【摘要】 碳排放权交易制度作为一种市场激励型环境规制手段，在促使企业减排中发挥重要作用，但其对企业竞争战略的影响仍有待探讨。本文利用我国建立碳排放权交易试点这一准自然实验，使用双重差分法考察碳排放权交易制度对企业竞争战略选择的影响及其异质性，并使用PSM-DID等方法检验稳健性。本文的主要发现如下：被纳入碳排放权交易试点显著正向促进企业差异化战略的实施，但对企业低成本战略无显著影响，且组织冗余在两者间起正向调节作用。更多还原

【Abstract】 Carbon emissions trading system, as a market-incentivised environmental regulation tool, plays an important role in prompting enterprises to reduce emissions, but its impact on enterprises’ competitive strategies remains to be explored. This paper takes advantage of the quasi-natural experiment of establishing a carbon emissions trading pilot in China to examine the impact of the carbon emissions trading system on firms’ competitive strategy choices and its heterogeneity using the double difference method, and to test the robustness using PSM-DID and other methods. The main findings of this paper are as follows: being included in the carbon emissions trading pilot significantly and positively promotes the implementation of firms’ differentiation strategies, but has no significant effect on firms’ low-cost strategies, and organisational redundancy positively moderates between the two.更多还原