The Influence of Carbon Emissions Trading Pilot Policies on Supply Chain Risks. -- A Quasi-Natural Experiment Based on A-Share Listed Companies

As a crucial measure for achieving the "dual carbon" goals, carbon emissions trading pilot policies have garnered widespread attention. This study analyzed the impact of carbon emissions trading pilot policies on corporate supply chain risk levels and their underlying mechanisms, using data from A-share listed companies from 2008 to 2021. The findings revealed that carbon emissions trading pilot policies significantly mitigate supply chain risks, and this conclusion remained valid after undergoing parallel trend tests, placebo tests, and PSM-DID analyses. Further analysis indicated that the mitigating effect is more pronounced among state-owned enterprises, large-scale firms, and companies located in eastern China. Mechanism analysis suggested that Carbon Emissions Trading Pilot Policies reduces supply chain risks by promoting technological innovation, enhancing corporate development quality, and improving industrial structures. The conclusions of this study provide valuable insights for firms to leverage carbon policies for supply chain risk management and achieve sustainable development.