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The impact mechanism of carbon emission trading policies on corporate ESG performance
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Yu-Jia GU1, Zi-Heng JIANG2, Jie TANG2, 3, *
China Environmental Science | 2026, 46(2) : 1153 - 1163
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China Environmental Science | 2026, 46(2): 1153-1163
• Carbon Emission Control •
The impact mechanism of carbon emission trading policies on corporate ESG performance
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Yu-Jia GU1, Zi-Heng JIANG2, Jie TANG2, 3, *
Affiliations
  • 1.Institute of Ecological Civilization, Renmin University of China, Beijing 100872, China
  • 2.School of Public Administration and Policy, Renmin University of China, Beijing 100872, China
  • 3.School of Smart Governance, Renmin University of China, Suzhou 215009, China
Published: 2026-02-20
Outline
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Using A-share listed companies from 2012 to 2022 as the sample, this study employs the difference-in-differences method to examine the impact of carbon emission trading policies on corporate ESG performance and its underlying mechanisms. The findings reveal that the carbon emission trading policy significantly improves the ESG performance of enterprises in pilot regions. This conclusion remains robust after a series of tests, including parallel trend estimation, placebo tests, changes in the sample period, and propensity score matching. Heterogeneity analysis indicates that the policy has a more pronounced effect on enhancing ESG performance for firms in high-energy-consumption regions and those with larger asset scales, with the most substantial improvement observed in the intersection group of these two categories. Mechanism tests show that the policy promotes ESG performance by encouraging enterprises to increase long-term asset investment, thereby driving technological upgrades and green transformation. Based on these findings, policy recommendations are proposed, including improving the carbon market system, innovating carbon financial products, integrating carbon management into corporate ESG strategies, and strengthening financial incentive mechanisms.

carbon emission trading policy  /  corporate ESG performance  /  difference-in-differences(DID)  /  propensity score matching (PSM)
顾雨佳, 蒋子恒, 唐杰. 碳排放权交易政策对上市企业ESG表现的影响机制. 中国环境科学, 2026 , 46 (2) : 1153 -1163 .
Yu-Jia GU, Zi-Heng JIANG, Jie TANG. The impact mechanism of carbon emission trading policies on corporate ESG performance[J]. China Environmental Science, 2026 , 46 (2) : 1153 -1163 .
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Year 2026 volume 46 Issue 2
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Article Info
  • Receive Date：2025-07-20
  • Online Date：2026-10-08
  • Published：2026-02-20
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  • Received：2025-07-20
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Affiliations
    1.Institute of Ecological Civilization, Renmin University of China, Beijing 100872, China
    2.School of Public Administration and Policy, Renmin University of China, Beijing 100872, China
    3.School of Smart Governance, Renmin University of China, Suzhou 215009, China
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多孔菌科 Polyporaceae 8 14 6.70 蜡蘑属 Laccaria 5 2.39
红菇科 Russulaceae 3 23 11.00 小皮伞属 Marasmius 6 2.87
小菇属 Mycena 11 5.26
光柄菇属 Pluteus 5 2.39
红菇属 Russula 17 8.13
栓菌属 Trametes 5 2.39
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