Carbon Emission Trading,ESG Performance and Corporate Value:A Quasi-Natural Experiment Based on the Carbon Emission Trading Pilot Policy
The carbon emission trading pilot policy is a critical instrument for achieving China's dual carbon emission targets,and its economic implications are a key focus of academic research.Using data from Chinese A-share listed companies between 2009 and 2020,this article treats the 2013 carbon emission trading pilot policy as a quasi-natural experiment and applies a difference-in-differences(DID)model to assess its impact on corporate value.The results indicate that the carbon emission trading system significantly boosts corporate value in pilot regions,with corporate ESG performance serving as a mediating factor.A heterogeneity analysis shows that this value-enhancing effect is more prominent for companies in low-pollution industries and non-high-tech enterprises.
carbon emission tradingESG performancecorporate valuedifference-in-differences model
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