SO2排污权交易试点政策的创新效应分析

Innovation Effect of SO2 Emission Right Trading Pilot Policy

以2007年SO2排污权交易试点政策作为"准自然实验",基于我国上市公司微观企业数据,运用双重差分法,探究市场化环境规制政策与企业创新水平之间的因果关系。研究发现:与非试点地区相比,SO2排污权交易试点政策显著提高了试点地区企业的技术创新水平。基于专利类型和所有制视角分组检验显示:一是SO2排污权交易政策显著提高了企业实质性创新和策略性创新,且策略性创新对于试点政策反应更大。二是与国有企业相比,非国有企业技术创新水平受SO2排污权交易政策影响相对更大。三是与非试点地区企业相比,SO2排污权交易政策提高了非国有企业的实质性创新和策略性创新。但对于国有企业来说,该政策却仅提高了策略性创新。

Taking the SO2 emission trading pilot policy in 2007 as a"quasi natural experiment"and based on the micro-enterprise data of listed companies in China,this paper explores the causal relationship between marketoriented environmental regulation policy and enterprise innovation level by using the double difference method.The results show that compared with non-pilot areas,the pilot policy of SO2 emission trading significantly improves the technological innovation level of enterprises in pilot areas.Based on the patent type and ownership perspective,group test shows that the SO2 emission trading policy significantly improves the substantive innovation and strategic innovation of enterprises while the strategic innovation is more responsive to the pilot policy;compared with the state-owned enterprises,the technological innovation level of non-state-owned enterprises is more affected by the SO2 emission trading policy;and compared with enterprises in non-pilot areas,SO2 emission trading policy improves the substantive and strategic innovation of non-state-owned enterprises while for state-owned enterprises,the policy only improves strategic innovation.