西安石油大学学报（社会科学版）2025，Vol.34Issue(5)：75-84,10.
碳排放权交易试点政策对企业ESG表现的影响
The Impact of Carbon Emission Trading Pilot Policy on the ESG Performance of Enterprises
宁宇新 1胥潇潇1
作者信息
- 1. 西安石油大学经济管理学院,陕西西安 710065
- 折叠
摘要
Abstract
Based on the data of China's A-share listed companies from 2011 to 2023,the DID method was used to make an empirical study.It is found in the study that the policy significantly improves the ESG performance of enterprises,and the conclusion is still valid after the parallel trend test,placebo test and other robustness tests.Mechanism analysis indicates that policies promote ESG improvement by alleviating financing constraints,reducing debt costs and enhancing information transparency.The moderating effect shows that en-terprises with a high level of corporate governance or a high proportion of institutional investors'shareholdings have a more significant policy response.Heterogeneity analysis further finds:that the policy effect of non-state-owned enterprises,non-manufacturing enterprises and enterprises with"separation of two positions",is more prominent.关键词
碳排放权交易试点政策/ESG表现/多时点双重差分/公司治理水平/融资约束Key words
carbon emission trading pilot policy/ESG performance/multi-time point differential/corpo-rate governance level/financing constraints分类
经济学引用本文复制引用
宁宇新,胥潇潇..碳排放权交易试点政策对企业ESG表现的影响[J].西安石油大学学报（社会科学版）,2025,34(5):75-84,10.
