How Carbon Emission Trading Shapes High-Quality Growth in New Energy Firms: Evidence from China's Regional Pilot Programs
炭素排出権取引が新興エネルギー企業の高品質成長をどう形成するか：中国の地域パイロットプログラムからの証拠 (AI 翻訳)
Linyue Cheng
🤖 gxceed AI 要約
日本語
中国の炭素排出権取引パイロット政策（CETP）が新興エネルギー企業のグリーン全要素生産性（GTFP）に与える影響を、2010～2023年のデータと差分の差分法で分析。CETPはグリーンイノベーション、信用アクセス、政府補助金を通じてGTFPを向上させ、人的資本、ESG、内部統制、サプライチェーン透明性が高い企業で効果が顕著。
English
Using a difference-in-differences model on 2010-2023 data from Chinese listed new energy firms, this study finds that China's Carbon Emissions Trading Pilot (CETP) significantly boosts green total factor productivity (GTFP) through green innovation, credit access, and government subsidies. Effects are stronger for firms with higher human capital, ESG performance, governance quality, and supply chain transparency, as well as in regions with developed green finance.
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
中国の炭素市場政策の実証結果は、日本のGX政策や今後のカーボンプライシング設計において、企業の生産性向上とイノベーション促進の可能性を示す参考事例となる。
In the global GX context
This paper provides robust empirical evidence on how carbon pricing can drive green productivity in new energy firms, offering insights for global carbon market design and the interaction between carbon pricing and corporate characteristics such as ESG and governance.
👥 読者別の含意
🔬研究者:Offers a comprehensive channel analysis (innovation, finance, subsidies) of carbon pricing's impact on firm-level productivity, with heterogeneity insights.
🏢実務担当者:Demonstrates that carbon pricing can enhance firm performance, especially for companies with strong ESG and governance, suggesting strategic advantages.
🏛政策担当者:Provides evidence that carbon markets can effectively promote green growth in clean energy sectors, supporting policy optimization and expansion.
📄 Abstract（原文）
Based on data from new energy firms listed on the Shanghai and Shenzhen A-share markets over the 2010-2023 period, this study uses the quasi-natural experiment of China's Carbon Emissions Trading Pilot Policy (CETP) to construct a difference-in-differences model and evaluate the impact of the CETP on Green Total Factor Productivity (GTFP) growth among new energy enterprises. To address potential identification issues, the empirical strategy is validated using parallel trend tests and placebo tests. Mediation analysis reveals that the CETP functions primarily through three channels: increasing firms' green innovation outputs, improving their credit accessibility, and strengthening government subsidy support. Heterogeneity analysis further indicates that the productivity-enhancing effects are more significant for firms with greater human capital, better ESG performance, more robust internal governance, and higher supply chain transparency. Such effects are also more significant in regions with more developed green finance systems. Overall, our findings confirm that the CETP has effectively boosted GTFP growth in new energy enterprises through multiple channels. These results provide theoretical support and practical implications for further optimizing the national carbon market system and fostering high-quality development in China's new energy industry.
🔗 Provenance — このレコードを発見したソース
- crossref https://doi.org/10.54254/2754-1169/2026.ld33210first seen 2026-05-14 23:13:59
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