A Study on the Impact Pathways and Heterogeneous Effects of Carbon Pricing on Corporate Green Transformation Based on the Multi-Period Double Difference Method

Abstract

Using a multi-period difference-in-differences approach and a sample of Chinese A-share listed companies from 2009 to 2020, this study systematically examines the transmission channels and heterogeneous effects of carbon pricing on corporate green transformation. Findings reveal that rising carbon prices significantly accelerate corporate green transformation through a “mandatory” mechanism, with this effect being more pronounced in state-owned enterprises and high-carbon emission industries. Mechanism tests indicate that carbon pricing indirectly drives transformation via three pathways: incentivizing green innovation, alleviating financing constraints, and enhancing environmental information transparency. This study offers innovation and significance in the following dimensions: Theoretically, it extends the “Porter Hypothesis” to market-based environmental regulation, revealing the micro-incentive logic of carbon pricing. Methodologically, it constructs a multi-period DID model with interaction terms for intensity variables to enhance causal identification precision. Policy-wise, it provides empirical evidence for designing differentiated carbon markets and supporting green initiatives in private enterprises, offering valuable insights for achieving China's dual carbon goals.