Under the constraints of carbon emission trading policy, can enterprises achieve environmental protection and economic growth at the same time? This paper selects heavy polluting enterprises listed in Shanghai and Shenzhen A-shares from 2008 to 2019 as research samples to empirically study the impact of carbon emission trading policies on the economic and environmental performance of heavy polluting enterprises. Then, the robustness of the results was tested by counterfactual tests, exclusion of other policy interference and falsified experiments. The results show that the carbon emission trading policy has a positive impact on the economic performance and environmental performance of heavy polluting enterprises, but the impact presents significant regional heterogeneity, on the other hand, due to the different nature of corporate equity, the impact of policies on corporate environmental performance is also different. Finally, green innovation does play a mediating role between carbon emission trading policies and corporate environmental performance, but the moderating effect of government subsidies is not significant. Therefore, the government should make rational use of modern information technology to guide the implementation of carbon trading policy and promote high-quality economic development.
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