The Impact of Carbon Trading System on Enterprise Environmental Governance——Mediation Effect Test Based on Technological Innovation
How does the carbon trading system affect the environmental behavior of enterprises?This is related to whether enterprises can take the path of high-quality development.Based on the panel data of 42 listed companies included in the carbon emission quota management in Shenzhen and 200 other A-share listed companies in Shenzhen from 2011 to 2021,this paper establishes a double difference model to explore the impact of the carbon trading system on corporate environmental governance and its internal mechanism from both process and result dimensions.The empirical results show that:(1)The carbon trading system can significantly promote the environmental governance of enterprises,and has a positive impact on both the process and results of environmental governance;(2)The results of the mediation test show that both technological innovation R&D investment and patent output have a partial mediating effect on the impact of the carbon trading system on corporate environmental governance;(3)The results of the moderating mediation effect test show that government subsidies strengthen the positive impact of technological innovation investment on corporate environmental governance;(4)The results of heterogeneity analysis show that under the constraints of the carbon trading system,non-state-owned enterprises pay more attention to corporate environmental governance than state-owned enterprises.This paper subdivides the environmental effect of the carbon trading system to the micro level,which is an effective expansion of relevant research on carbon emission trading and corporate environmental governance.
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