China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality

Xingran Yan

doi:10.47297/wspdecWSP2515-797313.20261003

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China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality

Volume 10, Issue 3

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China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality
China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality
Shanxi University of Finance and Economics, Taiyuan, Shanxi, 030006, China
Vol. 10, Issue 3, Pages: 65-75(2026)
Published：30 March 2026
DOI：10.47297/wspdecWSP2515-797313.20261003
Accepted：

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Yan Xingran.China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality[J].Development Economics of China,2026,10(03):65-75.
DOI：

Yan Xingran.China's Carbon Emissions Trading Policy and Corporate Environmental Performance: An Examination of the Mediating Effect of Carbon Disclosure Quality[J].Development Economics of China,2026,10(03):65-75. DOI： 10.47297/wspdecWSP2515-797313.20261003.

摘要

Abstract

Against the backdrop of the 'dual carbon' goals

China's Carbon Emissions Trading (CET) Policy

which serves as a pivotal market-based instrument for environmental regulation

has attracted significant attention regarding their microeconomic consequences and transmission mechanisms. Employing a sample of A-share listed companies from eight high-energy-consuming industries over the period 2010-2023

this paper utilize a multi-period difference-in-differences (DID) model alongside mediation analysis. The empirical findings reveal the following: firstly

the Carbon Emissions Trading policy exerts a statistically significant positive influence on corporate environmental performance

but this effect manifests only after a time lag of approximately two years. Dynamic effect analysis further reveals that the impact is concentrated in the 3-5 years following policy enactment. Second

the quality of carbon disclosure serves a masking effect between the policy and environmental performance. Specifically

the policy significantly reduces the quality of carbon information disclosure

yet this suppression indirectly strengthens the policy's positive effect on environmental performance

reflecting a strategic 'say less and do more' response adopted by enterprises. Third

heterogeneity analysis indicates that the policy effects are more pronounced in non-state-owned enterprises and in the eastern regions. This paper elucidates the lagged transmission pathways of CET policies and the masking effect

offering empirical evidence and policy insights for improving carbon market development

refining environmental disclosure systems

and formulating differentiated policies.

关键词

Keywords

references

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