In response to the environmental problems caused by global warming,China has actively honoured its international commitments and formulated a carbon trading policy to promote the development of a low-carbon e-conomy.However,from the perspective of microenterprises involved in carbon trading,whether the implementation of the carbon trading policy has contributed to the enhancement of corporate reputation is still an important issue that needs to be explored in depth.To this end,this paper empirically analyses the effect and mechanism of car-bon trading policy on corporate reputation using the triple difference method with the samples of A-share listed companies in Shanghai and Shenzhen in China from 2009 to 2019.The results of the study found that:China's carbon trading policy promotes the reputation of pilot firms,and this conclusion still holds after a series of robust-ness tests;carbon trading policy can enhance firms'reputation through green innovation(high-quality green in-novation);the higher the media attention,the more significant is the promotion of firms'reputation by the carbon trading policy;and in distinguishing the nature of firms'property rights,it is found that the carbon trading policy promotes the reputation of non-state-owned firms more significantly.
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