科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (12): 170-178.DOI: 10.19571/j.cnki.1000-2995.2025.12.017

• 论文 • 上一篇    下一篇

政府型与市场型环境规制协同对企业碳绩效的影响研究

文淑惠1，程钰元1，梁经伟2,3   

  1. 1.昆明理工大学管理与经济学院，云南 昆明650093；
    2.常州大学吴敬琏经济学院，江苏 常州213164；
    3.常州大学创新战略与人才发展研究院，江苏 常州213164
  • 收稿日期:2024-03-31 修回日期:2025-01-29 接受日期:2025-02-01 出版日期:2025-12-20 发布日期:2025-12-15
  • 通讯作者: 梁经伟
  • 基金资助:

Research on the impacts of synergy of governmental and market-based environmental regulations on carbon performance of enterpriseS

Wen Shuhui1, Cheng Yuyuan1, Liang Jingwei2,3   

  1. 1. Institute of Management and Economics, Kunming University of Science and Technology, Kunming 650093, Yunnan, China;
    2. Wu Jinglian School of Economics, Changzhou University, Changzhou 213164, Jiangsu, China;
    3. Institute of Innovation Strategy and Talent Development, Changzhou University, Changzhou 213164, Jiangsu, China

  • Received:2024-03-31 Revised:2025-01-29 Accepted:2025-02-01 Online:2025-12-20 Published:2025-12-15

摘要：    实现“双碳”目标的复杂性与艰巨性对政策顶层设计提出了更高的要求，如何通过政策创新实现政府、市场双轮驱动以平衡发展与绿色是中国高质量发展的重要问题。本文基于2005—2018年中国上市公司面板数据，以万家企业节能减排政策和碳交易双试点作为准自然实验，从政府命令型环境规制与市场激励型环境规制协同的角度，利用双重机器学习探究政策联动对企业碳绩效的影响与作用机制。实证结果表明：（1）政府命令型环境规制与市场激励型环境规制协同能有效提升企业碳绩效水平，相较于单一试点政策，双试点政策可以有效地完成环境保护与经济发展的耦合治理。（2）双试点政策通过补偿绿色创新、缓解市场扭曲和改善企业财务绩效的方式有效地改善了政府命令型环境规制对效率造成的不利影响。（3）双试点政策对碳绩效水平的促进作用对大规模、高成长性、绿色创新基础好的企业更强。本文研究为探索异质性环境规制政策协同对企业绿色转型的影响提供新的理论视角，也为政府进行环境政策创新在实践上提供微观经验启示。

关键词: 政府命令型环境规制, 市场激励型环境规制, 政策联动, 碳绩效

Abstract:   Achieving the goal of "carbon peaking and carbon neutrality" requires top-level policy design that balances development with low-carbon goals. Policy innovation is key to realizing government-market synergy. Using the panel data from Chinese listed companies (2005-2018), this paper examined the dual pilot of carbon trading policies and the top-10,000 energy-consuming enterprises program as a quasi-natural experiment, exploring the impact of policy linkage on corporate carbon performance via dual machine learning. The key findings include: (1) The combination of government-mandated regulations and market incentives significantly improves carbon performance, with dual-pilot policies more effective in balancing environmental protection and economic growth than single-pilot approaches; (2) The mechanism analysis showed that dual-pilot policies mitigate the inefficiencies of command-based regulations through green innovation, reducing market distortions, and improving financial performance; and (3) The heterogeneity analysis revealed stronger effects in technology-intensive, capital-intensive, high-pollution industries, particularly for large, high-growth firms with strong green innovation foundations. This study will provide new insights into how policy synergies impact corporate green transformation and offer micro-level evidence for environmental policy innovation. 

Key words: government-commanded environmental regulation, market-incentivized environmental regulation, policy linkage, carbon performance