碳排放权交易、绿色声誉资本与企业高质量发展

摘要/Abstract

摘要： 碳排放权交易作为市场化环境规制工具，正深刻重构企业发展逻辑、重塑企业竞争格局。利用八试点碳市场这一“准自然实验”，基于沪深A股上市公司2010—2023年数据，检验碳排放权交易对企业高质量发展的影响，同时验证绿色声誉资本的中介作用。研究发现：碳排放权交易使企业经济效率和社会效益均得到提升，显著促进了企业高质量发展，并通过了一系列稳健性检验。机制检验表明：绿色声誉资本在碳排放权交易促进企业高质量发展中以监管者-制度规范效应、消费者-市场选择效应和投资者-资源配置效应等三重效应发挥中介作用，其贡献度为49.6%。进一步研究发现，碳排放权交易促进企业高质量发展存在生产技术先进与否、能源消耗强度高低和产品市场竞争强弱异质性。研究揭示了中国碳市场运行机制的微观效应，为企业高质量发展提供了更多的数据支持；研究结论有助于相关部门制定政策时精准施策、“对症下药”，最大限度地发挥碳排放权交易的政策效果。

关键词: 碳排放权交易, 企业高质量发展, 绿色声誉资本, 因果中介效应分析

Abstract: As a market-based environmental regulatory tool, carbon emissions trading is profoundly refactoring the logic of enterprise development and reshaping the competitive landscape of enterprises. Taking the carbon markets of eight pilot provinces and cities as a “quasi-natural experiment”, this study uses data from Shanghai and Shenzhen A-share listed companies covering 2010 to 2023 to examine the impact of carbon emissions trading on enterprises’ high-quality development and verify the mediating role of green reputation capital. The results indicate that carbon emissions trading improves both the economic and social benefits of enterprises, thus significantly promoting their high-quality development. This effect has passed a series of robustness tests. Mechanism tests reveal that, in the context of carbon emissions trading, green reputation capital exerts a mediating effect on enterprises’ high-quality development through three channels: the regulator institutional regulation effect, the consumer market choice effect, and the investor resource allocation effect, with a mediating contribution rate of 49.6%. Further analysis shows that carbon emissions trading has heterogeneous impacts on enterprises’ high-quality development, which is attributable to heterogeneities across enterprises in production technology advancement, energy consumption intensity, and product market competition. This study reveals the micro-effects of China’s carbon market operation mechanism, thereby providing additional empirical support for enterprises’ high-quality development. Moreover, these findings provide insights for relevant authorities to formulate targeted policies, maximizing the effectiveness of carbon emissions trading.

Key words: carbon emissions trading, high-quality development of enterprises, green reputation capital, causal mediation effect analysis

钟昕, 边俊杰, 钟锦文. 碳排放权交易、绿色声誉资本与企业高质量发展[J]. 管理评论, 2026, 38(10): 65-78.

Zhong Xin, Bian Junjie, Zhong Jinwen. Carbon Emissions Trading, Green Reputation Capital, and High-quality Development of Enterprises[J]. Management Review, 2026, 38(10): 65-78.

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