Big Data-Driven Carbon Trading and Industrial Firm Value Based on DEA and DID

Abstract

Carbon trading has emerged as a critical environmental and economic mechanism for promoting energy conservation and emission reduction among firms in China. Leveraging big data from listed industrial firms participating in carbon trading, this study employs the super-efficiency SBM model and the common frontier model to evaluate firm-level carbon performance. Using carbon performance as a mediating variable, the study investigates the impact of carbon trading on firm value, considering the moderating effects of internal and external governance mechanisms. The findings reveal the following: (1) Carbon trading enhances firm value by improving carbon performance. (2) Internal governance mechanisms strengthen the positive effect of carbon trading on firm value, while government intervention weakens this effect. (3) The value-enhancing effect of carbon trading is more pronounced for firms in China’s central and western regions. (4) Among industrial firms, carbon trading has the strongest impact on the value of manufacturing firms. These results provide valuable insights for policymakers and firms aiming to align environmental and economic objectives through carbon-trading mechanisms.

Keywords

• big data
• carbon trading
• industrial firm value
• firm carbon performance
• internal and external governance of firms