城市低碳治理对企业可持续发展的影响

——以低碳城市试点政策为准自然实验

葛力铭¹杨明达²刘梓萱³郑贺允⁴

（1.上海交通大学；2.东南大学；3.新疆财经大学；4.郑州航空工业管理学院）

内容提要：城市低碳治理能否通过赋能环境、社会和治理（ESG）建设驱动企业可持续发展，已成为全面推进美丽中国建设的关键议题。本文选取2009—2022年沪深A股上市企业数据，以低碳城市试点政策为准自然实验，实证检验该政策对企业ESG表现的影响及其作用机制。研究发现，低碳城市试点政策提升了企业ESG表现。机制分析结果表明，该政策能够通过融资激励效应、绿色技术创新效应和研发支持效应提升企业ESG表现；同时，该作用效果随着企业内部控制质量、企业全要素生产率、资本市场关注度的提升得以强化，并随着环境不确定性的增加而有所弱化。异质性分析结果表明，该政策对企业ESG表现的提升效果在东部及北方地区企业、非重污染及技术密集型行业企业、国有企业及本土企业中表现得更加明显。进一步分析结果表明，该政策能够提升企业的治理管理能力，表现为“独树一帜”；该政策的推广效应在第二批次试点后得以显现，表现为“渐入佳境”。本文的研究成果不仅为城市低碳治理与企业可持续发展之间的因果关系提供了新的理论解释、分析框架和文献证据，也为实现人与自然和谐共生的现代化提供了学理支持与决策参考。

关键词：城市低碳治理；低碳城市试点政策；企业ESG表现；美丽中国建设；推广效应

作者简介：葛力铭，上海交通大学安泰经济与管理学院国家战略研究院助理研究员，上海，200030；杨明达，东南大学经济管理学院博士研究生，南京，211189；刘梓萱，新疆财经大学经济学院硕士研究生，通信作者，乌鲁木齐，830012；郑贺允，郑州航空工业管理学院讲师，郑州，450046。

基金项目：国家自然科学基金青年科学基金项目“污染产业转移对绿色转型绩效的影响：基于‘有效市场’和‘有为政府’协同发力的视角”（72503144）；上海市哲学社会科学规划青年项目“‘双碳’战略下环境税制改革推进绿色低碳转型的理论与实践路径研究”（2024EGL008）；上海交通大学文科青年人才培育计划项目“污染产业转移赋能绿色高质量发展的理论逻辑、实践路径与政策优化”（2025QN005）

引用格式：葛力铭,杨明达,刘梓萱,等.城市低碳治理对企业可持续发展的影响——以低碳城市试点政策为准自然实验[J].经济与管理研究,2025,46(11):16-37.

Impact of Urban Low-Carbon Governance on Corporate Sustainable Development

—A Quasi-Natural Experiment of Low-Carbon City Pilot Policy

GE Liming¹, YANG Mingda², LIU Zixuan³, ZHENG Heyun⁴

(1. Shanghai Jiao Tong University, Shanghai 200030;

2. Southeast University, Nanjing 211189;

3. Xinjiang University of Finance & Economics, Urumqi 830012;

4. Zhengzhou University of Aeronautics, Zhengzhou 450046)

Abstract: China’s modernization path has set clear requirements for ecological civilization construction and high-quality development. Whether urban low-carbon governance can drive corporate sustainability by empowering environmental, social, and governance (ESG) development becomes a critical issue in comprehensively building a Beautiful China. Therefore, this paper systematically examines the impact of the low-carbon city pilot (LCCP) policy on corporate ESG performance within a unified analytical framework.

Using data from Chinese A-share listed companies from 2009 to 2022 and treating the LCCP policy as a quasi-natural experiment, the findings indicate that the policy can enhance corporate ESG performance. Mechanism analysis indicates that the policy enhances corporate ESG performance through financing incentives, green technology innovation, and R&D support. Moreover, the enhancing effect is strengthened with higher corporate internal control quality, total factor productivity, and capital market attention, while it weakens with increasing environmental uncertainty. Heterogeneity analysis shows that the enhancing effect is more pronounced among enterprises in the eastern and northern regions, non-heavy-polluting and technology-intensive industries, as well as state-owned and local enterprises. Further analysis indicates that the policy enhances corporate governance and management capabilities, with effects manifested as uniqueness. The spillover effects emerge after the second pilot batch, demonstrating a trend of progressive improvement.

This paper provides new theoretical explanations, analytical frameworks, and empirical evidence for the causal relationship between urban low-carbon governance and corporate sustainable development, offering valuable insights for achieving a modernization of harmony between humanity and nature. The marginal contributions are threefold. First, from the research perspective, this paper theoretically explains and empirically tests the impact of the LCCP policy on corporate ESG performance and its mechanism. Second, in terms of the theoretical framework, this paper proposes three mechanisms and analyzes the interactive role of internal corporate governance and external institutional environments in shaping these policy outcomes. Finally, regarding research content and methods, this paper separately examines the impact of the LCCP policy on environmental protection, social responsibility, and corporate governance, assesses the scalability potential of pilot batches, and conducts a heterogeneity test for treatment effects to ensure the accuracy and credibility of policy assessment.

Keywords: urban low-carbon governance; low-carbon city pilot policy; corporate ESG performance; building a Beautiful China; spillover effect

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