The Energy Right Trading Policy and Firm Resilience: Evidence from High Energy-Consuming Enterprises

Drawing upon a quasi-natural experiment of the energy right trading policy, this study examines the mechanism through which the policy influences the resilience of enterprises in high energy-consuming industries. Using A-share listed firms in high energy-consuming industries in Shanghai and Shenzhen, China, from 2012 to 2023 as the research sample, we construct a difference-in-differences (DID) model to systematically analyze the policy’s impact on enterprise resilience. Results indicate that by setting initial quotas and permitting paid trading among firms, the policy significantly enhances resilience in high energy-consuming industries. This enhancement operates primarily through two channels: (1) reducing firms’ financing constraints, and (2) improving their energy-use efficiency. Moreover, the heterogeneity analysis indicates that the resilience-enhancing effect of the policy is more pronounced in coastal regions, in firms with higher relocation costs, and in firms with weaker profitability. Based on these findings, this paper proposes several policy recommendations, including improving the design of the energy-use rights trading system, optimizing the energy structure, and strengthening financial support for enterprises. These measures aim to promote green and low-carbon sustainable development, provide solutions to the transformation challenges of traditional high-energy-consuming industries, and contribute both theoretical and practical guidance for fostering high-quality economic growth.