Research on the Impact Mechanism of Green Transformation of Manufacturing Enterprises on Enterprise Quality Development--Micro Empirical Study from Chinese Manufacturing Listed Companies

In the context of global economic transformation and sustainable development, the manufacturing industry, as an important pillar of the national economy, is facing unprecedented pressure and challenges. The call for environmental protection is increasingly high. How to pursue economic benefits while taking into account the protection of ecological environment has become an urgent problem to be solved. This paper takes the green transformation of enterprises as the starting point, based on the data of listed manufacturing companies in China from 2016 to 2020, empirically studies the impact and potential mechanism of the green transformation of manufacturing enterprises on the high-quality development of enterprises, and further verifies the regulatory role played by the government in the implementation of emission trading right. The results show that the green transformation of manufacturing enterprises can promote the high-quality development of manufacturing enterprises, and the pollutant emission has a significant intermediary effect on the green transformation of enterprises to promote the high-quality development of enterprises. At the same time, the implementation of emission trading policy is an effective means to regulate the excessive emission of enterprises and the slow green transformation. The heterogeneity analysis found that the green transformation of both state-owned enterprises and non-state-owned enterprises can improve the high-quality development level of enterprises, but compared with state-owned enterprises, the green transformation of non-state-owned enterprises plays a stronger driving role. This paper provides theoretical reference and policy enlightenment for explaining the mechanism of green transformation of enterprises and verifying the role of the right of government emission trading right.