Research on the impact of controlled emission customers on enterprise carbon performance in carbon market

ZHANG Qian; LI Wenlong; XING Zhihua; FENG Lu

doi:10.3969/j.issn.1002-9605.2025.3.mtjjyj202503004

Abstract：The carbon market is an important policy tool to promote green and low-carbon development by using the market mechanism.The controlled emission customers in the carbon market bring a good opportunity to improve the carbon performance of enterprises.Based on the data of China's A-share manufacturing listed companies from 2014 to 2022,this paper constructs fixed effect,intermediary effect and regulatory effect models to empirically test the impact of controlled emission customers on corporate carbon performance and its internal mechanism in the carbon market.The study found that the carbon reduction demand of controlled emission customers in the carbon market has the resource effect and forced effect based on the production network,which can stimulate the carbon reduction willingness of affiliated enterprises and boost the improvement of their carbon performance level.The conclusion is still valid after considering the endogenous problems and robustness test.The mechanism test shows that the controlled emission customers in the carbon market will increase the environmental costs of enterprises and inhibit the short-term financial performance in the short term,but will achieve better economic benefits in the long term,improve the long-term financial performance of enterprises,Acceleration of digital transformation is conducive to strengthening positive impact of customer control on carbon performance of enterprises.The heterogeneity test shows that the controlled emission customers in the carbon market play a greater role in promoting the carbon performance of the eastern region and non heavy polluting enterprises.The conclusion of the study provides experience and reference for the efficient play of the Green Governance Effect of controlled emission customers in the carbon market and the realization of green and high-quality development of manufacturing enterprises.