{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,10]],"date-time":"2025-10-10T00:59:36Z","timestamp":1760057976203,"version":"build-2065373602"},"reference-count":54,"publisher":"MDPI AG","issue":"1","license":[{"start":{"date-parts":[[2025,3,3]],"date-time":"2025-03-03T00:00:00Z","timestamp":1740960000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Natural Science Foundation of China","award":["72271033","72311540159","2-9-2022-021"],"award-info":[{"award-number":["72271033","72311540159","2-9-2022-021"]}]},{"name":"International (Regional) Cooperation and Exchange (ICE) Projects of the National Natural Science Foundation of China (NSFC)","award":["72271033","72311540159","2-9-2022-021"],"award-info":[{"award-number":["72271033","72311540159","2-9-2022-021"]}]},{"name":"Central University Basic Research Fund of China","award":["72271033","72311540159","2-9-2022-021"],"award-info":[{"award-number":["72271033","72311540159","2-9-2022-021"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JTAER"],"abstract":"<jats:p>Carbon trading has emerged as a critical environmental and economic mechanism for promoting energy conservation and emission reduction among firms in China. Leveraging big data from listed industrial firms participating in carbon trading, this study employs the super-efficiency SBM model and the common frontier model to evaluate firm-level carbon performance. Using carbon performance as a mediating variable, the study investigates the impact of carbon trading on firm value, considering the moderating effects of internal and external governance mechanisms. The findings reveal the following: (1) Carbon trading enhances firm value by improving carbon performance. (2) Internal governance mechanisms strengthen the positive effect of carbon trading on firm value, while government intervention weakens this effect. (3) The value-enhancing effect of carbon trading is more pronounced for firms in China\u2019s central and western regions. (4) Among industrial firms, carbon trading has the strongest impact on the value of manufacturing firms. These results provide valuable insights for policymakers and firms aiming to align environmental and economic objectives through carbon-trading mechanisms.<\/jats:p>","DOI":"10.3390\/jtaer20010043","type":"journal-article","created":{"date-parts":[[2025,3,4]],"date-time":"2025-03-04T03:26:21Z","timestamp":1741058781000},"page":"43","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Big Data-Driven Carbon Trading and Industrial Firm Value Based on DEA and DID"],"prefix":"10.3390","volume":"20","author":[{"given":"Zhen","family":"Peng","sequence":"first","affiliation":[{"name":"School of Economics and Management, China University of Geosciences Beijing, Beijing 100083, China"}]},{"given":"Yunxiao","family":"Zhang","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing Institute of Petrochemical Technology, Beijing 102617, China"}]},{"ORCID":"https:\/\/orcid.org\/0009-0001-2443-2698","authenticated-orcid":false,"given":"Tongtong","family":"Sun","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing Institute of Petrochemical Technology, Beijing 102617, China"}]}],"member":"1968","published-online":{"date-parts":[[2025,3,3]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"111333","DOI":"10.1016\/j.enpol.2020.111333","article-title":"Effects of allowance allocation rules on green technology investment and product pricing under the cap-and-trade mechanism","volume":"139","author":"Yang","year":"2020","journal-title":"Energy Policy"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"121700","DOI":"10.1016\/j.jclepro.2020.121700","article-title":"Carbon emission curbing effects and influencing mechanisms of China\u2019s Emission Trading Scheme: The mediating roles of technique effect, composition effect and allocation effect","volume":"264","author":"Chen","year":"2020","journal-title":"J. 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