摘要：碳排放权交易机制作为推动经济社会发展全面绿色转型的重要制度创新和实现双碳目标的重要抓手，能否利用市场机制赋能企业高质量发展，是当前急需解答的重要问题。基于2010—2023年中国A股上市公司的面板数据，采用多期双重差分法探讨了碳排放权交易机制的实施与企业全要素生产率之间的关系。实证结果表明，碳排放权交易机制的实施能够显著提升企业全要素生产率。中介机制分析表明，碳排放权交易机制的实施通过发挥技术创新效应、信息不对称缓释效应和融资纾困效应提升企业全要素生产率。拓展性分析表明，碳排放权交易机制提升企业全要素生产率的效应在所在地区碳排放权交易市场非履约主体较活跃以及碳价较高时更显著；同时，该效应在高碳行业和竞争程度较高的行业中也更为显著。

Abstract: As an important institutional innovation for promoting the comprehensive green transformation of economic and social development and a key approach to achieving the dual carbon goals, whether the carbon emission trading mechanism can empower enterprises to achieve high-quality development through market mechanisms is an urgent question that needs to be answered.Based on the panel data of Chinese A-share listed companies from 2010 to 2023, this paper uses the multi-period difference-in-differences method to explore the relationship between the implementation of the carbon emission trading mechanism and the total factor productivity of enterprises.The empirical results show that the implementation of the carbon emission trading mechanism can significantly enhance the total factor productivity of enterprises.The mediation mechanism analysis indicates that the implementation of the carbon emission trading mechanism improves the total factor productivity of enterprises by exerting technological innovation effects, alleviating information asymmetry, and providing financing relief.The extended analysis reveals that the effect of the carbon emission trading mechanism on enhancing the total factor productivity of enterprises is more significant when the non-compliance entities in the carbon emission trading market of the region are active and the carbon price is high; meanwhile, this effect is more pronounced in high-carbon industries and industries with higher competition.