碳试点政策、绿色创新和企业生产效率

Carbon Pilot Policy,Green Innovation and Enterprise Production Efficiency

本文基于我国A股上市公司数据,通过双重差分模型考察了碳试点政策对企业绿色创新和生产效率的影响,发现碳试点政策显著促进了企业绿色创新水平和生产效率提升,但政策效应发挥有一到两年的滞后期。在基于创新动机将企业创新区分为“实质性”和“策略性”两种创新类型后,发现碳试点政策对企业“实质性”和“策略性”绿色创新水平均有显著的促进作用,且对“实质性”绿色创新水平的提升效果更为显著,机制分析则表明仅有企业的“实质性”绿色创新在促进企业生产效率提升的过程中发挥了中介效应。异质性分析表明,碳试点政策促进国有企业绿色创新水平提升的效果更为显著,但在促进企业生产效率提升方面对非国有企业更为显著,此外企业受到的政府补贴越多,其绿色创新水平和生产效率提升的效果更加显著。进一步的研究表明,碳试点政策对试点地区未被纳入碳市场的企业存在政策溢出效应,但政策作用效果远弱于被纳入碳市场的企业;对于非试点地区,尚未发现碳试点政策造成了“污染天堂”效应。本文亦考察了碳试点政策的资源再配置效应,发现碳试点政策能够促使低生产率企业的市场份额减少及高生产率企业的市场份额提升,通过加速市场“优胜劣汰”促进了资源优化再配置。

Based on the data of A-share listed companies in China,this paper examines the impact of carbon pilot policies on green innovation and production efficiency of enterprises through a dual difference model,and finds that carbon pilot policies significantly promote the improvement of green innovation level and production efficiency of enterprises,but the policy effect has a lag of one to two years.After distinguishing enterprise innovation based on innovation motivation into two types:“substantive”and“strategic”,this paper finds that the carbon pilot policy has a significant role in promoting the level of“substantive”and“strategic”green innovation of enterprises,and has a more significant effect on improving the level of“substantive”green innovation.The mechanism analysis shows that only the“substantive”green innovation of enterprises has played a mediating role in promoting the improvement of enterprise production efficiency.The heterogeneity analysis shows that the carbon pilot policy has a more significant effect in promoting the green innovation level of state-owned enterprises,but it is more significant for non-state-owned enterprises in promoting the improvement of enterprise production efficiency.In addition,the more government subsidies enterprises receive,the more significant the effect of improving their green innovation level and production efficiency.Further research shows that the carbon pilot policy has a policy spillover effect on the enterprises not included in the carbon market in the pilot area,but the effect of the policy is far weaker than that of the enterprises included in the carbon market;For non pilot areas,it is found that the carbon pilot policy has not yet caused the“pollution paradise”effect.This paper also finds that the carbon pilot policy can reduce the market share of low productivity enterprises,promote the market share of high productivity enterprises,and promote the optimization and re allocation of resources by accelerating the“survival of the fittest”in the market.