Carbon emissions trading and the green transformation of manufacturing enterprises: evidence from a quasi-natural experiment in China
炭素排出権取引と製造企業のグリーン変革：中国の疑似自然実験からの証拠 (AI 翻訳)
Shaodong Li, Yongqing Liu
🤖 gxceed AI 要約
日本語
本研究は中国の炭素排出権取引政策が製造業のグリーン変革に与える影響を分析。2011年から2021年のA株上場製造企業を対象に、差分の差法を用いた結果、炭素取引がグリーン変革を有意に促進し、その効果は非国有企業や小規模企業、汚染集約型産業などで大きいことが示された。
English
This study evaluates China's carbon emissions trading policy's impact on manufacturing firms' green transformation using a multi-period DID model on A-share listed firms from 2011-2021. Results show significant promotion of green transformation, especially for non-state-owned, small, pollution-intensive, and high-tech firms, with mechanisms including green innovation, R&D intensity, human capital, and debt financing costs.
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制度の効果を企業レベルで実証した本論文は、日本のGX政策（特に排出量取引制度やカーボンプライシング）の設計や企業行動への影響を考察する上で参考となる。
In the global GX context
This paper provides micro-level evidence on how carbon emissions trading drives corporate green transformation, offering insights for global carbon pricing mechanisms under the Paris Agreement and for countries like Japan considering similar market-based instruments.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the micro-effects of carbon trading on green transformation, useful for scholars studying market-based environmental regulation.
🏢実務担当者:Highlights how carbon pricing can incentivize green transformation, relevant for corporate sustainability teams assessing climate policy impacts.
🏛政策担当者:Offers evidence for designing carbon trading policies to promote green transformation, particularly regarding firm heterogeneity.
📄 Abstract（原文）
Carbon emissions trading policy, as a market-based environmental regulation instrument, provides opportunities for the green transformation of manufacturing enterprises. Based on China’s carbon emissions trading pilots, a quasi-natural experiment, a multi-period difference-in-differences model was used to evaluate the impact of carbon trading on green transformation in A-share listed Chinese manufacturing enterprises from 2011 to 2021. The study shows that the carbon emissions trading policy significantly promotes firms’ green transformation, and this result remains strong across a series of tests, including a PSM–DID, placebo test, heterogeneous treatment effects, and alternative samples. Further analysis of the mechanism reveals that carbon trading in China relates to green innovation output, R&D intensity, human capital, and debt financing costs. In particular, carbon trading has a greater impact on non-state-owned enterprises, small enterprises, pollution-intensive industries, and high-tech industries. This paper contributes to the microfoundations of market-based environmental regulation and provides empirical evidence on carbon trading in the green transformation of Chinese manufacturing enterprises under the dual-carbon goal.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3389/fenvs.2026.1853471first seen 2026-06-06 04:52:20
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