科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (12): 0-0-0.DOI: 10.19571/j.cnki.1000-2995.2025.12.017

• 论文 •    下一篇

环境规制策略互动与企业碳绩效——基于政府命令型与市场激励型环境规制协同视角

文淑惠, 程钰元, 梁经伟   

  • 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:
    国家自然科学基金地区项目“全球价值链演进下云南-澜湄流域产业链构建与升级：机理与路径研究”(71963022)

Environmental Regulation Strategy Interaction on Corporate carbon performance --A Synergistic Perspective of Government-Commanded and Market-Incentivised Environmental Regulation.

Wen, shuhui 文   

  • 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低碳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，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。机制研究表明，双试点政策通过补偿性绿色创新、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。异质性研究表明，双试点政策对碳绩效水平的促进作用在技术密集型和资本密集型行业中更明显，对大规模、高成长性、绿色创新基础好的企业促进作用更强。本文的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: Abstract: Achieving the 'dual-carbon' goal requires a top-level policy design that balances development and low-carbon. Policy innovation is crucial in realising the dual-wheel drive of the government and the market.Based on the panel data of Chinese listed companies from 2005 to 2018, this paper takes the dual pilot of carbon trading policies and top-10,000 energy?consuming enterprises program as a quasi-natural experiment, and explores the impact and mechanism of policy linkage on the carbon performance of enterprises from the perspective of the synergy between government-commanded and market-incentivised environmental regulation using dual machine learning. The empirical study demonstrates that:① the combination of government-mandated environmental regulations and market-driven incentives can effectively enhance the carbon performance of enterprises. The dual-pilot policy proves to be more effective in achieving the coupled governance of environmental protection and economic development compared to the single-pilot policy. ②Mechanism studies indicate that the dual-pilot policy is effective in mitigating the efficiency impacts of single-policy command-line environmental regulation. This is achieved through compensatory green innovation, mitigation of market distortions, and improvement of corporate financial performance. ③Heterogeneity studies indicate that the dual-pilot policy has a more pronounced promotional effect on the level of carbon performance in technology-intensive, capital-intensive, and high-polluting industries. Additionally, the policy has a greater impact on large-scale, high-growth firms with a good foundation for green innovation. This paper presents a new perspective on exploring the impact of heterogeneous environmental regulatory policy synergies on firms' green transformation. It provides micro-empirical evidence for governments to carry out environmental policy innovation.

Key words: Key words Government-Commanded Environmental Regulation, Market-Incentivised Environmental Regulation, Policy Linkages, Carbon Performance