Zhao Lili, Liu Zhenhao, Xie Chi, Chen Xiqun Michael
International Business School, Hainan University, Haikou, 570228, China.
College of Transportation, Tongji University, Shanghai, 201804, China.
J Environ Manage. 2025 Aug;390:126346. doi: 10.1016/j.jenvman.2025.126346. Epub 2025 Jun 26.
The study constructs a fixed-effects model to explore the impact of climate policy uncertainty on corporate carbon performance (CCP), using data from transportation enterprises listed on China's A-shares market from 2008 to 2022. Our findings evidence that climate policy uncertainty significantly suppresses the carbon performance of transportation enterprises. It weakens the credibility of policy commitments and exacerbates perceptions of investment risks, leading to delays in green investments and stagnation in technological innovation, thereby creating a "carbon lock-in" effect. In addition, executives' environmental background effectively mitigates the negative impact, while regional environmental regulations amplify it. Furthermore, heterogeneity analysis shows that state-owned, non-high-tech, and labor-intensive transportation enterprises experience more significant suppression of carbon performance due to climate policy uncertainty. Our study supports mitigating climate policy risks and optimizing low-carbon transition incentives for transportation enterprises.
本研究构建了一个固定效应模型，以探讨气候政策不确定性对企业碳绩效（CCP）的影响，使用了2008年至2022年在中国A股市场上市的运输企业的数据。我们的研究结果表明，气候政策不确定性显著抑制了运输企业的碳绩效。它削弱了政策承诺的可信度，加剧了对投资风险的认知，导致绿色投资延迟和技术创新停滞，从而产生了“碳锁定”效应。此外，高管的环境背景有效地减轻了负面影响，而区域环境法规则加剧了这种影响。此外，异质性分析表明，国有、非高科技和劳动密集型运输企业因气候政策不确定性而受到的碳绩效抑制更为显著。我们的研究支持减轻气候政策风险，并为运输企业优化低碳转型激励措施。
