A Study of the Impact of Financial Performance on Carbon Performance under Carbon Emissions Trading
Based on the data of all A-share listed companies in carbon trading pilot regions from 2010 to 2020,this paper analyzes the relationship between corporate financial performance and carbon performance by using a two-way fixed-effects model and introduces environmental social responsibility(ESR)as an intermediary variable and carbon emissions trading and green technological innovation(GTI)as moderating variables.The results show that corporate finan-cial performance has a significant positive effect on carbon performance,and environmental so-cial responsibility plays a positive and significant intermediary role in the relationship between the two,and this conclusion is verified in several robustness tests.At the same time,carbon emissions trading and green technology innovation have a positive moderating effect on the im-pact of financial performance on carbon performance.The results of heterogeneity test show that the financial performance of SOEs has a more significant positive effect on carbon performance.Further research shows that carbon performance also significantly improves financial perfor-mance,and the two have a reciprocal effect on each other.This study provides strategic think-ing for the long-term development of Chinese enterprises,aims to achieve a sustainable balance between economic and environmental benefits,calls for managers to pay attention to environ-mental social responsibility,and provides support for enterprises to realize a win-win situation between economic performance and environmental performance at an early date.
Carbon emissions tradingFinancial performanceCarbon performanceEnvironmental social responsibility
万方数据
维普
