经济学院知识库

随着我国经济快速发展，环境问题日趋严峻，促进经济发展方式绿色转型是推进中国式现代化建设的重要动力，也是促进经济发展与环境保护协调发展的有效手段。碳排放权交易政策作为一项市场激励型环境政策，能够有效控制温室气体排放，促进经济结构转型。因此，深入分析碳排放权交易政策与绿色转型之间的关系，对碳达峰、碳中和目标的实现以及经济高质量发展具有重要意义。

本文基于中国碳排放权交易试点政策的准自然实验，探究碳排放权交易政策对企业绿色转型的影响，进行文献回顾、理论分析和实证检验。在理论分析方面，构建碳排放权交易政策影响企业绿色转型的集成统一分析框架，阐释两者间的影响机制，同时构造数理模型推导其内在作用途径。在实证检验方面，采用2010—2021年试点地区A股上市公司及相应省级行政区层面的非平衡面板数据，运用多期双重差分模型，进行基准回归分析并在此基础上采用平行趋势检验、安慰剂检验、更改时间窗宽等方法进行稳健性检验。同时，检验碳减排投融资在碳排放权交易政策影响企业绿色转型过程中的调节作用，并从价格发现、技术创新、环境责任三个维度揭示碳排放权交易政策影响企业绿色转型的具体作用机制。

研究表明：（1）碳排放权交易政策能够显著促进企业绿色转型，并且这一结论在经过平行趋势检验、安慰剂检验、改变时间窗宽等一系列检验后，仍具有相当的稳健性。（2）碳排放权交易政策对企业绿色转型的促进效果受到碳减排投融资的正向调节。碳排放权交易政策通过提高碳交易价格、激励企业技术创新、激励企业履行环境责任来促进企业绿色转型。（3）碳排放权交易政策对企业绿色转型的影响效果在企业股权性质、所属行业性质和地区市场化水平三个方面存在显著差异，碳排放权交易政策对非国有企业、重污染行业企业和高市场化水平地区企业绿色转型的促进作用更加明显。

基于研究的主要结论，提出以下对策建议：（1）加快推进碳排放权交易市场和机制建设，不断扩大市场规模，完善市场机制，设计合理的碳价水平和碳配额分配方法。（2）构建差异化碳排放权交易政策，对不同性质企业和不同地区企业进行差异化管理。（3）积极发挥各市场参与主体作用，加大环保宣传教育，加强社会公众的外部监督作用，发展健全碳金融产业，丰富碳金融产品和工具，为绿色转型提供资金支持。

With the rapid development of China's economy, environmental problems are becoming more and more serious. The promotion of green transformation in the mode of economic development is an important driving force for the promotion of Chinese-style modernization and an effective means to promote the coordinated development of economic development and environmental protection. Carbon emissions trading policy, as a market incentive-based environmental policy, can effectively control greenhouse gas emissions and promote the transformation of economic structure. Therefore, conducting a comprehensive analysis of the relationship between carbon emissions trading policy and green transformation is crucial for achieving carbon peak, carbon neutrality, and high-quality economic development.

Based on the quasi-natural experiment of China's carbon emissions trading pilot policy, this paper explores the impact of carbon emissions trading policy on enterprises' green transformation and carries out a literature review, theoretical analysis, and empirical test. In terms of theoretical analysis, we construct an integrated and unified analytical framework for the impact of carbon emissions trading policy on corporate green transformation, explain the impact mechanism between the two, and construct a mathematical model to deduce the intrinsic pathway of its action. In terms of empirical testing, the unbalanced panel data of A-share listed companies in the pilot region and the corresponding provincial-level administrative regions from 2010 to 2021 are used to conduct baseline regression analysis using a multi-period double-difference model, based on which, the parallel trend test, placebo test, and changing the width of the time window are used to conduct robustness tests. At the same time, the moderating role of carbon emission reduction investment and financing in the process of carbon emissions trading policy affecting enterprises' green transformation is examined, and the specific mechanism of carbon emissions trading policy affecting enterprises' green transformation is revealed from the three dimensions of price discovery, technological innovation, and environmental responsibility.

The study shows that: (1) Carbon emissions trading policy can significantly promote the green transformation of enterprises. This conclusion remains robust even after undergoing a series of tests, including parallel trend tests, placebo tests, and adjustments to the width of the time window. (2) The promotion effect of carbon emissions trading policy on corporate green transformation is positively influenced by investments and financing in carbon emission reduction. The carbon emissions trading policy promotes corporate green transformation by raising carbon trading prices, encouraging corporate technological innovation, and motivating corporations to fulfill their environmental responsibilities. (3) The impact of carbon emissions trading policies on corporate green transformation varies depending on the nature of corporate equity, the industry it operates in, and the level of regional marketization. The carbon emissions trading policy has a more pronounced impact on promoting the green transformation of non-state-owned enterprises, companies in heavily polluted industries, and businesses in regions with high levels of marketization.

Based on the main findings of the study, the following countermeasures are proposed: (1) Accelerate the construction of a carbon emissions trading market and mechanism, continuously expand the market scale, improve the market mechanism, and design a reasonable carbon price level and carbon quota allocation method. (2) Construct differentiated carbon emissions trading policies, and differentiate management for enterprises of different natures and enterprises in different regions. (3) Actively play the role of all market participants, increase environmental protection publicity and education, strengthen the external supervision role of the public, develop a sound carbon financial industry, enrich carbon financial products and tools, and provide financial support for green transformation.