碳金融是否促进了绿色创新水平?——基于碳排放权交易政策的准自然实验

Whether Carbon Finance Promotes the Green Innovation:Quasi-Natural Experiment Based on Carbon Emission Trading Policy

以碳排放权交易市场的设立为准自然实验,基于2010-2018年沪深A股上市公司数据,运用双重差分法对碳金融的绿色创新效应进行分析。研究发现,碳排放权交易能够提高企业环境责任水平、缓解融资约束进而提升企业高质量绿色创新,但对一般性绿色创新无影响。碳排放权交易下,提高政府环保补助对企业高质量绿色发明专利具有促进作用。高质量绿色创新能够进一步调节碳排放权交易对企业绿色全要素生产率的积极影响。考察碳排放权交易利用市场机制发挥金融功能推动绿色创新的作用机理,对于政府加强碳交易平台建设、完善碳金融制度以及实现“双碳”目标具有重要意义。

The present research implements a quasi-natural experiment on the establishment of the carbon emission trading(CET)market.Based on the data of listed companies in Shanghai and Shenzhen A-share markets from 2010 to 2018,it analyses the green innovation effect of carbon finance through the Differencesin-Differences(DID)technique.The results show that the CET can strengthen the enterprises’environmental responsibility,release their financing restraints and increase their high-quality green innovations,yet it has no impact on the general green innovations.Against a backdrop of the CET,the environmental subsidy growth will contribute to more enterprises’high-quality environmental patents for invention.The high-quality green innovation will further adjust the positive impact of the CET on the enterprises’Total Factor Productivity(TFP).In conclusion,research on how the CET utilizes the market mechanism to realize its financing function to promote green innovation has a significant meaning in enhancing the construction of the carbon trading platform,ameliorating the carbon financing system,and realizing the“dual-carbon”goals.