Menghan Li;Qi Chen;

• 1:School of Business
• 2:Zhengzhou University

Abstract：

Under the dual pressure of dual-carbon targets and high-quality economic development, the question of whether carbon emissions trading can promote the coordinated development of enterprise economy and emission reduction by improving corporate carbon performance is an urgent question to be answered. This study takes the pilot of carbon emission trading as a natural experiment. Based on the data of listed industrial enterprises in Shanghai and Shenzhen stock markets from 2008 to 2020, a multi-period difference-in-difference model is applied to study the micro-effects of carbon emissions trading mechanism on corporate carbon performance, and its action mechanism, heterogeneity, spillover effect, and cross-regional transfer phenomenon is analyzed. It is found that carbon trading significantly improves corporate carbon performance by stimulating green innovation. The effectiveness of the improvement is further enhanced by the market mechanisms, such as the liquidity and relative market size of the carbon trading market, as well as the cost-shifting ability of firms. Additionally, non-market mechanisms, such as government environmental concerns and carbon emission reduction pressure, effectively reinforce the impact of carbon trading. The impact of carbon emission trading on corporate carbon performance is particularly pronounced in carbon markets with auction-allocation, heavily-polluting industries, and robust environmental enforcement. There is no significant industry spillover effect, spatial spillover effect, or cross-regional transfer phenomenon for the improvement effect of carbon emissions trading on corporate carbon performance. This study expands the research on the consequences of carbon emissions trading policy, which is of great significance to the green and low-carbon development of firms, the construction of a national carbon market, and the realization of dual-carbon targets.

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Foundation: 教育部人文社会科学研究规划基金项目“中央环保督察对企业高质量发展的影响及传导机制研究”(项目编号:21YJA630005)的资助

Authors: Menghan Li;Qi Chen;

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• (1)碳排放量参考《2006年IPCC国家温室气体清单指南》的计算方法,通过能源消耗量与其碳排放系数的乘积计算得到。其中,各能源消耗量以标准煤为单位,通过《中国能源统计年鉴》获取以万吨、亿立方米等为单位的原始数据,再折算成为吨标准煤;能源碳排放系数为能源热值乘以碳氧化因子。部分企业未披露相关数据,为确保分析的可靠性,按缺失值处理。
• (2)CO2实际减排率=(碳交易市场试点前一年实际碳排放-2010年实际碳排放)/2010年实际碳排放。其中,2010年是“十一五”规划末年。
• (3)国家环境保护部(现生态环境部)于2017年发布《京津冀及周边地区2017年大气污染防治工作方案》,设定了京津冀大气污染传输通道城市,包括北京,天津,河北省石家庄、唐山、廊坊、保定、沧州、衡水、邢台、邯郸,山西省太原、阳泉、长治、晋城,山东省济南、淄博、济宁、德州、聊城、滨州、菏泽,河南省郑州、开封、安阳、鹤壁、新乡、焦作、濮阳。
• (4)国家发展和改革委员会于2010年发布低碳城市试点政策。2010年,中国首先确立了第一批试点城市,包括5个省、8个市。2012年,第二批试点在1个省、29个市开展。2017年,第三批试点覆盖45个城市。
• (5)《中华人民共和国环境保护法》于1989年12月26日公布且施行;于2014年4月24日修订,2015年1月1日起施行。
• (6)八个行业:石化、化工、建材、钢铁、有色、造纸、电力和航空,分别对应证监会行业分类标准三级代码C25、C26、C30、C31、C22、D44和D45、G56。