“实质调整”抑或“策略应对”:碳排放权交易政策与企业战略变革

财经论丛 ›› 2026, Vol. 42 ›› Issue (7): 100-111.

“实质调整”抑或“策略应对”:碳排放权交易政策与企业战略变革

曹翔^1,2, 邱丽¹

1.海南大学国际商学院,海南海口 570228;
2.海南省开放型经济研究院国际贸易所,海南海口 570228

收稿日期:2025-06-27 出版日期:2026-07-10 发布日期:2026-07-09
通讯作者: 邱丽(1998—),女,四川广安人,海南大学国际商学院博士生。
作者简介:曹翔(1990—),男,湖南衡阳人,海南大学国际商学院副教授,海南省开放型经济研究院国际贸易所副研究员。
基金资助:
国家自然科学基金项目(71963009);第二批海南省“南海新星”哲学社会科学人才平台项目(2025);海南省研究生创新科研课题(Qhyb2023-01)

Substantive Adjustment or Strategic Response: Carbon Emission Trading Policy and Corporate Strategic Transformation

CAO Xiang^1,2, QIU Li¹

1. International Business School, Hainan University, Haikou 570228, China;
2. Institute of International Trade, Hainan Institute of Open Economy, Haikou 570228, China

Received:2025-06-27 Online:2026-07-10 Published:2026-07-09

摘要/Abstract

摘要： 碳排放权交易政策是否能推动企业战略低碳化变革对于“双碳”目标实现至关重要。本文基于2008—2023年中国上市公司面板数据,采用双重差分方法考察了碳排放权交易政策对企业战略变革的影响。研究发现,碳排放权交易政策显著促进了企业战略变革,且表现为企业低碳转型的实质调整。机制分析显示,碳排放权交易政策主要通过企业外部制度压力和内部变革条件影响其战略变革。从外部制度压力看,碳排放权交易政策的配额“核算”政策机制尚未起到显著的政策约束作用,而“分配、交易、履约”政策机制下的制度压力越大,越能有效地推动企业战略变革。从内部变革条件看,管理者绿色认知水平越高、企业业绩越优,碳排放权交易政策越能促进企业战略变革。

关键词: 碳排放权交易政策, “双碳”目标, 企业战略, 低碳转型

Abstract: Whether the carbon emission trading policy can drive corporate strategic decarbonization or not is crucial for achieving the “dual carbon” goals. Based on the panel data from Chinese listed companies from 2008 to 2023, this study employs the difference-in-differences method to examine the impact of carbon emission trading policies on corporate strategic transformation. The findings reveal that the carbon emission trading policy significantly promotes corporate strategic transformation, which manifests as substantive adjustments in low-carbon transitions. Mechanism analysis indicates that the policy primarily influences strategic transformation through external institutional pressures and internal transformation conditions. Regarding external institutional pressures, the “accounting” mechanism of the quota policy has not yet exerted significant regulatory effects, whereas greater institutional pressure under the policy mechanism of “allocation, trading, and compliance” more effectively drives corporate strategic transformation. Under the internal transformation conditions, higher managerial green awareness and superior corporate performance make the policy more conducive to strategic transformation.

Key words: Carbon Emission Trading Policy, “Dual Carbon” Goals, Corporate Strategy, Low-Carbon Transition

中图分类号:

F276

曹翔, 邱丽. “实质调整”抑或“策略应对”:碳排放权交易政策与企业战略变革[J]. 财经论丛, 2026, 42(7): 100-111.

CAO Xiang, QIU Li. Substantive Adjustment or Strategic Response: Carbon Emission Trading Policy and Corporate Strategic Transformation[J]. Collected Essays on Finance and Economics, 2026, 42(7): 100-111.

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