纵向监管能否实现减污降碳协同OACHSSCD

China's environmental governance has entered a critical window of opportunity for achieving synergies between corporate emissions reduction and carbon reduction.Clarifying the synergistic effects of vertical regulation on these efforts,as well as the logic behind the coordination of other policies,has become a central issue in realizing green and high-quality development.By using A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2022 as research samples,the research takes key monitoring policies as exogenous policy shocks resulting from vertical regulation to systematically examine their impact on corporate emissions reduction and carbon reduction,as well as the transmission mechanisms involved.The study finds that:1)Key monitoring policies effectively drive synergies in corporate emissions reduction and carbon reduction,with this effect being particularly pronounced in state-owned enterprises,firms with low bargaining power,and heavily polluting industries.2)Corporate governance mechanisms have shifted from an end-of-pipe treatment model to a mid-stream technology upgrade model,but have not yet achieved a transition to front-end clean production.Group-specific tests reveal that the realization of synergies depends on firms' technological and efficiency foundations in the mid-stream,while synergistic governance effects in other stages are limited.3)Further examination of the complementarity between vertical regulation and other policies reveals significant"targeted"characteristics in the empirical results:the environmental protection tax focuses more on strengthening the foundation of pollution control,the carbon emissions trading system targets carbon reduction goals more precisely,while digital transformation policies can significantly enhance the effectiveness of pollution reduction policy implementation.This research not only addresses the practical demands of the national"dual carbon"strategy but also provides theoretical support and practical guidance for refining policy mix design under vertical regulation and for building a modern,digitally empowered environmental governance system.