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6 碳交易政策对高污染工业企业经济绩效的多重中介效应异质性分析结果

Table 6 Heterogeneity analysis of the multiple mediating effect of carbon trading policy on the economic performance of highly polluting industrial enterprises

变量		企业所有制		企业规模
变量		国有企业	非国有企业	大规模企业	小规模企业
总体中介效应		0.370** [0.147,0.617]	0.277 [-0.140,0.620]	0.534** [0.257,0.847]	0.187 [-0.180,0.547]
总体中介效应	Lcs ( $a_{1} b_{1}$ )	-0.119** [-0.120,-0.058]	0.114** [0.033,0.240]	-0.126** [-0.238,-0.059]	0.050** [0.001,0.143]
	Cash ( $a_{2} b_{2}$ )	0.443** [0.213,0.679]	-0.024 [-0.425,0.314]	0.619** [0.353,0.935]	-0.090 [-0.426,0.245]
	R&D ( $a_{3} b_{3}$ )	0.002 [-0.010,0.027]	0.161** [0.062,0.329]	0.004 [-0.007,0.044]	0.206** [0.113,0.355]
链式中介效应	Lcs→ Cash ( $a_{1} d_{1} b_{2}$ )	0.045** [0.017,0.082]	0.028** [0.008,0.066]	0.036 [-0.001,0.082]	0.011** [0.001,0.031]
	Lcs→ R&D ( $a_{1} d_{2} b_{3}$ )	0.003 [-0.001,0.012]	-0.003 [-0.024,0.006]	-0.001 [-0.006,0.001]	0.008** [0.001,0.020]
	Cash→ R&D ( $a_{2} d_{3} b_{3}$ )	-0.004 [-0.012,0.002]	-0.001 [-0.011,0.004]	0.002 [-0.004,0.010]	0.003 [-0.007,0.016]
	Lcs→ Cash→ R&D ( $a_{1} d_{1} d_{3} b_{3}$ )	-0.001 [-0.001,0.01]	0.001 [-0.001,0.002]	0.001 [-0.001,0.001]	-0.001** [-0.001,-0.0002]