环境成本促进了企业高质量发展吗?——基于碳排放权交易的调节作用  

Do Environmental Costs Promote High-quality Development of Enterprises?—Based on the Moderating Role of Carbon Emission Trading

作　　者：张亚连[1,2] 程天吉 蔡靖怡 ZHANG Yalian;CHENG Tianji;CAI Jingyi(Business School,Central South University of Forestry and Technology,Changsha,Hunan 410004;Business School,Central South University of Forestry and Technology,Research Base for Ecological Civilization Construction in Hunan Province,Changsha,Hunan 410004)

机构地区：[1]中南林业科技大学商学院,湖南长沙410004 [2]中南林业科技大学商学院,湖南省生态文明建设研究基地,湖南长沙410004

出　　处：《商学研究》2024年第5期87-100,共14页Commercial Science Research

基　　金：湖南省会计科研课题“CCER重启背景下林业碳汇资产化:会计确认与价值评估研究”(2024HNKJB32)。

摘　　要：以2010—2020年沪深两市A股上市制造业公司为研究对象,运用倾向值匹配-双重差分(PSM-DID)模型,分析了环境成本和参与碳排放权交易对企业高质量发展的影响及其交互作用。研究结果表明:(1)环境成本的增加能够显著促进企业实现高质量发展。(2)企业参与碳排放权交易能够显著提升企业高质量发展水平。(3)企业参与碳排放权交易能够显著增强环境成本对企业高质量发展的正向影响。(4)异质性分析表明,国有企业在增加强制性环境成本和参与碳排放权交易方面,对企业高质量发展的促进作用更为显著,而非国有企业则在自愿性环境成本方面更具优势。此外,东部地区的企业在增加环境成本和参与碳排放权交易时表现出更强的积极影响,而中部和西部地区的企业相对较弱。(5)进一步分析表明,相较于强制性环境成本,自愿性环境成本的增加对于企业实现高质量发展的积极影响存在一定的滞后性。This paper takes A-share listed manufacturing companies in Shanghai and Shenzhen as the research object from 2010 to 2020,and analyzes the effects of environmental costs and participation in carbon emissions trading on the high-quality development of enterprises and their interaction effects by using the propensity-value-matching-double-difference(PSM-DID)model.The results of the study show that:(1)The increase of environmental costs can significantly promote the realization of high-quality development of enterprises.(2)The participation of enterprises in carbon emissions rights trading can significantly enhance the level of high-quality development of enterprises.(3)The participation of enterprises in carbon emissions rights trading can significantly enhance the positive impact of environmental costs on the high-quality development of enterprises.(4)Heterogeneity analysis reveals that state-owned enterprises exhibit a more pronounced positive impact on high-quality development when increasing mandatory environmental costs and participating in carbon emission trading.In contrast,non-state-owned enterprises demonstrate greater advantages in the area of voluntary environmental costs.Additionally,firms located in eastern region show stronger positive effects from increasing environmental costs and participating in carbon emission trading,while those in central and western regions are relatively less impacted.(5)Further analysis indicates that the positive effects of increasing voluntary environmental costs on achieving high-quality development tend to exhibit a certain lag compared to mandatory environmental costs.This study broadens the research perspective on environmental cost theory and offers relevant policy recommendations.

关 键 词：环境成本 企业高质量发展 碳排放权交易 企业全要素生产率 

分 类 号：F273[经济管理—企业管理] X196[经济管理—国民经济] F279.2[环境科学与工程—环境科学]