碳排放权交易政策、绿色低碳转型和企业绩效  

Carbon Emissions Trading Policies,Green Low-Carbon Transition and Enterprise Performance

作　　者：张倩 王文静 ZHANG Qian;WANG Wen-jing

机构地区：[1]黑龙江科技大学管理学院

出　　处：《电子科技大学学报(社科版)》2025年第2期66-81,共16页Journal of University of Electronic Science and Technology of China(Social Sciences Edition)

基　　金：国家社会科学基金(23BGL237)。

摘　　要：碳排放权交易政策是实现双碳目标的重要手段,加快推动发展方式绿色低碳转型是实现综合绩效提升的重要抓手。基于我国A股上市公司制造企业数据,采用多时点双重差分模型,考察碳排放权交易政策对企业绩效的影响及绿色低碳转型的中介作用机制。研究结果表明:碳排放权交易政策的实施有效提升包括企业经济绩效、社会绩效和环境绩效在内的综合绩效水平;碳排放权交易政策能够倒逼企业绿色低碳转型,提升企业绩效,绿色低碳转型在碳排放权交易政策和企业绩效间起中介作用;在绿色创新和数字化转型的调节作用下,碳排放权交易政策能够影响企业绩效。企业规模、所有权性质和企业污染程度不同的企业,其经济绩效、社会绩效和环境绩效也存在一定异质性。研究结果为制造企业实现绿色低碳转型、提升企业绩效提供参考借鉴。Carbon emissions trading policy is an important means to realize the dual-carbon goal,and accelerating the promotion of green and low-carbon transformation of the development mode is an important to realize the comprehensive performance improvement.Based on the data of manufacturing enterprises listed in China’s A-share companies,a multi-temporal double-difference model is used to investigate the impact of carbon emissions trading policy on enterprise performance and the mediating role mechanism of green lowcarbon transformation.The results of the study show that:the implementation of carbon emissions trading policy effectively improves the comprehensive performance including the economic performance,social performance and environmental performance of enterprises;carbon emissions trading policy can force enterprises to make green low-carbon transformation and improve their performance,and the green lowcarbon transformation plays mediating role in the relationship between the carbon emissions trading policy and the performance of enterprises;in the moderating effect of green innovation and digital transformation,the carbon emissions trading policy can affect the performance of enterprises.There is also some heterogeneity in the economic,social and environmental performance of enterprises with different enterprise sizes,ownership natures and enterprise pollution levels.The results of this study provide a reference for manufacturing enterprises to realize green and low-carbon transformation and improve enterprise performance.

关 键 词：碳排放权交易政策 绿色低碳转型 企业绩效 绿色创新 数字化转型 多时点双重 

分 类 号：F275.5[经济管理—企业管理]