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炭素排出権取引制度は企業のグリーン全要素生産性を高めるか？中国からの証拠

Does the carbon emission trading scheme enhance enterprises’ green total factor productivity? Evidence from China (原題)

周德亮, Sutian Wen, Dingyin Zhang

Frontiers in Environmental Science📚 査読済 / ジャーナル2026-11-02#炭素価格Origin: CN経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.3389/fenvs.2026.1974277
原典: https://doi.org/10.3389/fenvs.2026.1974277

🤖 gxceed AI 要約

日本語

中国A株上場企業2011〜2023年のデータを用い、炭素排出権取引制度を準自然実験としてDID分析した研究。制度は企業のグリーン全要素生産性（GTFP）を有意に高め、その効果は頑健である。メカニズムとして資金制約の緩和、代理コストの削減、デジタル化の促進が働き、市場競争が効果を増幅する。非国有企業、汚染集約型企業、東部地域企業で効果が顕著である。

English

Using Chinese A-share listed firms from 2011–2023, this study treats China's carbon emission trading scheme as a quasi-natural experiment and applies a difference-in-differences model. The scheme significantly raises firms' green total factor productivity (GTFP), robust to endogeneity and robustness checks. Mechanisms include easing financing constraints, lowering agency costs, and promoting digital transformation, with market competition amplifying the effect. Effects are stronger for non-state-owned, pollution-intensive, and eastern-region firms.

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

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

中国ETSの企業生産性効果を示す実証は、日本がGX-ETSやカーボンプライシング制度設計を進める上で、炭素価格が企業競争力と両立しうるかの参照材料となる。SSBJ開示や投資家のトランジション評価にも示唆を与える。

In the global GX context

Adds firm-level empirical evidence that carbon pricing can coexist with productivity gains, relevant to global debates on ETS design, transition finance, and whether carbon markets support rather than hinder competitiveness under ISSB/TCFD disclosure regimes.

👥 読者別の含意

🔬研究者:炭素価格制度の企業レベル生産性効果をDIDで識別した実証として、メカニズムと異質性の設計を参考にできる。

🏢実務担当者:炭素価格導入が自社の資金調達・デジタル化投資・生産性に与えうる影響を制度的に理解する材料になる。

🏛政策担当者:ETS設計において市場競争促進や資金制約緩和を組み合わせることで、削減と生産性向上の両立が可能という示唆を得られる。

📄 Abstract（原文）

With growing global attention to climate change and sustainable development, the green and low-carbon transition has become a key pathway to advancing high-quality economic development. However, whether the carbon emission trading scheme can enhance enterprises’ green total factor productivity while simultaneously achieving emission reductions still requires further investigation. Utilizing relevant data of Chinese A-share listed companies spanning from 2011 to 2023, the present study conceptualizes the carbon emission trading scheme as a quasi-natural experiment and establishes a Difference-in-Differences (DID) model to scrutinize its impact on enterprises’ green total factor productivity (GTFP). The findings reveal that the carbon emission trading scheme notably elevates enterprises’ GTFP, with the outcomes retaining robustness even after addressing endogeneity concerns and conducting rigorous robustness checks. Mechanism tests elucidate that the carbon emission trading scheme primarily propels enterprises’ GTFP by alleviating financing constraints, curtailing agency costs, and promoting digital transformation. Moderating effect tests demonstrate that market competition plays a pivotal role in amplifying the positive influence of the carbon emission trading scheme on enterprises’ GTFP. Heterogeneity analysis suggests that the policy effects of the trading scheme are more noticeable among non-state-owned enterprises, pollution-intensive enterprises, and enterprises situated in the eastern region. Furthermore, an examination of economic consequences unveils that the carbon emission trading scheme not only elevates their GTFP but also fosters their high-quality development. These research outcomes not only diversify the theoretical literature concerning the trading scheme and its economic consequences but also furnish vital theoretical guidance and policy recommendations for refining the carbon emission trading scheme, advancing the construction of the trading market, and bolstering enterprises’ GTFP.

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