近朱者赤:被纳入碳排放权交易试点的客户能否影响企业ESG表现?  

Those Who Are Close to Vermilion Are Red:Can Customers Included in the Carbon Emissions Trading Pilot Affect Corporate ESG Performance?

作　　者：李颖[1] 牛浩洋 续慧泓[1] LI Ying;NIU Hao-yang;XU Hui-hong(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,太原030006

出　　处：《研究与发展管理》2024年第1期40-52,共13页R&D Management

基　　金：国家社会科学基金重点项目“数字乡村建设驱动城乡共同富裕的机制、效应与路径研究”(22AJY025)。

摘　　要：绿色是实现高质量发展最亮的底色。以“双碳”目标为背景,基于企业与客户的二元供应链关系,实证检验被纳入碳排放权交易试点的客户对企业ESG表现的影响。研究表明:被纳入碳排放权交易试点的客户能够显著提升企业ESG表现。对企业ESG表现的分维度研究表明,被纳入碳排放权交易试点的客户对企业E和S维度的表现具有显著的提升作用,而对企业G维度表现的提升作用不显著。被纳入碳排放权交易试点的客户通过倒逼效应提升企业ESG表现。短期内,被纳入碳排放权交易试点的客户倒逼企业“末端治理”;长期内,被纳入碳排放权交易试点的客户倒逼企业“前端预防”。当企业位于低碳试点城市、处于高碳排放行业时,被纳入碳排放权交易试点的客户对企业ESG表现的提升作用更显著。企业ESG表现提升并不能直接增加企业价值,但被纳入碳排放权交易试点的客户能够倒逼企业提高环保投资水平和绿色技术创新水平,进而推动企业ESG表现显著增加企业价值,而且长期更有效。基于被纳入碳排放权交易试点的客户这一新研究视角,揭示了低碳减排与ESG实践的激励相容机制,不仅为深入理解我国碳试点的微观作用效果提供了新思路,而且对推进美丽中国建设、实现经济高质量发展具有重要的实践意义。Green is the brightest background color for achieving high-quality development.It took the “dual carbon” goal as the background and empirically tested the impact of customers included in the carbon emission trading pilot on corporate ESG performance based on the binary supply chain relationship between enterprises and customers.Research shows that:customers included in the carbon emissions trading pilot significantly improve corporate ESG performance.A multidimensional study on corporate ESG performance shows that customers included in the carbon emission trading pilot have a significant improvement effect on the “E” and “S” dimensions of corporates,while the improvement effect on the “G” dimension performance is not significant.Customers included in the carbon emissions trading pilot improve corporate ESG performance through the reverse forcing effect.In the short term,customers included in the pilot program of carbon emission trading force enterprises to “end of pipe governance”,while in the long run,they are forcing corporates to “take preventive measures” at the front end.When in a low-carbon pilot city in a high-carbon emission industry,customers included in the carbon emissions trading pilot have a more significant effect on improving ESG performance.The improvement of corporate ESG performance doesn't directly increase corporate value,but customers included in the carbon emission trading pilot force companies to increase their environmental investment and green technology innovation,thereby promoting a significant increase in corporate ESG performance and long-term effectiveness.Based on the new research perspective of customers included in the carbon emission trading pilot program,it reveals the incentive compatibility mechanism between low-carbon emission reduction and ESG practice.It not only provides new ideas for a deep understanding on the micro effects of China's carbon pilot program,but also has important practical significance for promoting the construction of a beautiful C

关 键 词：碳排放权交易 大客户 企业ESG表现 倒逼效应 低碳发展 

分 类 号：F270[经济管理—企业管理]