中国海洋大学学报(社会科学版)

低碳城市试点政策作为推动经济绿色转型和实现高质量发展的重要制度创新，其微观经济效应尚待科学评估。基于2008—2023年制造业上市公司数据，以企业全要素生产率为切入点，构建多时点双重差分模型，系统考察低碳城市试点政策对企业生产绩效的影响及其作用机制。研究发现：(1)低碳城市试点政策显著提升企业生产绩效，处理组企业全要素生产率平均提高1.2%,在采用PSM-DID、变量替换及安慰剂检验后，结论依然稳健；(2)政策通过技术创新激励与环境信息披露双路径发挥传导作用；(3)非国有企业生产率提升幅度是国有企业的2.7倍，中小规模企业政策效应较中大规模企业高71.4%,且非重污染行业和东部地区的企业的效应更为明显，凸显产权性质、组织柔性、行业特点与区域差异对政策响应的调节作用。本研究从创新补偿与信息传递双维度拓展环境规制的微观效应研究，提供了“波特假说”在新兴市场中的实证证据，并为优化低碳城市试点政策执行路径、强化企业绿色转型激励提供决策依据。

The low-carbon city pilot policy is a crucial institutional innovation for promoting the green transformation of economy and achieving high-quality development.However, its microeconomic effects remain to be scientifically evaluated.Based on data from listed manufacturing companies between 2008 and 2023,this study focuses on the total factor productivity(TFP) of enterprises, and constructs a multi-period difference-in-differences(DID) model to systematically examine the policy′s productivity effects and underlying mechanisms.The research findings are as follows:(1) The low-carbon pilot policy significantly improves enterprise production performance, with an average TFP increase of 1.2% for the treatment group, and the results remain robust after conducting PSM-DID,variable replacement, and placebo tests.(2) Mechanism tests reveal that the policy affects productivity through two pathways: technological innovation incentives and environmental information disclosure.(3) Heterogeneity analysis shows that the TFP improvement in non-state-owned enterprises is 2.7 times that of state-owned enterprises, and the policy effect for small and medium-sized enterprises(SMEs) is 71.4% higher than that for large enterprises, highlighting the moderating roles of ownership type and organizational flexibility in policy response.This study expands the microeconomic effect research of environmental regulations from the perspectives of innovation compensation and information transmission, provides emerging market empirical evidence for Porter′s hypothesis, and offers policy recommendations for optimizing the implementation of low-carbon policies and strengthening incentives for enterprises′ green transformation.