<trans-title>The impact of carbon trading policy on the economic performance of highly polluting industrial enterprises：Empirical analysis based on multiple mediating effect model</trans-title>

Xiaosong REN; Qian MA; Yujia LIU; Guohao ZHAO

doi:10.18402/resci.2020.09.10

Resources Science, Volume. 42, Issue 9, 1750(2020)

The impact of carbon trading policy on the economic performance of highly polluting industrial enterprises：Empirical analysis based on multiple mediating effect model

Xiaosong REN^1、*, Qian MA², Yujia LIU¹, and Guohao ZHAO³

Author Affiliations

¹School of Management Science and Engineering, Shanxi University of Finance and Economics, Taiyuan 030031, China

²School of Accounting, Shanxi University of Finance and Economics, Taiyuan 030031, China

³School of Business Administration, Shanxi University of Finance and Economics, Taiyuan 030031, China

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Figures & Tables(7)

Fig. 1. Research framework of multiple mediating effects

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Table 1. Balance test of propensity score matching （PSM）

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Table 1. Balance test of propensity score matching （PSM）

变量		均值		误差率 %	误差变动率 %	T检验
变量		对照组	实验组	误差率 %	误差变动率 %	t value	p>\|t\|
lnass	匹配前	22.986	22.635	23.2	92.0	5.14	0.000
lnass	匹配后	22.998	22.969	1.9	92.0	0.31	0.758
asslia	匹配前	48.200	50.182	-10.2	96.1	-2.14	0.033
asslia	匹配后	48.219	48.141	0.4	96.1	0.07	0.945
share	匹配前	35.944	37.955	-12.4	73.7	-2.62	0.009
share	匹配后	36.044	35.514	3.3	73.7	0.60	0.551
tbq	匹配前	2.246	1.941	17.7	87.0	4.19	0.000
tbq	匹配后	2.160	2.120	-2.3	87.0	-0.46	0.644
owner	匹配前	0.560	0.632	-14.6	87.0	-3.11	0.002
owner	匹配后	0.562	0.571	-1.9	87.0	-0.33	0.742

Table 2. Impact of carbon trading policies on the economic performance of highly polluting industrial enterprises

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Table 2. Impact of carbon trading policies on the economic performance of highly polluting industrial enterprises

	DID				PSM-DID
	Ea		Roa		Ea		Roa
	（1）	（2）	（3）	（4）	（5）	（6）	（7）	（8）
did	1.959***（3.69）	1.911***（3.86）	2.174***（4.37）	2.117***（4.60）	2.024***（2.98）	1.915***（3.10）	2.314***（3.66）	2.208***（3.87）
lnass		2.577***（7.54）		2.512***（7.91）		3.630***（9.01）		3.450***（9.27）
asslia		-0.190***（-15.65）		-0.186***（-16.49）		-0.202***（-13.46）		-0.197***（-14.23）
share		0.033*（1.73）		0.030*（1.69）		0.034（1.47）		0.030（1.39）
tbq		0.846***（7.70）		0.841***（8.24）		1.655***（9.93）		1.617***（10.51）
owner		0.591（0.49）		0.133（0.12）		1.099（0.82）		0.658（0.53）
个体固定效应	Y	Y	Y	Y	Y	Y	Y	Y
时间固定效应	Y	Y	Y	Y	Y	Y	Y	Y
常数项	4.672***（14.70）	-47.15***（-6.21）	5.278***（17.72）	-44.86***（-6.35）	4.925***（11.99）	-72.98***（-8.13）	5.529***（14.44）	-68.05***（-8.21）
R-square	0.020	0.131	0.027	0.159	0.020	0.125	0.025	0.152
N	2214	2214	2214	2214	1688	1688	1688	1688

Table 3. Estimation results of difference-in-differences-in-differences (DDD) models of carbon trading policy effect on economic performance of highly polluting industrial enterprises

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Table 3. Estimation results of difference-in-differences-in-differences (DDD) models of carbon trading policy effect on economic performance of highly polluting industrial enterprises

	Ea				Roa
	（1）	（2）	（3）	（4）	（5）	（6）	（7）	（8）
$are a_{r} \times tim e_{t} \times industr y_{j}$	1.994***(4.58)	2.211***(4.14)	1.602***(3.56)	1.935***(3.38)	2.274***(5.45)	2.414***(4.26)	1.890***(4.18)	2.037***(3.46)
控制变量	Y	Y	Y	Y	Y	Y	Y	Y
个体固定效应	Y	Y		Y	Y	Y		Y
时间固定效应	Y	Y	Y	Y	Y	Y	Y	Y
地区 $\times$ 时间趋势固定效应		Y	Y	Y		Y	Y	Y
行业 $\times$ 时间趋势固定效应			Y	Y			Y	Y
常数项	-43.17***(-7.45)	135.6(0.42)	-27.8***(-5.81)	222.0(0.31)	-43.65***(-7.85)	81.01(0.22)	-29.0***(-6.02)	-125.9(-0.18)
R-square	0.153	0.002	0.251	0.001	0.177	0.001	0.285	0.001
N	3114	3114	3114	3114	3114	3114	3114	3114

Table 4. Mechanism analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

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Table 4. Mechanism analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

变量		Ea	Roa
总体中介效应		0.235**[0.017,0.450]	0.226**[0.002,0.443]
并行中介效应	Lcs ( $a_{1} b_{1}$ )	-0.058**[-0.101,-0.020]	-0.071**[-0.122,-0.031]
	Cash ( $a_{2} b_{2}$ )	0.210**[0.001,0.426]	0.211**[0.001,0.433]
	R&D ( $a_{3} b_{3}$ )	0.034**[0.005,0.079]	0.037**[0.005,0.078]
链式中介效应	Lcs→ Cash ( $a_{1} d_{1} b_{2}$ )	0.049**[0.026,0.080]	0.049**[0.027,0.082]
	Lcs→ R&D ( $a_{1} d_{2} b_{3}$ )	0.004**[0.001,0.011]	0.004**[0.001,0.011]
	Cash→ R&D ( $a_{2} d_{3} b_{3}$ )	-0.003**[-0.010,-0.001]	-0.004**[-0.10,-0.001]
	Lcs→ Cash→ R&D ( $a_{1} d_{1} d_{3} b_{3}$ )	-0.001**[-0.002,-0.001]	-0.001**[-0.002,-0.001]

Table 5. Heterogeneity analysis of carbon trading policy effect on economic performance of highly polluting industrial enterprises

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Table 5. Heterogeneity analysis of carbon trading policy effect on economic performance of highly polluting industrial enterprises

变量	企业所有制		企业规模
变量	国有企业	非国有企业	大规模企业	小规模企业
$are a_{r} \times tim e_{t} \times industr y_{j}$	1.782***(3.43)	2.618**(2.27)	1.485**(2.31)	2.655***(3.07)
控制变量	Y	Y	Y	Y
个体固定效应	Y	Y	Y	Y
时间固定效应	Y	Y	Y	Y
地区 $\times$ 时间趋势固定效应	Y	Y	Y	Y
行业 $\times$ 时间趋势固定效应	Y	Y	Y	Y
常数项	-43.16(-0.09)	-68.33(-0.04)	145.2(0.22)	-347.0(-0.30)
R-square	0.014	0.031	0.010	0.014
N	1903	1211	1422	1692

Table 6. Heterogeneity analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

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Table 6. Heterogeneity analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

变量		企业所有制		企业规模
变量		国有企业	非国有企业	大规模企业	小规模企业
总体中介效应		0.370**[0.147,0.617]	0.277[-0.140,0.620]	0.534**[0.257,0.847]	0.187[-0.180,0.547]
总体中介效应	Lcs ( $a_{1} b_{1}$ )	-0.119**[-0.120,-0.058]	0.114**[0.033,0.240]	-0.126**[-0.238,-0.059]	0.050**[0.001,0.143]
	Cash ( $a_{2} b_{2}$ )	0.443**[0.213,0.679]	-0.024[-0.425,0.314]	0.619**[0.353,0.935]	-0.090[-0.426,0.245]
	R&D ( $a_{3} b_{3}$ )	0.002[-0.010,0.027]	0.161**[0.062,0.329]	0.004[-0.007,0.044]	0.206**[0.113,0.355]
链式中介效应	Lcs→ Cash ( $a_{1} d_{1} b_{2}$ )	0.045**[0.017,0.082]	0.028**[0.008,0.066]	0.036[-0.001,0.082]	0.011**[0.001,0.031]
	Lcs→ R&D ( $a_{1} d_{2} b_{3}$ )	0.003[-0.001,0.012]	-0.003[-0.024,0.006]	-0.001[-0.006,0.001]	0.008**[0.001,0.020]
	Cash→ R&D ( $a_{2} d_{3} b_{3}$ )	-0.004[-0.012,0.002]	-0.001[-0.011,0.004]	0.002[-0.004,0.010]	0.003[-0.007,0.016]
	Lcs→ Cash→ R&D ( $a_{1} d_{1} d_{3} b_{3}$ )	-0.001[-0.001,0.01]	0.001[-0.001,0.002]	0.001[-0.001,0.001]	-0.001**[-0.001,-0.0002]

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Xiaosong REN, Qian MA, Yujia LIU, Guohao ZHAO. The impact of carbon trading policy on the economic performance of highly polluting industrial enterprises：Empirical analysis based on multiple mediating effect model[J]. Resources Science, 2020, 42(9): 1750

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Paper Information

Received: Jan. 29, 2020

Accepted: --

Published Online: Apr. 23, 2021

The Author Email: REN Xiaosong (renxs@sxufe.edu.cn)

DOI:10.18402/resci.2020.09.10

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Resource Economy

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