抑制还是促进?碳排放交易对企业环境责任的影响

IF 7.5 1区 经济学 Q1 BUSINESS, FINANCE International Review of Financial Analysis Pub Date : 2024-10-24 DOI:10.1016/j.irfa.2024.103703
Yue-Jun Zhang , Wei Shi , Jing-Yue Liu
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引用次数: 0

摘要

碳排放交易(CET)政策是一项重要的以市场为导向的环境战略,可塑造企业对环境负责的行为。然而,市场化环境战略如何影响企业环境责任还有待进一步研究。本文基于中国碳排放交易的实践,研究了市场化环境战略对中国高碳企业环境责任水平的影响。相关结果包括三个方面。1)与传统观念和 CET 政策预期相反,中国的 CET 政策阻碍了高碳企业履行环境责任,导致其环境责任水平总体下降了 32.6%。2)中国的 CET 政策强化了高碳企业的融资约束,使其在缺乏资金支持的情况下面临兼顾环境管理和生产经营的财务困境。3)与非国有企业和小微企业相比,中国的 CET 政策对国有企业和大中型企业环境责 任水平的抑制作用更强,而融资约束对国有企业和大中型企业环境责任水平的抑制 作用更弱。
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Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility
Carbon emissions trading (CET) policy presents a crucial market-oriented environmental strategy to shape corporate environmentally responsible behaviour. However, how market-oriented environmental strategy may affect corporate environmental responsibility remains to be further investigated. Based on the practice of China's CET, this paper investigates the impact of market-oriented environmental strategy on the environmental responsibility level of high‑carbon enterprises in China. The relevant results are threefold. 1) Contrary to conventional wisdom and CET policy expectation, China's CET policy discourages high‑carbon enterprises from fulfilling environmental responsibility, leading to an overall decrease of 32.6 % in the environmental responsibility level. 2) China's CET policy strengthens the financing constraints of high‑carbon enterprises, which makes them face a financial dilemma wherein it is challenging to balance environmental management and production operations in the absence of financial support. 3) Compared with non-state-owned enterprises and small- and micro-sized enterprises, the inhibitory effect of China's CET policy on the environmental responsibility level of state-owned enterprises (SOEs) and medium- and large-sized enterprises (MLEs) is stronger, whereas the inhibitory effect of financing constraints induced by China's CET policy on the environmental responsibility level of SOEs and MLEs is weaker.
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来源期刊
CiteScore
10.30
自引率
9.80%
发文量
366
期刊介绍: The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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