碳排放权交易对企业高质量发展的溢出效应——来自供应链联盟的经验证据

Spillover Effect of Carbon Emission Trading on High-quality Development of Enterprises—Empirical Evidence Based on Supply Chain Alliances

本文针对市场激励型碳规制能否助力企业联动协作而实现供应链提质增效这一现实问题,引入供应链联盟变量,检验碳排放权交易对企业高质量发展的供应链溢出效应。研究结果显示,碳排放权交易会促进形成供应链联盟的控排企业高质量发展,且这一作用具有沿供应链上下游的双向溢出效应,即碳排放权交易会推动控排企业上游供应商、下游客户高质量发展。进一步分析结果显示,与控排企业相关联的供应链溢出效应可分为技术、信息、信用三个维度,具体表现为碳排放权交易可以协同供应链创新、提升供应链信息效率、促进供应链数字化建设和发展供应链金融。异质性检验结果表明,当供应链联盟中的控排企业议价能力更强、媒体关注更高时,碳排放权交易对其高质量发展具有更明显的激励效果。目前仅有部分控排企业率先跨越碳规制的“波特拐点”实现全要素生产率跃升式的高质量发展,正是供应链联盟为其提供了良好的中观环境。本文研究结论有助于有的放矢开放碳市场,在稳链强链背景下提高供应链竞争力,同时为研究碳排放权交易的溢出效应提供了新视角。

China’s ecological civilization construction has entered a new stage with carbon reduction as the key strategic direction.As an important institutional innovation in China’s response to climate issues,carbon emission trading aims to achieve high-quality development of total factor productivity(TFP).To achieve the strategic goals of carbon peaking and carbon neutrality(“dual carbon”goals),the green transformation of highcarbon industries is accelerating,with a gradual expansion of carbon emissions considerations across the entire industrial chain.To address the issue of whether market-incentivized carbon regulation can help enterprises improve the quality and efficiency of the supply chain through collaboration,this paper introduces the variable of supply chain alliance to investigate the supply chain spillover effect of carbon emissions trading on the high-quality development of enterprises.Considering the initiation of China’s eight carbon emission trading pilot markets in 2013,this paper takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 as samples.It manually collects the directory of emission control enterprises and their upstream suppliers and downstream customers in each market to conduct empirical analysis.The findings are as follows.(1)Carbon emission trading can promote the high-quality development of emission control enterprises that form supply chain alliances,thereby generating supply chain spillover effects.(2)The spillover effect of carbon emission trading on the whole supply chain is reflected in technology diffusion,information sharing,and credit support.(3)Carbon emission trading plays a more significant role in promoting the highquality development of emission control enterprises with strong bargaining power and high media attention.The results imply that only some emission-control firms cross the Porter’s inflection point of carbon regulation and realize high-quality development in terms of TFP,and it is the supply chain alliance that provides a good mesoenvironment for them.The possible marginal contributions are as follows.In terms of research methods,this paper defines carbon factor input as a production factor,constructs a production function including enterprise carbon emissions,and deduces a measurement model of TFP.In terms of research perspective,this paper focuses on the middle-level differences of emission control enterprises and uses the PSM-DDD method to empirically analyze the heterogeneity.In terms of research content,this paper verifies the spillover effect of carbon emission trading and the carbon reduction activities of supply chain alliance partners.The conclusions help to build the carbon market in a targeted way,improve the competitiveness of supply chains in the context of stabilizing and strengthening chains,and provide new perspectives for the spillover effect of carbon emissions trading.