经济与管理研究2025，Vol.46Issue(11)：16-37,22.DOI:10.13502/j.cnki.issn1000-7636.2025.11.002
城市低碳治理对企业可持续发展的影响
Impact of Urban Low-Carbon Governance on Corporate Sustainable Development
摘要
Abstract
China's modernization path has set clear requirements for ecological civilization construction and high-quality development.Whether urban low-carbon governance can drive corporate sustainability by empowering environmental,social,and governance(ESG)development becomes a critical issue in comprehensively building a Beautiful China.Therefore,this paper systematically examines the impact of the low-carbon city pilot(LCCP)policy on corporate ESG performance within a unified analytical framework. Using data from Chinese A-share listed companies from 2009 to 2022 and treating the LCCP policy as a quasi-natural experiment,the findings indicate that the policy can enhance corporate ESG performance.Mechanism analysis indicates that the policy enhances corporate ESG performance through financing incentives,green technology innovation,and R&D support.Moreover,the enhancing effect is strengthened with higher corporate internal control quality,total factor productivity,and capital market attention,while it weakens with increasing environmental uncertainty.Heterogeneity analysis shows that the enhancing effect is more pronounced among enterprises in the eastern and northern regions,non-heavy-polluting and technology-intensive industries,as well as state-owned and local enterprises.Further analysis indicates that the policy enhances corporate governance and management capabilities,with effects manifested as uniqueness.The spillover effects emerge after the second pilot batch,demonstrating a trend of progressive improvement. This paper provides new theoretical explanations,analytical frameworks,and empirical evidence for the causal relationship between urban low-carbon governance and corporate sustainable development,offering valuable insights for achieving a modernization of harmony between humanity and nature.The marginal contributions are threefold.First,from the research perspective,this paper theoretically explains and empirically tests the impact of the LCCP policy on corporate ESG performance and its mechanism.Second,in terms of the theoretical framework,this paper proposes three mechanisms and analyzes the interactive role of internal corporate governance and external institutional environments in shaping these policy outcomes.Finally,regarding research content and methods,this paper separately examines the impact of the LCCP policy on environmental protection,social responsibility,and corporate governance,assesses the scalability potential of pilot batches,and conducts a heterogeneity test for treatment effects to ensure the accuracy and credibility of policy assessment.关键词
城市低碳治理/低碳城市试点政策/企业ESG表现/美丽中国建设/推广效应Key words
urban low-carbon governance/low-carbon city pilot policy/corporate ESG performance/building a Beautiful China/spillover effect分类
经济学引用本文复制引用
葛力铭,杨明达,刘梓萱,郑贺允..城市低碳治理对企业可持续发展的影响[J].经济与管理研究,2025,46(11):16-37,22.基金项目
国家自然科学基金青年科学基金项目"污染产业转移对绿色转型绩效的影响:基于'有效市场'和'有为政府'协同发力的视角"(72503144) （72503144）
上海市哲学社会科学规划青年项目"'双碳'战略下环境税制改革推进绿色低碳转型的理论与实践路径研究"(2024EGL008) （2024EGL008）
上海交通大学文科青年人才培育计划项目"污染产业转移赋能绿色高质量发展的理论逻辑、实践路径与政策优化"(2025QN005) （2025QN005）
