Does China’s Carbon Emission Trading Policy Enhance ESG Performance in Construction Enterprises? Evidence from a Difference-in-Difference Estimation in China
中国の炭素排出権取引政策は建設企業のESGパフォーマンスを向上させるか？中国における差分の差分推定法を用いた証拠 (AI 翻訳)
Ruoxi Huang, Yong Liu, Shiwang Yu
🤖 gxceed AI 要約
日本語
2009年から2021年までの中国A株上場建設企業のデータを用い、傾向スコアマッチング差分の差分法（PSM-DID）により、炭素排出権取引制度（CETS）が企業のESGパフォーマンスに与える影響を分析。結果、CETSは建設企業のESGパフォーマンスを有意に向上させ、そのメカニズムとしてグリーン技術革新と政府補助金の調整効果が確認された。国有企業や東部地域の企業で効果が顕著。中国の炭素市場の改善と世界的な市場主導の脱炭素化に貢献するエビデンスを提供。
English
This study uses PSM-DID on 2009-2021 data from Chinese A-share listed construction enterprises to assess the impact of China's Carbon Emission Trading System (CETS) on ESG performance. Findings show CETS significantly improves ESG performance, with green technology innovation as a key channel and government subsidies as a positive moderator. Effects are stronger for state-owned enterprises and firms in eastern regions. Robustness checks confirm results. The paper provides micro-level evidence on how market-based carbon regulations shape corporate sustainability.
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
本論文は中国の炭素排出権取引制度（CETS）が建設企業のESGパフォーマンスに与える影響を実証的に分析したものである。日本においても、カーボンプライシングの導入検討が進む中（例：GXリーグ、排出量取引制度の試行）、同様の研究は政策設計や企業のESG戦略に示唆を与える。特に、政府補助金の調整効果や国有企業と民間企業の差異は、日本企業の特性を考慮する上で参考になる。
In the global GX context
This paper provides robust empirical evidence from China's carbon emission trading pilot, demonstrating that market-based regulations can enhance corporate ESG performance through green innovation. The findings are relevant for global carbon market design, especially for emerging economies and sectors like construction. The identified moderating role of government subsidies offers insights for policymakers designing complementary incentives.
👥 読者別の含意
🔬研究者:Provides causal evidence on the link between carbon pricing and ESG performance using a DID approach, offering methodological insights for similar studies.
🏢実務担当者:Construction firms can understand how participating in carbon trading can improve their ESG ratings, and that green innovation and government subsidies are key drivers.
🏛政策担当者:Highlights the effectiveness of carbon emission trading in improving corporate sustainability, and suggests that combining carbon pricing with subsidies can enhance outcomes.
📄 Abstract（原文）
Market-based environmental regulations are increasingly vital for driving green transitions. As a major construction economy and the world’s leading carbon emitter, China launched its Carbon Emission Trading System (CETS) to advance dual-carbon goals and pilot decarbonization in high-emission sectors. Using 2009–2021 data on A-share listed construction enterprises, this study employs a propensity score matching difference-in-differences (PSM-DID) approach to assess CETS’ impact on corporate Environmental, Social, and Governance (ESG) performance. Results show that CETS significantly improves construction enterprises’ ESG performance. Mechanism analysis identifies green technology innovation as a key transmission channel, with government subsidies positively moderating this effect. Heterogeneity analyses reveal stronger policy effects among state-owned enterprises and firms in eastern regions. These findings remain robust under alternative specifications, matching methods, and higher-order fixed effects. This study offers micro-level evidence on how market-based carbon regulations shape corporate sustainability through ESG, informing China’s carbon market refinement and global market-driven decarbonization efforts.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/systems14050559first seen 2026-05-21 04:42:58
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