Research on the Impact of Carbon Trading Policy on Corporate ESG Performance
DOI:
https://doi.org/10.6981/FEM.202606_7(6).0004Keywords:
Carbon Trading Policy; ESG Performance; Corporate Transformation.Abstract
Selecting Chinese listed enterprises from 2010 to 2024 as the research sample, this study constructs a multi-period difference-in-differences (DID) model to investigate the impact of carbon trading policy on corporate ESG performance. The findings reveal that carbon trading policy significantly enhances the overall ESG performance of enterprises, a conclusion that remains robust after a series of tests, including parallel trend and placebo tests. Heterogeneity analysis demonstrates that the driving effect of the policy varies significantly across different types of enterprises, primarily manifesting in large-scale enterprises, high-carbon industries, and enterprises located in regions with stringent environmental regulations. Mechanism tests indicate that green technology innovation, digital transformation, and political-business connection serve as key moderating variables between carbon trading policy and corporate ESG performance, significantly moderating the policy's effects on ESG outcomes. The research findings of this paper contribute to advancing the government's refinement of the carbon trading market system and promoting high-quality corporate transformation.
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