碳排放权交易政策对上市企业ESG表现的影响机制

顾雨佳; 蒋子恒; 唐杰

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中国环境科学 ›› 2026, Vol. 46 ›› Issue (2) : 1153-1163.

碳排放控制

碳排放权交易政策对上市企业ESG表现的影响机制

顾雨佳¹, 蒋子恒², 唐杰^2,3

作者信息 +

The impact mechanism of carbon emission trading policies on corporate ESG performance

GU Yu-Jia¹, JIANG Zi-Heng², TANG Jie^2,3

Author information +

文章历史 +

摘要

以2012~2022年A股上市公司为样本,采用双重差分法研究碳排放权交易政策对企业ESG表现的影响及作用机制.研究发现,碳排放权交易政策能显著提升试点区域企业的ESG表现,该结论经平行趋势假设估计、安慰剂检验、改变样本区间与倾向匹配得分等稳健性检验后依然成立.异质性分析表明,政策对高能耗地区企业和高资产规模企业的ESG表现提升效应更显著,且两者交集组的提升效果最为突出.机制检验显示,政策通过促进企业增加长期资产投资,推动其技术改造与绿色转型,进而提升ESG表现.据此,提出完善碳市场制度、创新碳金融产品、推动企业将碳排放管理纳入ESG战略以及强化金融激励导向等政策建议.

Abstract

Using A-share listed companies from 2012 to 2022 as the sample, this study employs the difference-in-differences method to examine the impact of carbon emission trading policies on corporate ESG performance and its underlying mechanisms. The findings reveal that the carbon emission trading policy significantly improves the ESG performance of enterprises in pilot regions. This conclusion remains robust after a series of tests, including parallel trend estimation, placebo tests, changes in the sample period, and propensity score matching. Heterogeneity analysis indicates that the policy has a more pronounced effect on enhancing ESG performance for firms in high-energy-consumption regions and those with larger asset scales, with the most substantial improvement observed in the intersection group of these two categories. Mechanism tests show that the policy promotes ESG performance by encouraging enterprises to increase long-term asset investment, thereby driving technological upgrades and green transformation. Based on these findings, policy recommendations are proposed, including improving the carbon market system, innovating carbon financial products, integrating carbon management into corporate ESG strategies, and strengthening financial incentive mechanisms.

导出引用

顾雨佳, 蒋子恒, 唐杰. 碳排放权交易政策对上市企业ESG表现的影响机制[J]. 中国环境科学. 2026, 46(2): 1153-1163

GU Yu-Jia, JIANG Zi-Heng, TANG Jie. The impact mechanism of carbon emission trading policies on corporate ESG performance[J]. China Environmental Science. 2026, 46(2): 1153-1163

中图分类号： X196

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