Carbon Markets 2.0 and Firms: Digital Technology's Role in Enhancing Productivity Under Emission Trading Schemes
カーボンマーケット2.0と企業：排出権取引制度下における生産性向上におけるデジタル技術の役割 (AI 翻訳)
Xiaohong Chen, Hongbin Ying, Javier Cifuentes‐Faura, Hongmei Yang
🤖 gxceed AI 要約
日本語
本研究は、中国の炭素取引メカニズム（CTM）が企業の全要素生産性（TEP）に与える影響を、2010〜2023年の上海・深圳A株市場上場製造企業3,209社のデータを用いて実証分析した。差の差（DD）法により、CTMはTEPを7.5%有意に向上させることが示された。さらに、デジタル技術管理（DTM）とデジタル技術革新（DTP）の強化が媒介要因であること、ESGパフォーマンスと革新への過度な注目がCTMの効果を抑制する可能性があることを明らかにした。国有企業や低排出企業で効果が大きい。
English
This study empirically examines the impact of China's carbon trading mechanism (CTM) on firms' total factor productivity (TFP) using a sample of 3,209 listed manufacturing firms from 2010-2023. Employing a difference-in-differences approach, it finds that CTM significantly increases TFP by 7.5%, mediated by digital technology management and innovation. Interestingly, strong ESG focus and innovation attention may inhibit CTM's productivity gains. State-owned and low-carbon-emission firms respond more strongly. The findings highlight how market-based environmental regulation can boost productivity through digital transformation.
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
日本では、カーボンプライシング（GXリーチ等）の導入が検討される中、本研究成果は排出量取引が企業の生産性向上に寄与する可能性を示す。また、デジタル技術とESGの相互作用は、SSBJ開示や統合報告書における非財務情報の戦略的活用に示唆を与える。
In the global GX context
This study contributes to global understanding of carbon pricing's productivity effects, particularly the mediating role of digital technology. It offers insights for jurisdictions implementing ETS (like EU, US, Japan) on how firms can leverage digital transformation to enhance compliance and competitiveness. The finding that ESG focus may inhibit productivity gains under carbon trading is a cautionary note for balancing sustainability and operational efficiency.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the productivity effects of carbon trading and the mediating role of digital technology, useful for further research on carbon pricing and firm behavior.
🏢実務担当者:Highlights how digital technology adoption can help firms turn carbon compliance into productivity gains, informing corporate strategy under carbon pricing.
🏛政策担当者:Suggests that carbon trading can boost productivity, but policymakers should consider how ESG and innovation incentives interact with carbon pricing design.
📄 Abstract（原文）
This study empirically investigated the influence of the carbon trading mechanism (CTM) on firms' total factor productivity (TEP). It also examined the mediating roles of digital technology, ESG performance, and innovation attention. The study used a sample of 3209 manufacturing enterprises listed on the Shanghai and Shenzhen A‐share markets from 2010 to 2023. A difference‐in‐differences (DD) approach was employed by treating the implementation of carbon trading pilots as a quasi‐natural experiment. Digital technology was examined from two dimensions: digital technology management (DTM) and digital technology innovation (DTP). The results showed that the CTM significantly increased enterprises' TEP by 7.5%. Further analysis indicated that carbon trading improved TEP by incentivizing firms to strengthen both DTM and DTP. The results also show that a strong focus on ESG performance and innovation may inhibit the impact of CTMs on enhancing enterprises' TEP. The heterogeneity analysis revealed that state‐owned enterprises and low‐carbon‐emission enterprises were more responsive to the CTM. The results provide valuable insights for businesses pursuing sustainable growth strategies in response to carbon pricing policies and deepen our understanding of how market‐based environmental regulation can boost productivity through digital transformation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/sd.70730first seen 2026-05-05 22:57:11 · last seen 2026-08-02 06:13:54
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