碳交易试点政策对企业ESG表现的影响分析  

Analysis of the Impact of Carbon Trading Pilot Policies on Corporate ESG Performance

作　　者：汤子涵 许向阳[1] 

机构地区：[1]南京林业大学,江苏南京210037

出　　处：《浙江金融》2024年第12期50-62,共13页Zhejiang Finance

摘　　要：碳交易市场旨在运用市场机制来引导企业实现低碳化转型。在“双碳”目标背景下,文章基于2010~2022年沪深A股上市公司数据,实证研究了碳交易市场试点政策对企业ESG表现的影响及作用机制。研究发现:碳交易市场试点政策的设立提高了试点地区企业ESG表现,该结论在一系列稳健性检验后仍成立。异质性研究表明,碳交易试点的政策效应在国有企业、大型企业以及非高碳排放行业中更加显著。机制分析表明,碳交易政策通过推动企业内部绿色技术创新提高了企业的ESG表现。The carbon trading market aims to use market mechanisms to guide enterprises to achieve lowcarbon transformation.In the context of the"dual carbon"goal,based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022,this paper empirically studies the impact and mechanism of the pilot policy of the carbon trading market on the ESG performance of enterprises.The results show that the establishment of the pilot policy of the carbon trading market has improved the ESG performance of enterprises in the pilot areas,and this conclusion is still valid after a series of robustness tests.Heterogeneous studies show that the policy effects of carbon trading pilots are more significant in state-owned enterprises,large enterprises and non-high-carbon emission industries.Mechanism analysis shows that carbon trading policies improve the ESG performance of enterprises by promoting the innovation of green technology within enterprises.

关 键 词：碳交易试点政策 ESG表现 多时点的双重差分模型 绿色创新 

分 类 号：F830.9[经济管理—金融学] F272