中国碳排放权交易市场、能源市场关联性与高能耗企业研发投入

Correlation of China's Carbon Emissions Trading Market and Energy market and R&D Investment of High-Energy Consuming Enterprises

中国碳市场价格波动与国内外能源市场具有较强关联性,国际能源市场期货与现货价格波动对碳市场影响远高于国内。分析碳市场与国内外能源市场价格对高能耗企业研发投入影响时发现,国际能源期货价格上涨对高能耗企业研发投入激励作用最强,碳价格上涨则显著抑制研发投入;不考虑国际市场时,碳价格与国内传统能源市场价格、新能源市场价格协同促进重污染企业研发投入,且抵消了碳价格对研发投入的抑制作用,作为对照组,碳价格上涨则直接显著促进新能源企业研发投入。

The price fluctuation of China's carbon market is strongly dependent on domestic and foreign energy markets.The impact of futures and spot price fluctuations in the international energy market on the carbon market is much higher than that of the domestic market.Though the analysis of the carbon market and domestic and foreign energy market prices on the R&D investment of high energy-consuming enterprises,it is found that the rise of international energy futures prices has the strongest incentive for R&D of high energy-consuming enterprises,and the rise of carbon prices significantly inhibits R&D investment.When the international market is not considered,the carbon price,the domestic energy market index and the new energy index synergistically promote the R&D investment of polluting enterprises and offset the inhibitory effect of carbon price on R&D.As a control group,the increase in carbon price will directly and significantly promote the R&D investment of clean energy enterprises.