Energy Transition and Systemic Enterprise Upgrading: The Role of Carbon Markets, Digitalization, and Financing Constraints
エネルギー転換とシステム的企業のアップグレード：炭素市場、デジタル化、資金制約の役割 (AI 翻訳)
Ao Yue, J Chen, Yana Di, Longsheng Wu
🤖 gxceed AI 要約
日本語
この研究は、中国の炭素排出権取引（CETR）パイロットが企業のアップグレード（新品質生産力指数で測定）に与える影響を、2011～2023年のA株上場企業のパネルデータを用いて分析。差分の差分法により、CETR政策が企業のNQPFを有意に向上させることを発見。資金制約の緩和とデジタル変革の加速が重要なメカニズムである。非国有企業や特定のガバナンス構造を持つ企業で効果が強い。
English
This study analyzes the impact of China's carbon emission trading rights (CETR) pilots on enterprise upgrading (measured by the New Quality Productive Forces index) using panel data from 2011-2023 on A-share listed firms. Using a staggered difference-in-differences method, it finds that CETR policy significantly increases enterprise NQPF. The mechanisms include easing financing constraints and accelerating digital transformation. The effect is stronger for non-state-owned enterprises and firms with specific governance characteristics.
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が企業の生産性向上に与える影響を実証的に示した点で、日本のGX政策（特に排出量取引制度の検討や企業の脱炭素経営）に示唆を与える。ただし中国の制度に特化しているため、日本への直接適用には注意が必要。
In the global GX context
This paper provides empirical evidence from China on how carbon pricing can drive enterprise upgrading, which is relevant for global carbon market design and corporate decarbonization strategies. The findings on digitalization and financing constraints as channels are valuable for understanding the broader impact of climate policies.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the real effects of carbon markets on firm-level productivity and upgrading, with insights on mechanisms and heterogeneity.
🏢実務担当者:Offers evidence that carbon markets can enhance competitiveness through digitalization and eased financing, useful for corporate strategy in carbon-regulated environments.
🏛政策担当者:Highlights that carbon pricing can promote enterprise upgrading, supporting arguments for carbon market expansion, with notes on heterogeneity by ownership.
📄 Abstract（原文）
Achieving net-zero emissions requires balancing decarbonization with sustained enterprise development. Using panel data on China’s A-share listed firms from 2011 to 2023, this study examines whether regional carbon emission trading rights (CETR) pilots promote enterprise upgrading, proxied by the New Quality Productive Forces (NQPF) index. A staggered multi-period difference-in-differences framework shows that the CETR policy significantly increases enterprise NQPF (coefficient 0.059, p < 0.05). This finding remains robust after parallel trend tests, placebo simulations, propensity score matching, controlling for overlapping environmental policies, and using alternative outcome measures. Channel analyses indicate that CETR affects NQPF through two pathways: easing financing constraints (coefficient −0.019, p < 0.01) and accelerating digital transformation (coefficient 0.102, p < 0.01). The positive policy effect is stronger among non-state-owned enterprises and among firms whose senior managers lack financial backgrounds or do not hold concurrent positions in shareholder units. These results demonstrate that carbon trading drives systemic enterprise upgrading via resource and technology channels, with important heterogeneity across ownership and governance structures.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18115712first seen 2026-06-06 04:51:48
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