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Analysis of the effects and mechanisms of carbon emission trading policies on the risk-taking behavior of high-carbon enterprises

炭素排出権取引政策が高炭素企業のリスク行動に与える影響とメカニズムの分析 (AI 翻訳)

Jiali Tian, Zhipeng Wu, Jinwei WANG, Jiachao Peng, Huiyue Luo, Shuke Fu

Carbon Balance and Management📚 査読済 / ジャーナル2026-04-06#炭素価格Origin: CN
DOI: 10.1186/s13021-026-00427-3
原典: https://doi.org/10.1186/s13021-026-00427-3

🤖 gxceed AI 要約

日本語

本研究は、中国の炭素排出権取引制度が高炭素企業のリスク行動に与える影響を、2008～2024年の上場企業データを用いて差分の差分法で分析。政策はリスク行動を抑制し、特に競争の少ない企業や国有企業で効果が顕著。メカニズムとして、経営者のリスク選好の抑制と財務制約の強化が確認された。

English

This study analyzes the impact of China's carbon emissions trading scheme on risk-taking behavior of high-carbon enterprises using a difference-in-differences approach with panel data from 2008-2024. The policy significantly reduces risk-taking, especially in low-competition, state-owned, and over-invested firms. Mechanism analysis reveals that the policy suppresses risk appetite and tightens financial constraints.

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

中国の炭素排出権取引政策の実証分析は、日本のGX政策（特に排出量取引制度の設計や企業行動への影響評価）に示唆を与える。ただし、中国固有の制度・市場環境を考慮する必要がある。

In the global GX context

This paper provides empirical evidence on how carbon pricing affects corporate risk behavior, relevant for global carbon market design and climate policy evaluation. It contributes to understanding market-based mechanisms for emission reduction, though findings are China-specific.

👥 読者別の含意

🔬研究者:Provides empirical evidence on carbon pricing and corporate risk-taking, useful for researchers studying market-based climate policies.

🏢実務担当者:Offers insights for corporate sustainability teams on how carbon trading policies may influence risk management and investment decisions.

🏛政策担当者:Highlights the effectiveness of carbon emissions trading in curbing risk-taking, informing policy design for emission reduction schemes.

📄 Abstract（原文）

The carbon emissions trading scheme serves as a core mechanism in China’s climate policy, playing a crucial role in advancing the nation’s dual carbon goals. Examining the impact of this strategy on risk-taking behavior in high-carbon enterprises and its underlying mechanisms has substantial theoretical and practical significance for attaining integrated environmental and economic development. This research utilizes a difference-in-differences methodology to analyze the effect of policy on risk-taking behavior in high-carbon organizations by matching panel data from publicly listed enterprises in China’s Shanghai and Shenzhen A-share markets from 2008 to 2024. Research indicates that carbon emissions trading policy substantially diminishes risk-taking behaviors in high-carbon enterprises. Heterogeneous tests reveal that the most significant suppression effects are observed in low-competition enterprises, state-owned enterprises, over-invested enterprises, declining enterprises, and enterprises located in western and eastern areas, whereas high-carbon enterprises in the central region have a promotion impact. Mechanism analysis indicates that the policy exacerbates suppression by limiting management risk appetites and reinforcing finance constraints . These findings provide empirical evidence regarding market-based incentive mechanisms for emissions reduction in China. By assessing the influence of carbon emissions trading policy on risk-taking behaviors in high-carbon enterprises, they establish a foundation for the transformation and advancement of these enterprises.

🔗 Provenance — このレコードを発見したソース

gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。