Wan Dayu, Zhang Ling
College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China; Research Centre for Soft Energy Science, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China.
College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China; Research Centre for Soft Energy Science, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China.
J Environ Manage. 2025 Sep;391:126602. doi: 10.1016/j.jenvman.2025.126602. Epub 2025 Jul 16.
This study examines the impact of China's Carbon emissions trading (CET) pilot policies on corporate green transformation, addressing the research gap in understanding how market-based environmental regulations affect firm-level sustainability efforts. A novel panel dataset of listed Chinese firms from 2011 to 2017 is constructed, and a difference-in-differences regression model is employed to evaluate the effects of the CET on corporate green transformation. The results indicate that the CET pilot policies significantly promote corporate green transformation across environmental, economic, and innovation dimensions. Further cross-sectional analysis demonstrates stronger effects among firms with higher managerial ownership. An unexpected finding is Non-state-owned enterprises benefit more significantly from CET. Mechanism analyses reveal that the CET reduces financing constraints and encourages green investments, thereby driving corporate green transformation. These findings highlight the critical role of the CET in facilitating firms' transitions toward sustainability.
本研究考察了中国碳排放权交易（CET）试点政策对企业绿色转型的影响，填补了在理解基于市场的环境法规如何影响企业层面可持续发展努力方面的研究空白。构建了一个2011年至2017年中国上市公司的新型面板数据集，并采用双重差分回归模型来评估碳排放权交易对企业绿色转型的影响。结果表明，碳排放权交易试点政策在环境、经济和创新维度上显著促进了企业绿色转型。进一步的横截面分析表明，在管理层持股比例较高的企业中，效果更强。一个意外发现是非国有企业从碳排放权交易中受益更为显著。机制分析表明，碳排放权交易减少了融资约束并鼓励了绿色投资，从而推动了企业绿色转型。这些发现凸显了碳排放权交易在促进企业向可持续发展转型方面的关键作用。
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