At present,the global economy is ambiguous,complex and unstable,and the resilience of enterprises has become a new indicator to evaluate the sustainable development ability of enterpris-es,and the carbon emission trading policy is an important starting point for China to achieve the goal of"carbon peak and carbon neutrality".Based on the data of listed enterprises in China's eight high-energy-consuming industries from 2009 to 2022,this paper uses a multi-time-point differen-tial model to explore the impact of carbon emission trading policies on the resilience of enterprises with high energy consumption and its mechanism.It is found that the carbon emission trading policy can help improve the resilience of high-energy enterprises,mainly through the innovation effect,in-formation effect and green governance effect.The level of internal control and government subsidies play a positive moderating role in this relationship,and financing constraints play a inhibitory role.Heterogeneity analysis shows that in non-state-owned,large-scale and high-tech enterprises,car-bon trading has a more significant effect on the resilience of high-energy enterprises.Therefore,studying the economic consequences of carbon emission trading policies on the resilience of high-energy enterprises at the micro level is of great significance for China to implement the goal of"car-bon peak,carbon neutrality"and maintain the sustainable,stable and healthy development of enter-prises.
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