市场型环境规制与企业绿色创新——来自碳排放交易试点的证据

The Regulation of Market-based Environmental and Corporate Green Innovation:Evidence from Carbon Emissions Trading pilots

为研究碳排放交易政策对企业绿色技术创新的影响,验证“波特假说”在中国市场化环境规制改革背景下的成立性,以2006—2019年中国A股上市公司的绿色技术创新数据为研究样本,利用双重差分和三重差分模型研究发现碳排放交易政策对企业绿色创新具有显著的促进作用,从而“波特假说”成立,且该结论能够通过稳健性检验;进一步研究发现,碳排放交易政策对企业绿色技术创新的促进作用主要来源于企业原有创新活动基础上的“杠杆作用”;拓展研究发现,该促进作用主要存在于国有企业、规模较大的企业和高碳排放的行业;此外,碳排放交易试点政策在提高绿色创新质量方面起到了积极作用。

In order to estimate whether the policy of carbon emissions trading can promote the green technology innovation of enterprises and verify the establishment of the“Porter Hypothesis”in China’s market-based environmental regulation reform.The difference-in-differences model(DID)and difference-in-difference-in-differences model(DDD)framework were used to analyze the sample data of A-share listed companies from 2006 to 2019.Three findings are found.First,the carbon emission trading policy can prove the“Porter Hypothesis”,and the conclusion remains after the introduction of a series of robustness tests.Second,the carbon emission trading policy to promote enterprise green technology innovation mainly by the“leverage effect”.Third,this promotion mainly exists in state-owned enterprises,large-scale enterprises and industries with high carbon emissions.Finally,the policy of carbon emissions trading also has played an active role in improving the quality of green innovation.