Do Environmental Costs Promote High-quality Development of Enterprises?—Based on the Moderating Role of Carbon Emission Trading
This paper takes A-share listed manufacturing companies in Shanghai and Shenzhen as the research object from 2010 to 2020,and analyzes the effects of environmental costs and participation in carbon emissions trading on the high-quality development of enterprises and their interaction effects by using the propensity-value-matching-double-difference(PSM-DID)model.The results of the study show that:(1)The increase of environmental costs can significantly promote the realization of high-quality development of enter-prises.(2)The participation of enterprises in carbon emissions rights trading can significantly enhance the level of high-quality devel-opment of enterprises.(3)The participation of enterprises in carbon emissions rights trading can significantly enhance the positive im-pact of environmental costs on the high-quality development of enterprises.(4)Heterogeneity analysis reveals that state-owned enterpri-ses exhibit a more pronounced positive impact on high-quality development when increasing mandatory environmental costs and partici-pating in carbon emission trading.In contrast,non-state-owned enterprises demonstrate greater advantages in the area of voluntary envi-ronmental costs.Additionally,firms located in eastern region show stronger positive effects from increasing environmental costs and par-ticipating in carbon emission trading,while those in central and western regions are relatively less impacted.(5)Further analysis indi-cates that the positive effects of increasing voluntary environmental costs on achieving high-quality development tend to exhibit a certain lag compared to mandatory environmental costs.This study broadens the research perspective on environmental cost theory and offers relevant policy recommendations.
environmental costshigh-quality development of enterprisescarbon emission tradingtotal factor productivity of the enterprises
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