The Impact of Carbon Emission Trading Policy on Corporate ESG Performance

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides empirical evidence on the causal link between carbon pricing and ESG performance, using a quasi-experimental DID approach.

🏢実務担当者:Shows that participation in carbon trading can improve ESG ratings, offering a business case for engaging in carbon markets.

🏛政策担当者:Demonstrates that carbon emission trading can serve as a tool to enhance corporate sustainability, informing the design of carbon market policies.

本研究は、中国の地域別炭素取引パイロット制度を準自然実験のシナリオとみなし、二重差分（DID）推定モデルを採用して、この政策が企業のESG次元に反映される持続可能な発展パフォーマンスに与える影響結果、運用経路、および差異特性について深く探求する。調査の実証結果は、炭素排出取引メカニズムが企業主体の総合的なESG格付け水準を顕著に引き上げ得ることを示している。その内部論理は、「外部監督-内部価値創造-資本協調」という複合メカニズムを通じて実現される。すなわち、政策が市場の注目と評判監督を強化する一方で、緑色収益性の向上と資金調達制約の緩和を通じて、ESGをコンプライアンスコストから発展資本へと転換させることを促進する。異質性分析は、政策効果に構造的な差異が存在し、それが非資本集約型企業、非重汚染企業、およびCEOの二重性が分離された企業において特に顕著であり、資源の柔軟性とガバナンス効率の調整的役割を反映していることを示している。伝達メカニズムと異質性の観点から、本研究は市場志向の環境規制が企業の資源とインセンティブ構造を再形成する内部プロセスを明らかにし、炭素市場設計の改善と差別化されたESG戦略の実施に実証的証拠を提供する。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

This study regards China's regional carbon trading pilot schemes as a quasi-natural experimental scenario, and adopts the double-difference (DID) estimation model to carry out an in-depth exploration of the impact results, operational paths and differential traits generated by this policy on the sustainable development performance reflected in corporate ESG dimensions. The empirical outcomes of the investigation indicate that the carbon emission trading mechanism can markedly elevate the comprehensive ESG rating levels of enterprise subjects. Its internal logic is realized through a composite mechanism of "external supervision-internal value creation-capital coordination", that is, while the policy strengthens market attention and reputation supervision, it promotes the transformation of ESG from compliance cost to development capital by improving green profitability and alleviating financing constraints. Heterogeneity analysis shows that there are structural differences in policy effects, which are particularly significant in non-capital-intensive, non-heavy-polluting enterprises and those with CEO duality separation, reflecting the moderating role of resource flexibility and governance efficiency. From the perspective of transmission mechanism and heterogeneity, this study reveals the internal process of market-oriented environmental regulation reshaping the resource and incentive structure of enterprises, and provides empirical evidence for improving carbon market design and implementing differentiated ESG strategies.

• semanticscholar https://aemps.ewapub.com/article/view/32215.pdffirst seen 2026-05-05 22:58:45 · last seen 2026-08-14 05:25:00