开更多
文摘碳排放权交易机制作为一种市场激励型环境规制,能够鼓励企业更加注重环境保护、社会责任履行和内部治理水平提升,从而提升企业环境、社会和公司治理(environmental,social and governance,ESG)表现。文章基于碳排放权交易试点政策设计准自然实验,选取2009—2021年中国A股上市企业数据,运用广义合成控制法(generalized synthetic control method,GSCM),以绿色创新、信息披露和代理成本为机制变量,从理论逻辑和经验证据两个方面探讨中国碳排放权交易政策对企业ESG表现的影响、作用机制及异质性。研究表明:(1)碳排放权交易试点政策能够有效提升企业ESG表现,经过安慰剂检验和更换估计模型检验回归结果等一系列稳健性检验后,结论依然显著;(2)机制检验发现,碳排放权交易试点政策通过提高企业绿色创新水平和信息披露质量来提升企业ESG表现,但碳排放权交易试点政策会增加企业的代理成本从而降低企业ESG表现;(3)异质性检验发现,碳排放权交易试点政策在提升企业ESG表现的过程中具有区域、产权和行业差异。
基金Supported by Basic Research Business Fee Plan Project of Chongqing City(2016-hky-jcyj-01706)Special Project for Performance Incentive Guidance of Research Institutes in Chongqing City(cstc2017jxjl20003)
文摘Enterprises must be concerned about the environment when seeking economic benefit. However,because of the defect of the market economy,enterprises are difficult to carry out green supply chain management spontaneously. In order to solve the above problem,the feasibility of the government as an external driving force to lead the implementation of green supply chain management was studied,and then a mixed guidance model of enterprise green supply chain management was established. In addition,the mechanisms of the government encouraging enterprises to implement green supply chain management were discussed,including negative punitive measures( fines and taxes) and positive incentive measures( subsidies and tax reduction) and the supplementary function of environmental credit system policy to realize government-led green supply chain management,which provides certain guiding for achieving the sustainable development of enterprises and society.
