Can China's national carbon commitment promote corporate carbon commitments?
Promoting the achievement of the goals of reaching peak carbon emissions and carbon neutrality('dual carbon'goals)is China's commitment to the international community in response to climate change.But achieving the'dual carbon'goals marks a sys-temic economic and social change that is broad and profound,requiring gradual implementation carried out by national top-level design to meet enterprises' substantive requirements.Therefore,it is of great significance to explore whether China's national carbon commit-ment can promote corporate carbon commitments and to identify a path to realize this national carbon commitment.Based on the panel data of Chinese A-share listed firms in Shanghai and Shenzhen from 2017 to 2022,this paper took China's commitment to achieving the'dual carbon'goals proposed in 2020 as a quasi-natural experiment and used the difference-in-differences model to study the specific impact of the national carbon commitment on corporate carbon commitments.On this basis,a difference-in-difference-in-differences model was constructed to analyze the mechanisms of government carbon commitments and market carbon commitment.The results showed that:① China's national carbon commitment could promote corporate carbon commitments,and this conclusion remained ro-bust after considering endogenous problems and various robustness tests.② The national carbon commitment directly promoted corpo-rate carbon commitments by promoting government carbon commitments and market carbon commitments.On the one hand,it exerted environmental governance pressure on governments,and government regulation promoted corporate carbon commitments.On the other hand,it accelerated the low-carbon transformation of market investment and financing structures,and promoted corporate carbon com-mitments through green credit constraints.③ Media attention and green innovation could strengthen the role of the national carbon com-mitment in promoting corporate carbon commitments.Firms with high media attention and strong green innovation capabilities were more likely to actively formulate carbon commitments,demonstrate their sustainable development capabilities to the public,and en-hance their competitiveness.④ Compared to firms with low levels of carbon commitment fulfillment,those with high levels of carbon commitment fulfillment tended to formulate relatively conservative carbon commitments,and scientifically certified firms would be more reasonable in formulating carbon commitments.Therefore,under the guidance of the national carbon commitment,firms are encouraged to actively formulate carbon commitments,use language to constrain behaviors,and obtain more resource supply while meeting policy legitimacy requirements,so as to contribute to the early fulfillment of China's national commitment to achieving the'dual carbon'goals.
国家科技期刊平台
NSTL
万方数据
