碳市场中控排客户对企业碳绩效的影响研究  

Research on the impact of controlled emission customers on enterprise carbon performance in carbon market

作　　者：张倩 李文龙 邢志华 冯露 ZHANG Qian;LI Wenlong;XING Zhihua;FENG Lu(School of Management,Heilongjiang university of science and technology,Harbin 150022,China)

机构地区：[1]黑龙江科技大学管理学院,黑龙江哈尔滨150022

出　　处：《煤炭经济研究》2025年第3期25-35,共11页Coal Economic Research

基　　金：黑龙江省省属高等学校基本科研业务费资助项目(2023-KYYWF-0517)。

摘　　要：碳市场是利用市场机制推动绿色低碳发展的重要政策工具,碳市场中控排客户为提升企业碳绩效带来良好契机。基于2014—2022年中国A股制造业上市公司数据,构建固定效应、中介效应和调节效应模型,实证检验碳市场中控排客户对企业碳绩效的影响及内在机制。研究发现,碳市场中控排客户的降碳需求具有基于生产网络的资源效应和倒逼效应,能够激发关联企业的降碳意愿,并助推其碳绩效水平提升,考虑内生性问题并进行稳健性检验后结论依旧成立。机制检验表明,碳市场中控排客户短期内会增加企业环境成本,抑制短期财务绩效,但长期内会取得更好的经济效益,提升企业长期财务绩效,进而驱动企业碳绩效提升。此外,数字化转型加速推进,有利于加强控排客户对企业碳绩效的正向影响。异质性检验表明,碳市场中控排客户对东部地区和非重污染企业碳绩效促进作用更大。研究结论为高效发挥碳市场中控排客户的绿色治理效果,实现制造企业绿色高质量发展提供经验借鉴。The carbon market is an important policy tool to promote green and low-carbon development by using the market mechanism.The controlled emission customers in the carbon market bring a good opportunity to improve the carbon performance of enterprises.Based on the data of China′s A-share manufacturing listed companies from 2014 to 2022,this paper constructs fixed effect,intermediary effect and regulatory effect models to empirically test the impact of controlled emission customers on corporate carbon performance and its internal mechanism in the carbon market.The study found that the carbon reduction demand of controlled emission customers in the carbon market has the resource effect and forced effect based on the production network,which can stimulate the carbon reduction willingness of affiliated enterprises and boost the improvement of their carbon performance level.The conclusion is still valid after considering the endogenous problems and robustness test.The mechanism test shows that the controlled emission customers in the carbon market will increase the environmental costs of enterprises and inhibit the short-term financial performance in the short term,but will achieve better economic benefits in the long term,improve the long-term financial performance of enterprises,Acceleration of digital transformation is conducive to strengthening positive impact of customer control on carbon performance of enterprises.The heterogeneity test shows that the controlled emission customers in the carbon market play a greater role in promoting the carbon performance of the eastern region and non heavy polluting enterprises.The conclusion of the study provides experience and reference for the efficient play of the Green Governance Effect of controlled emission customers in the carbon market and the realization of green and high-quality development of manufacturing enterprises.

关 键 词：碳市场 控排客户 碳绩效 财务绩效 生产网络 

分 类 号：F416.21[经济管理—产业经济]