碳交易政策增进企业意义导向技术创新机制研究

The Promotion Mechanism of Carbon Trading Policy to Enterprise Meaning Oriented Technological Innovation

创新是驱动绿色高质量发展的重要引擎,技术创新的意义导向逐渐从一般性视角向绿色、低碳等生态视角转变,“环境保护”成为低碳技术创新的本质意义。碳交易市场兼具政府和市场双重调节,在“双碳”愿景下对增进企业意义导向创新具有重要作用。以“二元合法性”为理论视角,基于2010—2019年碳交易试点八大行业企业的面板数据,采用双重差分法研究了碳交易政策对企业低碳技术创新的影响,及异质性企业环境责任和媒体环境关注在其关系中的作用机制。结果表明:碳交易政策的实施不仅有效提高了企业低碳技术创新水平,还有助于促进企业履行环境责任;前瞻型环境责任在碳交易政策与企业低碳技术创新关系中发挥中介效应,当企业履行反应型环境责任时可能存在“迎合效应”,其中介效应不显著;媒体环境关注能够正向调节碳交易政策与企业低碳技术创新的关系,其作为非正式环境规制可以与碳交易政策协同促进企业低碳技术创新。

Innovation is an important engine driving green and high-quality development,and the significance of tech-nological innovation is gradually shifting from a general perspective to an ecological perspective such as green and low-carbon.Environmental protection has become the essential significance of low-carbon technological innovation.Car-bon emission trading policy is an environmental regulation system with dual regulation of both government and market,which plays an important role in promoting meaning oriented innovation of enterprises under the vision of"dual carbon".On the other hand,with the development of the"polycentric"governance theory,social subject such as the media are increasingly given more environmental governance rights,and an environmental multi-subjects co-governance model of the government subject,the market subject and the social subject in the context of China are gradually being constructed,and the governance forces of formal and informal environmental regulations are aggregating.In response to the legitimacy pressure generated by the constantly improving institutional environment,enterprises have resorted to more inclusive and sustainable low-carbon technological innovations.However,as a business behavior that needs to weigh the costs and benefits,the low-carbon innovation has a"dual"motivation of catering to institutional norms and seeking differential advantages under the isomorphic pressure of carbon emission trading policies.The two differentiated manifestations of forced response and active responsibility induced by different motivations will produce different low-carbon innovation effects.Under the dual carbon goal,how to break through the legitimacy paradox of"compliance"and"initiative"to promote low-carbon innovation of enterprises has become an urgent problem to be solved.In order to answer the above questions,this paper takes the"environmental governance community"as the core logic,cuts in from the perspective of"dual legitimacy"theory,and conducts research around the basic issue of"how does the carbon trading policy at the macro level affect the low-carbon technology innovation of enterprises at the micro level".Integrate carbon trading policy,corporate environmental responsibility,low-carbon technology innovation and media environmental attention into the same research framework to further examine the mediating effect of heterogeneous corporate environmental responsibility and the moderating effect of media environmental attention,so as to further explore the effect and collaborative linkage mechanism of carbon emission trading policy on enhancing corporate meaning oriented technological innovation.Based on the panel data of 622 sample companies in the eight major industries of carbon trading pilots from 2010 to 2019,and on the basis of building a keyword thesaurus,use Python for text mining of corporate social responsibility reports,sustainable development reports and news reports,and obtain data of corporate environmental responsibility and media environment attention in the way of word frequency analysis.This paper used difference-in-differences method to examine the impact of the carbon trading policy on the low-carbon technology innovation of enterprises at the micro level,and carried out the robustness and endogeneity tests of the propensity score matching method PSM-DID and the replacement of the dependent variable measurement to verify the robustness of the research results.On this basis,it further tests the"catering hypothesis"of corporate low-carbon technological innovation from the perspective of input and output,and examines the role mechanism of heterogeneous corporate environmental responsibility and media environment attention in the relationship between carbon trading policy and enterprise low-carbon innovation.The results show that the implementation of carbon emission trading policy not only effectively improves the level of low-carbon technological innovation of enterprises,but also promotes enterprises to fulfll their environmental responsibilities.Compared with reactive environmental responsibility,it plays a more significant role in promoting proactive environmental responsibility.Proactive environmental responsibility plays a intermediary role in the relationship between carbon emission trading policies and corporate low-carbon technological innovation.When enterprises perform reactive environmental responsibility,there may be a"catering effect",of which the mediating effect is not significant.As an informal environmental regulation,media environmental attention serves as a supplementary mechanism for carbon emission trading policies,which can positively moderate the relationship between carbon emission trading policies and enterprise low-carbon technological innovation.According to the research conclusion,and from the perspective of comprehensive construction of the governance relationship among government subjects,market subjects and social subjects,this paper puts forward countermeasures and suggestions to promote meaningful low-carbon technological innovation of enterprises.