Carbon Emission Trading And Corporate Environmental Performance

Establishing a carbon emission trading market is one of the core tools to achieve the goal of double carbon in China.The construction and development of China’s carbon emissions trading market has gradually entered a new stage from 2011 to the official launch of the national carbon market in 2021.However,as China’s carbon market is still in the early stage of development,its effect on improving the overall environmental performance of enterprises remains to be clarified.The country’s carbon trading system is not only to bring "real money" benefits to green enterprises that reduce emissions and carbon,but also to force enterprises to carry out environmental management by increasing their environmental costs,thus protecting the environment.Whether carbon trading can enhance the environmental responsibility consciousness of enterprises is an important dimension to evaluate whether it can achieve environmental effects.Enterprises under the carbon trading system may be more willing to undertake environmental responsibilities,actively respond to environmental problems,conduct environmental management and improve environmental performance.Therefore,it is not only helpful to promote carbon emissions trading,but also to promote the sustainable and high-quality development of enterprises and achieve a win-win situation of economic and environmental benefits by clarifying the promotion,realization path and influencing factors of carbon emissions trading to improve the environmental performance of enterprises.Combined with the relevant data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,this paper constructs a quasi-natural experiment by using the pilot policy of carbon emission trading,and tests the promotion of carbon emission trading to the improvement of corporate environmental performance by using double difference.It is found that the implementation of carbon emissions trading policy can significantly improve the environmental performance level of pilot enterprises in pilot areas.Faced with the pressure of internalization of environmental costs,enterprises have to enhance environmental awareness,engage in environmental protection projects,carry out environmental protection work,reduce and control pollution.The current economic benefits brought by carbon exchange are the driving force to support efficient enterprises to continue to maintain good environmental performance,while the long-term economic benefits brought by carbon exchange will also become an important driving force to encourage inefficient enterprises to actively improve environmental performance.At the same time,carbon trading guides stakeholders to pay attention to corporate social responsibility,especially environmental responsibility.In order to meet their common needs and gain support and recognition,enterprises actively demonstrate good environmental management capabilities and environmental management effects.Further examination of the intermediary mechanism shows that the carbon emission trading policy can have a significant positive impact on the environmental protection investment and green technology innovation activities of enterprises,thus improving the environmental performance of enterprises;At the same time,the adjustment mechanism test shows that government subsidies and the competition in the industry where enterprises are located play a positive role in promoting the environmental performance of enterprises through carbon trading.In addition,the effect of carbon trading on improving the environmental performance of enterprises is also heterogeneous among enterprises with different properties and characteristics.This paper theoretically enriches the research on the micro-effects of carbon emission trading and the influencing factors of enterprise environmental performance,and also provides practical reference for improving the environmental governance performance of carbon trading market and helping the national economy to develop green and low carbon.