Carbon emission trading policy is a market-oriented environmental regulation,and whether it can improve the ESG performance of enterprises deserves attention.Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2020 as research samples,this paper empirically tests the influence of carbon emission trading policy on ESG performance of enterprises by using the double difference model.It is found that the carbon emissions trading policy can effectively improve the ESG performance of enterprises,and the conclusion is still robust after a series of robustness tests.Further analysis shows that the carbon emission trading policy can significantly improve the ESG performance of large enterprises,but has no significant effect on the ESG performance of small and medium-sized enterprises;the carbon emissions trading policy has a significant improvement effect on the ESG performance of enterprises in the eastern and central regions,but has no obvious improvement effect on the ESG performance of enterprises in the western region.We should further improve China's carbon emissions trading system,accelerate the development of China's carbon emissions trading market,and attach importance to the implementation of carbon emissions trading policies for large enterprises and eastern and central regions to continuously improve the ESG performance of enterprises.
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