Can carbon emissions trading system promote the financial performance of industrial enterprises?
炭素排出権取引制度は産業企業の財務業績を促進できるか？ (AI 翻訳)
Lei Zhuang, Rui Chen
🤖 gxceed AI 要約
日本語
本論文は、中国の炭素排出権取引制度（CETS）が上場産業企業の財務業績に与える影響を、2009～2022年のパネルデータを用いて分析。差分の差分法や傾向スコアマッチングにより、CETSが財務業績を有意に向上させることを発見。メカニズム分析では、ESGパフォーマンスの改善とグリーン技術革新が媒介効果を持ち、グリーン資金調達制約が負の調整効果を示す。国有企業や中小企業で効果が顕著。
English
This study examines the impact of China's carbon emissions trading system (CETS) on the financial performance of listed industrial enterprises using panel data from 2009-2022. Employing multi-period difference-in-differences, propensity score matching, and mediation models, it finds that CETS significantly improves financial performance. Mechanism analysis reveals that ESG performance and green technological innovation mediate this effect, while green financing constraints negatively moderate it. The positive effect is stronger for state-owned enterprises and SMEs.
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ETSの実証結果は、日本のカーボンプライシング（GXリーグ・排出量取引）の設計や企業支援策に示唆を与える。特にESG開示とグリーン革新の媒介効果は、SSBJ開示や統合報告書での非財務情報活用の重要性を裏付ける。
In the global GX context
This paper provides empirical evidence on how carbon pricing affects firm financial performance through ESG and innovation channels, relevant for global carbon market design and corporate strategy. The findings on heterogeneous effects by ownership and size inform policy targeting in emissions trading systems worldwide.
👥 読者別の含意
🔬研究者:Provides causal evidence on carbon pricing's financial impact and mediation pathways via ESG and green innovation.
🏢実務担当者:Highlights how carbon trading can improve financial performance, especially for SMEs and state-owned firms, via ESG and innovation.
🏛政策担当者:Offers insights for designing carbon markets that enhance firm performance while reducing emissions, with attention to firm heterogeneity.
📄 Abstract（原文）
The carbon emission trading system (CETS), as a market-based mechanism for energy conservation and emission reduction, effectively drives green innovation among enterprises and exerts a significant impact on their financial performance. Using panel data from listed industrial enterprises during the period 2009–2022, this study employs a multi-period difference-in-differences approach, propensity score matching, and a mediation effect model to investigate the impact of carbon emission trading on corporate financial performance. The findings reveal that carbon emission trading significantly improves the financial performance of industrial enterprises. Mechanism analysis demonstrates that the carbon emission trading system enhances corporate financial performance by improving ESG performance and promoting green technological innovation, meanwhile green financing constraints play a negative moderating role in the relationship between carbon emission trading and financial performance. Heterogeneity analysis indicates that while the policy substantially enhances the financial performance of state-owned enterprises, its effect on nonstate-owned enterprises is statistically insignificant. Moreover, both small and medium-sized enterprises (SMEs) and large enterprises benefit from carbon emission trading, with the positive effect being more pronounced for SMEs. Corresponding countermeasures are proposed to advance carbon emission reduction in industrial enterprises from the dimensions of market development, ESG disclosure, innovation incentives, and financing support.
🔗 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。