Market‐incentivized environmental regulation policy and company green transformation: An analytical perspective based on the cost transfer capability of companies

IF 3.5 4区社会学 Q2 ENVIRONMENTAL SCIENCES

Natural Resources Forum Pub Date : 2024-08-19 DOI:10.1111/1477-8947.12554

Jiahe Chen

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引用次数: 0

Abstract

Based on the carbon emissions trading pilot policy in China, this paper takes Chinese A‐share listed companies from 2012 to 2020 as a sample, and analyzes the role of company's cost transfer capability (ECTC) in the mechanism of market‐incentivized environmental regulation policy (MERP) influencing company green transformation. This paper finds the following four primary results. First, ECTC significantly strengthens the green transformation driving effect of MERP in general. However, results based on the division of ECTC by percentiles show that MERP‐induced green transformation is more pronounced in the top 25% of companies, which distinguishes them from companies in the top 25%–50%, whose cost transfer capacity hampers MERP's contribution to the green transformation. Second, the level of regional economic development, emission regulation, and business reputation have heterogeneous influences on the moderating effect of ECTC. Third, the results based on the moderated mediation model show that ECTC can influence the green transition driving effect of MERP by moderating the two paths of risk‐taking ability and financing constraints of companies. Finally, there is a diffusion effect on the green transformation driven by MERP through cost transfer among companies in non‐pilot industries and non‐pilot regions.

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市场激励型环境监管政策与企业绿色转型：基于企业成本转移能力的分析视角

本文以中国碳排放权交易试点政策为基础，以2012-2020年中国A股上市公司为样本，分析了公司成本转移能力（ECTC）在市场激励型环境规制政策（MERP）影响公司绿色转型机制中的作用。本文得出以下四个主要结果。首先，从总体上看，ECTC 明显增强了 MERP 的绿色转型驱动效应。然而，基于 ECTC 百分位数的划分结果显示，MERP 引发的绿色转型在前 25% 的企业中更为明显，这与前 25%-50% 的企业有所区别，前 25%-50% 的企业的成本转移能力阻碍了 MERP 对绿色转型的贡献。其次，地区经济发展水平、排放法规和商业声誉对 ECTC 的调节作用具有异质性影响。第三，基于调节中介模型的研究结果表明，ECTC 可以通过调节企业的风险承担能力和融资约束两个路径来影响 MERP 的绿色转型驱动效应。最后，通过成本在非试点行业和非试点地区企业间的转移，MERP 所驱动的绿色转型存在扩散效应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Natural Resources Forum 环境科学-环境科学

CiteScore

6.10

自引率

0.00%

发文量

审稿时长

>36 weeks

期刊介绍： Natural Resources Forum, a United Nations Sustainable Development Journal, focuses on international, multidisciplinary issues related to sustainable development, with an emphasis on developing countries. The journal seeks to address gaps in current knowledge and stimulate policy discussions on the most critical issues associated with the sustainable development agenda, by promoting research that integrates the social, economic, and environmental dimensions of sustainable development. Contributions that inform the global policy debate through pragmatic lessons learned from experience at the local, national, and global levels are encouraged. The Journal considers articles written on all topics relevant to sustainable development. In addition, it dedicates series, issues and special sections to specific themes that are relevant to the current discussions of the United Nations Commission on Sustainable Development (CSD). Articles must be based on original research and must be relevant to policy-making. Criteria for selection of submitted articles include: 1) Relevance and importance of the topic discussed to sustainable development in general, both in terms of policy impacts and gaps in current knowledge being addressed by the article; 2) Treatment of the topic that incorporates social, economic and environmental aspects of sustainable development, rather than focusing purely on sectoral and/or technical aspects; 3) Articles must contain original applied material drawn from concrete projects, policy implementation, or literature reviews; purely theoretical papers are not entertained.