市场型环境规制、碳减排与企业环境绩效:来自中国碳市场的证据  

Market based environmental regulation,carbon emissions,and corporate environmental performance:Evidence from China’s carbon market

作　　者：李雪松[1] 杨泉[1] 周敏[1] LI Xuesong;YANG Quan;ZHOU Min(Economics and Management School of Wuhan University,Wuhan 430072,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072

出　　处：《中国软科学》2024年第8期200-210,共11页China Soft Science

基　　金：科学技术部国家重点研发计划项目“订单驱动的制造产业链完整性评估和风险预警理论”(2022YFB3300140);国家社会科学基金一般项目“农业补贴对环境效率的影响机制与政策优化研究”(20BJL038);国家社会科学基金重大项目“城市群协同创新带动大中小城市协调发展研究”(23&ZD068)。

摘　　要：中国碳市场政策的持续推进,标志着环境规制体系逐步从命令控制型向市场激励型转变,准确测度碳市场作为环境规制工具的政策效应对于碳达峰碳中和的实现具有重要意义。基于A股上市企业ESG环境得分和财务数据,运用主成分分析法改进的BP神经网络模型估算的上市公司碳排放强度,并使用多时点DID模型实证检验发电行业全国碳排放权交易市场对于参与企业碳排放量及环境表现的影响。研究结果显示:发电行业全国碳市场的推行显著降低了参与企业的碳排放量,并提升了企业ESG环境得分;发电行业全国碳市场可以通过提高控排企业的创新水平来改善企业环境绩效。因此,中国应逐步扩大碳市场覆盖的行业和范围,引导企业不断加大创新投入,通过技术创新提高污染治理能力。China’s continued advancement of its carbon market policy signifies a shift from a command-and-control to a market incentive-based environmental regulation system.Accurately assessing the policy effects of the carbon market as an environmental regulatory tool is crucial for achieving carbon peak and neutrality.This paper uses ESG environmental scores and financial data from A-share listed companies,employing a BP neural network model improved by principal component analysis to estimate the carbon emission intensity of these companies.It also uses a multi-timepoint DID model to empirically test the impact of the national carbon emission trading market in the power sector on the carbon emissions and environmental performance of these companies.The results show that the national carbon market significantly reduces carbon emissions and improves the ESG environmental scores of companies in the power sector.It also enhances corporate environmental performance by boosting innovation levels in emission control.Consequently,China should gradually expand the range of industries covered by the carbon market,encourage companies to increase their innovation efforts,and enhance pollution control capabilities through technological updates.

关 键 词：市场型环境规制 全国碳市场 企业环境绩效 企业技术创新 

分 类 号：F403[经济管理—产业经济]