Does emission trading system achieve the win-win of carbon emission reduction and financial performance improvement? —Evidence from Chinese A-share listed firms in industrial sector

业务 排放交易 还原(数学) 碳纤维 财务 温室气体 产业组织 金融体系 材料科学 几何学 生态学 数学 生物 复合数 复合材料
作者
Pei Yu,Ruixue Hao,Zhengfang Cai,Yongping Sun,Xinyu Zhang
出处
期刊:Journal of Cleaner Production [Elsevier BV]
卷期号:333: 130121-130121 被引量:91
标识
DOI:10.1016/j.jclepro.2021.130121
摘要

The implementation of market-based climate policies represented by the emission trading system (ETS) is an important path for countries to participate in global climate governance and achieve the goals of carbon emission peaking and carbon neutrality. Whether the covered firms can improve financial performance through bearing responsibility for cutting emissions, a “win-win” of environmental and economic achievement, is an important way to evaluate the effectiveness of ETS. Based on the Chinese A-share listed firms in industrial sector during the period of 2010–2017, this paper employs PSM-DID method to investigate the impact of China's pilot ETS on financial performance of the covered firms. The results show that the covered firm's financial performance is improved by the implementation of pilot ETS, which can increase firm's ROA by 0.01 unit. Specifically, the pilot ETS can significantly improve the financial performance of non-state-owned firms, without affecting state-owned firms. Similarly, the financial performance improvement is more significant for firms in non-energy industries. Furthermore, the pilot ETS can motivate the covered firms to gain financial profit through cutting carbon emission as a mediation path, and the mediation effect size of carbon emission intensity is 0.001. Besides, firm's innovation ability weakens this mediation path, and the well-developed institutions in pilot area, proxied by high degree of marketization, only weaken the first part of the path, namely, carbon emission reduction led by ETS.
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