碳排放权交易对控排企业环境绩效的影响——基于双重机器学习模型

The Impact of Carbon Emission Trading on the Environmental Performance of Emission Control Enterprises—Based on Double/Debiased Machine Learning Model

摘要: 自改革开放以来，我国经济飞速发展，随之而来的是企业碳排放量与日俱增，人们的生活受到了极大的影响，在一定程度上与社会可持续发展理念相悖。碳排放权交易市场作为我国实现双碳目标的工具，不同于以往强制减排措施，能有助于企业减少碳排放。本文以2010~2022年沪深A股上市公司为研究对象，将处于八个碳交易市场试点区域内的上市企业作为处理组，其他区域的上市企业作为对照组，通过构建双重机器学习模型来探究碳排放权交易对企业环境绩效的影响及作用机制，并将全样本按照产权性质、公司规模、行业竞争程度分类，进行异质性分析。研究发现，碳交易能提升企业环境绩效水平；碳交易对非国有、大规模以及行业竞争程度高的企业环境绩效水平的提升作用更显著；碳排放权交易政策通过提高企业生产效率来提升环境绩效水平，企业生产效率的确具备中介作用。最后，本文基于结论提出了相关建议：1) 完善碳排放权交易体系、2) 加强企业技术改革创新、3) 加快产业转型升级。

Abstract: Since the reform and opening up, China’s economy has developed rapidly. But with it, the carbon emissions of enterprises have been increasing day by day, and people’s lives and health have been greatly affected, which to some extent contradicts the concept of sustainable social development. The carbon emissions trading market, as a tool for China to achieve its dual carbon goals, is different from previous mandatory emission reduction measures and can help companies reduce carbon emissions. This article takes A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as the research object. Listed companies in eight pilot areas of carbon trading markets are used as the treatment group, and listed companies in other areas are used as the control group. A dual machine learning model is constructed to explore the impact and mechanism of carbon emission trading on corporate environmental performance. The entire sample is classified according to property rights, company size, and industry competition level for heterogeneity analysis. Research has found that carbon trading can promote the improvement of corporate environmental performance; Carbon trading has a more significant impact on improving the environmental performance of non-state-owned, large-scale, and highly competitive enterprises in the industry; The carbon emissions trading policy enhances environmental performance by improving the production efficiency of enterprises, and enterprise production efficiency indeed plays a mediating role. Finally, based on the conclusion, this article proposes relevant suggestions: 1) improve the carbon emission trading system, 2) strengthen enterprise technological reform and innovation, and 3) accelerate industrial transformation and upgrading.