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 REN1、*, 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
  • show less
    References(39)

    [1] [1] 中华人民共和国国家统计局. 中国统计年鉴[M]. 北京: 中国统计出版社, 2019. [ National Bureau of Statistics of the People’s Republic of China. China Statistical Yearbook[M]. Beijing: China Statistics Press, 2019.] [National Bureau of Statistics of the People’s Republic of China. China Statistical Yearbook[M]. Beijing: China Statistics Press, 2019.]

    [2] [2] BP. BP世界能源统计年鉴[M]. 北京: 中国统计出版社, 2019. [ BP. BP World Energy Statistical Yearbook[M]. Beijing: China Statistics Press, 2019.] [BP. BP World Energy Statistical Yearbook[M]. Beijing: China Statistics Press, 2019.]

    [4] Coase RH. The problem of social cost[J]. The Journal of Law and Economics, 3, 1-44(1960).

    [5] [5] 李百兴, 王博. 新环保法实施增大了企业的技术创新投入吗?基于PSM-DID方法的研究[J]. 审计与经济研究, 2019,34(1):87-96. [ Li BX, WangB. Has the implementation of the new environmental protection law increased the company’s technological innovation investment? Research based on PSM-DID method[J]. Journal of Audit & Economics, 2019,34(1):87-96.] [Li B X, Wang B. Has the implementation of the new environmental protection law increased the company’s technological innovation investment? Research based on PSM-DID method[J]. Journal of Audit & Economics, 2019, 34(1): 87-96.]

    [6] Porter ME, Van der LindeC. Toward a new conception of the environment-competitiveness relationship[J]. Journal of Economic Perspectives, 9, 97-118(1995).

    [7] [7] 宋晓玲, 孔垂铭. 中国碳交易市场对地区经济结构影响的实证分析[J]. 宏观经济研究, 2018, (9):98-108. [ Song XL, Kong CM. An empirical analysis of the impact of China’s carbon trading market on regional economic structure[J]. Macroeconomics, 2018, (9):98-108.] [Song X L, Kong C M. An empirical analysis of the impact of China’s carbon trading market on regional economic structure[J]. Macroeconomics, 2018, (9): 98-108.]

    [8] [8] 沈洪涛, 黄楠. 碳排放权交易机制能提高企业价值吗?[J]. 财贸经济, 2019,40(1):144-161. [ Shen HT, HuangN. Will the carbon emission trading scheme improve firm value?[J]. Finance & Trade Economics, 2019,40(1):144-161.] [Shen H T, Huang N. Will the carbon emission trading scheme improve firm value? [J]. Finance & Trade Economics, 2019, 40(1): 144-161.]

    [10] [10] 任亚运, 傅京燕. 碳交易的减排及绿色发展效应研究[J]. 中国人口·资源与环境, 2019,29(5):11-20. [ Ren YY, Fu JY. Research on the effect of carbon emissions trading on emission reduction and green development[J]. China Population, Resources and Environment, 2019,29(5):11-20.] [Ren Y Y, Fu J Y. Research on the effect of carbon emissions trading on emission reduction and green development[J]. China Population, Resources and Environment, 2019, 29(5): 11-20.]

    [12] [12] 任胜钢, 郑晶晶, 刘东华, 等. 排污权交易机制是否提高了企业全要素生产率: 来自中国上市公司的证据[J]. 中国工业经济, 2019, (5):5-23. [ Ren SG, Zheng JJ, Liu DH, et al. Does emissions trading system improve firm’s total factor productivity: Evidence from Chinese listed companies[J]. China Industrial Economics, 2019, (5):5-23.] [Ren S G, Zheng J J, Liu D H, et al. Does emissions trading system improve firm’s total factor productivity: Evidence from Chinese listed companies[J]. China Industrial Economics, 2019, (5): 5-23.]

    [13] [13] 赵璨, 王竹泉, 杨德明, 等. 企业迎合行为与政府补贴绩效研究: 基于企业不同盈利状况的分析[J]. 中国工业经济, 2015, (7):130-145. [ ZhaoC, Wang ZQ, Yang DM, et al. Research on the catering behavior of enterprise and government subsidy performance: Based on the analysis of the enterprise’s profitability[J]. China Industrial Economics, 2015, (7):130-145.] [Zhao C, Wang Z Q, Yang D M, et al. Research on the catering behavior of enterprise and government subsidy performance: Based on the analysis of the enterprise’s profitability[J]. China Industrial Economics, 2015, (7): 130-145.]

    [14] [14] 李雪婷, 宋常, 郭雪萌. 碳信息披露与企业价值相关性研究[J]. 管理评论, 2017,29(12):175-184. [ Li XT, SongC, Guo XM. Enterprise-value effect of carbon disclosure[J]. Management Review, 2017,29(12):175-184.] [Li X T, Song C, Guo X M. Enterprise-value effect of carbon disclosure[J]. Management Review, 2017, 29(12): 175-184.]

    [15] [15] 刘传明, 孙喆, 张瑾. 中国碳排放权交易试点的碳减排政策效应研究[J]. 中国人口·资源与环境, 2019,29(11):49-58. [ Liu CM, SunZ, ZhangJ. Research on the effect of carbon emission reduction policy in China’s carbon emissions trading pilot[J]. China Population, Resources and Environment, 2019,29(11):49-58.] [Liu C M, Sun Z, Zhang J. Research on the effect of carbon emission reduction policy in China’s carbon emissions trading pilot[J]. China Population, Resources and Environment, 2019, 29(11): 49-58.]

    [17] [17] 唐清泉, 罗党论. 政府补贴动机及其效果的实证研究: 来自中国上市公司的经验证据[J]. 金融研究, 2007, (6):149-163. [ Tang QQ, Luo DL. An empirical study on the motivation and effect of government subsidy: Empirical evidence from Chinese listed companies[J]. Journal of Financial Research, 2007, (6):149-163.] [Tang Q Q, Luo D L. An empirical study on the motivation and effect of government subsidy: Empirical evidence from Chinese listed companies[J]. Journal of Financial Research, 2007, (6): 149-163.]

    [18] [18] 范子英, 王倩. 财政补贴的低效率之谜: 税收超收的视角[J]. 中国工业经济, 2019, (12):23-41. [ Fan ZY, WangQ. The inefficiency of governmental subsidies: Perspective of tax over-collection[J]. China Industrial Economics, 2019, (12):23-41.] [Fan Z Y, Wang Q. The inefficiency of governmental subsidies: Perspective of tax over-collection[J]. China Industrial Economics, 2019, (12): 23-41.]

    [19] [19] 张杰, 陈志远, 杨连星, 等. 中国创新补贴政策的绩效评估: 理论与证据[J]. 经济研究, 2015,50(10):4-17. [ ZhangJ, Chen ZY, Yang LX, et al. On evaluating China’s innovation subsidy policy: Theory and evidence[J]. Economic Research Journal, 2015,50(10):4-17.] [Zhang J, Chen Z Y, Yang L X, et al. On evaluating China’s innovation subsidy policy: Theory and evidence[J]. Economic Research Journal, 2015, 50(10): 4-17.]

    [20] CookA. Emission rights: From costless activity to market operations[J]. Accounting Organizations & Society, 34, 456-468(2009).

    [21] Rosenbaum PR, Rubin DB. Constructing a control group using multivariate matched sampling methods that incorporate the pro-pensity score[J]. The American Statistician, 39, 33-38(1985).

    [22] Oestreich AM, TsiakasI. Carbon emissions and stock returns: Evidence from the EU emissions trading scheme[J]. Journal of Banking & Finance, 58, 294-308(2015).

    [23] [23] 邵敏, 包群. 政府补贴与企业生产率: 基于我国工业企业的经验分析[J]. 中国工业经济, 2012, (7):70-82. [ ShaoM, BaoQ. Government subsidies and firm’s productivity: An empirical study based on Chinese industrial plants[J]. China Industrial Economics, 2012, (7):70-82.] [Shao M, Bao Q. Government subsidies and firm’s productivity: An empirical study based on Chinese industrial plants[J]. China Industrial Economics, 2012, (7): 70-82.]

    [28] [28] 傅京燕, 司秀梅, 曹翔. 排污权交易机制对绿色发展的影响[J]. 中国人口·资源与环境, 2018,28(8):12-21. [ Fu JY, Si XM, CaoX. Research on the influence of emission trading mechanism on green development[J]. China Population, Resources and Environment, 2018,28(8):12-21.] [Fu J Y, Si X M, Cao X. Research on the influence of emission trading mechanism on green development[J]. China Population, Resources and Environment, 2018, 28(8): 12-21.]

    [29] [29] 涂正革, 谌仁俊. 排污权交易机制在中国能否实现波特效应?[J]. 经济研究, 2015,50(7):160-173. [ Tu ZG, Shen RJ. Can emissions trading scheme achieve the Porter effect in China?[J]. Economic Research Journal, 2015,50(7):160-173.] [Tu Z G, Shen R J. Can emissions trading scheme achieve the Porter effect in China? [J]. Economic Research Journal, 2015, 50(7): 160-173.]

    [31] [31] 齐绍洲, 林屾, 崔静波. 环境权益交易市场能否诱发绿色创新?基于我国上市公司绿色专利数据的证据[J]. 经济研究, 2018,53(12):129-143. [ Qi SZ, LinS, Cui JB. Do environmental rights trading schemes induce green innovation? Evidence from listed firms in China[J]. Economic Research Journal, 2018,53(12):129-143.] [Qi S Z, Lin S, Cui J B. Do environmental rights trading schemes induce green innovation? Evidence from listed firms in China[J]. Economic Research Journal, 2018, 53(12): 129-143.]

    [33] [33] 杨洋, 魏江, 罗来军. 谁在利用政府补贴进行创新?所有制和要素市场扭曲的联合调节效应[J]. 管理世界, 2015, (1):75-86. [ YangY, WeiJ, Luo LJ. Who innovate from the government subsidies? The joint moderate effects of the ownership and the factor market distortions[J]. Management World, 2015, (1):75-86.] [Yang Y, Wei J, Luo L J. Who innovate from the government subsidies? The joint moderate effects of the ownership and the factor market distortions[J]. Management World, 2015, (1): 75-86.]

    [34] [34] 逯进, 王恩泽. 新能源示范城市建设对区域环境污染治理的影响[J]. 资源科学, 2019,41(11):2107-2118. [ LuJ, Wang EZ. Impact of new energy demonstration city construction on regional environmental pollution control[J]. Resources Science, 2019,41(11):2107-2118.] [Lu J, Wang E Z. Impact of new energy demonstration city construction on regional environmental pollution control[J]. Resources Science, 2019, 41(11): 2107-2118.]

    [35] [35] 龙小宁, 万威. 环境规制、企业利润率与合规成本规模异质性[J]. 中国工业经济, 2017, (6):155-174. [ Long XN, WanW. Environmental regulation, corporate profit margins and compliance cost heterogeneity of different scale enterprises[J]. China Industrial Economics, 2017, (6):155-174.] [Long X N, Wan W. Environmental regulation, corporate profit margins and compliance cost heterogeneity of different scale enterprises[J]. China Industrial Economics, 2017, (6): 155-174.]

    [36] [36] 刘晔, 张训常. 碳排放交易制度与企业研发创新: 基于三重差分模型的实证研究[J]. 经济科学, 2017, (3):102-114. [ LiY, Zhang XC. Carbon emission trading system and enterprise R&D innovation: An empirical study based on triple difference model[J]. Economic Science, 2017, (3):102-114.] [Li Y, Zhang X C. Carbon emission trading system and enterprise R&D innovation: An empirical study based on triple difference model[J]. Economic Science, 2017, (3): 102-114.]

    [39] [39] 任晓松, 刘宇佳, 赵国浩. 经济集聚对碳排放强度的影响及传导机制[J]. 中国人口·资源与环境, 2020,30(4):95-106. [ Ren XS, Liu YJ, Zhao GH. The impact and transmission mechanism of economic agglomeration on carbon intensity[J]. China Population, Resources and Environment, 2020,30(4):95-106.] [Ren X S, Liu Y J, Zhao G H. The impact and transmission mechanism of economic agglomeration on carbon intensity[J]. China Population, Resources and Environment, 2020, 30(4): 95-106.]

    Tools

    Get Citation

    Copy Citation Text

    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

    Download Citation

    EndNote(RIS)BibTexPlain Text
    Save article for my favorites
    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

    Topics