城市可持续发展政策与企业碳排放

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-18 DOI:10.1016/j.frl.2025.108506

Ying Peng , Jun Liu , Yang Wang

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引用次数: 0

摘要

推动企业减少碳排放至关重要，但大多数现有研究侧重于城市可持续性举措的区域尺度碳减排效果。本文利用2010 - 2020年中国a股上市公司的数据，研究了《国家资源型城市可持续发展规划（2013-2020）》（SDP）对企业碳排放的影响。采用差异中的差异（DID）方法，我们发现实施SDP的城市显著减少了企业碳排放。异质性分析表明，环境保护重点城市、高碳行业以及处于经济周期成长期和成熟期的企业的减排效果更为显著。机制分析进一步表明，该政策主要通过加强政府层面的环境监管和提高企业层面的绿色创新质量来发挥作用。

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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Urban sustainable development policy and corporate carbon emissions

Driving corporate carbon reduction is essential, yet most existing studies focus on regional-scale carbon mitigation effects of urban sustainability initiatives. This study investigates the impact of the Sustainable Development Planning for National Resource-based Cities (2013–2020) (SDP) on corporate carbon emissions, using data from A-share listed companies in China between 2010 and 2020. Employing the difference-in-differences (DID) method, we find that the SDP significantly reduces corporate carbon emissions in cities where it was implemented. Heterogeneity analysis reveals that the emission-reducing effect is more pronounced in Key Environmental Protection Cities, high-carbon industries, and among firms in the growth and maturity stages of the business cycle. Mechanism analysis further shows that the policy works mainly by strengthening environmental regulation at the government level and by improving green innovation quality at the firm level.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance