Research on impact of carbon emission trading policies on ESG performance of enterprises
ZHANG Qian
ZHU Yihan
Abstract：Carbon emission rights trading policy,as a representative of market incentive-based environmental regulation tools,is an important means to achieve sustainable development for enterprises.Taking the listed enterprises on the Shanghai and Shenzhen stock exchanges from 2009 to 2022 as the research object,this paper constructs a multi-time-point double-differenced model to explore the impact of carbon emission rights trading policy on the ESG performance of listed enterprises and its mechanism of action under the"dual carbon"goal.The research shows that after enterprises participate in the carbon emission rights trading policy,they will significantly promote their ESG performance,and level of environmental governance plays partial mediating role in this process,digital transformation has moderating mediating effect on the variable.The heterogeneity analysis shows that the carbon emission rights trading policy has a more significant impact on the ESG performance of non-heavy pollution enterprises,high-tech enterprises,and enterprises in the eastern region and low-marketization areas.The research conclusions have important implications for promoting the ESG performance of listed enterprises and provide reference suggestions for further improving the national carbon emission rights trading market construction.
Keywords：carbon emission trading policiesESG performancelevel of environmental governancedigital transformationmulti time point double difference
Publication Date：2024-10-20
Online Publishing Date：2025-08-15(First online date of this platform, not the publication date of the document)
Pages：10( 101-110 )