The Impact of Carbon Emission Trading Policy on Corporate ESG Performance
炭素排出権取引政策が企業のESGパフォーマンスに与える影響 (AI 翻訳)
Chensheng Lv
🤖 gxceed AI 要約
日本語
本研究は中国の炭素排出権取引試験制度が企業のESG評価に与える効果を差分の差法で分析。取引制度は外部監督・内部価値創造・資本連携の複合メカニズムを通じてESGスコアを向上させる。非資本集約型・非重汚染企業やCEO兼任分離企業で効果が顕著であり、資源柔軟性とガバナンス効率の調整効果を示した。
English
This study uses a DID model to analyze China's regional carbon trading pilots' impact on corporate ESG performance. Results show that the carbon emission trading mechanism significantly improves ESG ratings through a composite mechanism of external supervision, internal value creation, and capital coordination. Heterogeneity analysis finds stronger effects in non-capital-intensive, non-heavy-polluting firms, and those with CEO duality separation, highlighting the moderating role of resource flexibility and governance efficiency.
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
中国の炭素市場がESGに与える効果を実証した点は、日本のGXリーグやカーボンプライシング設計においても示唆に富む。特に「外部監督-内部価値創造-資本連携」のメカニズムは、日本企業のESG戦略と炭素市場活用の統合に参考となる。
In the global GX context
This paper provides empirical evidence on how market-based carbon pricing (emissions trading) can enhance corporate ESG performance, relevant for global carbon market design. The mechanism of external supervision, internal value creation, and capital coordination offers insights for integrating ESG into carbon pricing policies, applicable to contexts like the EU ETS and emerging carbon markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the causal link between carbon pricing and ESG performance, using a quasi-experimental DID approach.
🏢実務担当者:Shows that participation in carbon trading can improve ESG ratings, offering a business case for engaging in carbon markets.
🏛政策担当者:Demonstrates that carbon emission trading can serve as a tool to enhance corporate sustainability, informing the design of carbon market policies.
📄 Abstract（原文）
This study regards China's regional carbon trading pilot schemes as a quasi-natural experimental scenario, and adopts the double-difference (DID) estimation model to carry out an in-depth exploration of the impact results, operational paths and differential traits generated by this policy on the sustainable development performance reflected in corporate ESG dimensions. The empirical outcomes of the investigation indicate that the carbon emission trading mechanism can markedly elevate the comprehensive ESG rating levels of enterprise subjects. Its internal logic is realized through a composite mechanism of "external supervision-internal value creation-capital coordination", that is, while the policy strengthens market attention and reputation supervision, it promotes the transformation of ESG from compliance cost to development capital by improving green profitability and alleviating financing constraints. Heterogeneity analysis shows that there are structural differences in policy effects, which are particularly significant in non-capital-intensive, non-heavy-polluting enterprises and those with CEO duality separation, reflecting the moderating role of resource flexibility and governance efficiency. From the perspective of transmission mechanism and heterogeneity, this study reveals the internal process of market-oriented environmental regulation reshaping the resource and incentive structure of enterprises, and provides empirical evidence for improving carbon market design and implementing differentiated ESG strategies.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.bj32215first seen 2026-05-05 22:58:45
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