碳交易政策对高污染工业企业经济绩效的影响——基于多重中介效应模型的实证分析

任晓松, 马茜, 刘宇佳, 赵国浩

The impact of carbon trading policy on the economic performance of highly polluting industrial enterprises：Empirical analysis based on multiple mediating effect model

REN Xiaosong, MA Qian, LIU Yujia, ZHAO Guohao

表4 碳交易政策对高污染工业企业经济绩效的多重中介效应机制分析

Table 4 Mechanism analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

变量		Ea	Roa
总体中介效应		0.235** [0.017,0.450]	0.226** [0.002,0.443]
并行中介效应	Lcs ( $a_{1} b_{1}$ )	-0.058** [-0.101,-0.020]	-0.071** [-0.122,-0.031]
	Cash ( $a_{2} b_{2}$ )	0.210** [0.001,0.426]	0.211** [0.001,0.433]
	R&D ( $a_{3} b_{3}$ )	0.034** [0.005,0.079]	0.037** [0.005,0.078]
链式中介效应	Lcs→ Cash ( $a_{1} d_{1} b_{2}$ )	0.049** [0.026,0.080]	0.049** [0.027,0.082]
	Lcs→ R&D ( $a_{1} d_{2} b_{3}$ )	0.004** [0.001,0.011]	0.004** [0.001,0.011]
	Cash→ R&D ( $a_{2} d_{3} b_{3}$ )	-0.003** [-0.010,-0.001]	-0.004** [-0.10,-0.001]
	Lcs→ Cash→ R&D ( $a_{1} d_{1} d_{3} b_{3}$ )	-0.001** [-0.002,-0.001]	-0.001** [-0.002,-0.001]