The Impact of China's Carbon Emissions Trading Market on Manufacturing Firms' ESG Performance
中国の炭素排出権取引市場が製造業企業のESGパフォーマンスに与える影響 (AI 翻訳)
Yan Zhang
🤖 gxceed AI 要約
日本語
本研究は、中国の炭素排出権取引政策が上場企業のESGパフォーマンスに及ぼす影響を、2009～2022年のA株企業データと差分の差分法（DID）を用いて検証。結果、取引参加がESGを有意に向上させ、デジタル変革が部分的に媒介する。国有企業や非重污染企業、低市場化・東部地域で効果が顕著。
English
Using a multi-period DID model on Chinese A-share listed firms (2009-2022), this study finds that participation in China's carbon emissions trading scheme significantly improves firms' ESG performance, partially mediated by digital transformation. Heterogeneity shows stronger effects for state-owned, non-heavy-polluting firms, and those in less marketized and eastern regions.
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
中国の炭素市場の実証結果は、日本の排出量取引制度設計や企業のESG向上策を検討する上で参考になる。特に、デジタル変革の媒介効果は、日本企業のGX投資との関連で示唆に富む。
In the global GX context
This paper adds causal evidence from a major emerging economy that carbon pricing can enhance corporate ESG performance, with digital transformation as a channel. It informs global debates on carbon market design and the co-benefits of climate policy beyond emission reductions.
👥 読者別の含意
🔬研究者:Provides rigorous empirical evidence on the causal effect of carbon markets on ESG performance, with useful insights on heterogeneity and mediation by digital transformation.
🏢実務担当者:Demonstrates that participating in carbon trading can improve ESG ratings, suggesting firms should view carbon markets as strategic opportunities for sustainability.
🏛政策担当者:Offers strong support for expanding carbon emissions trading as a tool to promote corporate sustainability, with implications for market design and complementary policies.
📄 Abstract（原文）
Being one of the most important environmental regulation tools designed to incentivize operations, the carbon emission trading policy is an essential tool toward corporate sustainable development. Realizing the research sample using Chinese A-share listed companies between 2009 and 2022, this paper uses a multi-period difference-in-differences (DID) model to examine the the effects and mechanism of the carbon emissions trading policy on the listed firms ESG performance in the context of the goal of the carbon emissions trading policy known as the Dual Carbon. The findings indicate that the involvement in the carbon emissions trading scheme generates a considerable enhancement in the ESG performance of firms, and digital transformation participates in this relationship partially. Analysis of heterogeneity demonstrates that state-owned businesses and non-heavy-polluting businesses benefit more from the policy's ESG performance. Moreover, firms in less marketized areas and eastern regions are more responsive to the policy. This study contributes to promoting listed firms to enhance their ESG performance and provides actionable references for further improving the creation of the national carbon emissions trading market.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.54254/2754-1169/2026.gt33008first seen 2026-05-05 22:43:16
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。