碳排放交易试点政策对制造业高质量发展影响研究——以长三角地区制造企业为例

Influence of Carbon Emission Trading Pilot Policy on High-quality Development of Manufacturing Industry:Taking Manufacturing Enterprises in the Yangtze River Delta as Examples

基于2010—2021年长三角地区A股制造业上市公司数据,利用双重差分模型探讨碳排放交易试点政策对制造业高质量发展的影响。结果发现:碳排放交易试点政策能够显著促进制造业高质量发展,且促进效果呈逐年上升趋势;中介效应检验表明,碳排放交易试点政策通过促进企业技术创新与缓解企业融资约束,进而促进制造业高质量发展;进一步异质性检验发现,碳排放交易试点政策能显著促进大型企业、国有企业、中碳密集企业与轻污染企业高质量发展,对高碳密集企业与重污染企业起抑制作用,对低碳密集企业有促进作用但不显著。

Based on the data of A-share manufacturing listed companies in the Yangtze River Delta from 2010 to 2021,this paper uses the DID model to explore the impact of carbon emission trading pilot policy on the high-quality development of manufacturing industry.The results show that the carbon emission trading pilot policy can significantly promote the high-quality development of the manufacturing industry,and the promotion effect of the carbon emission trading pilot policy on the high-quality development of the manufacturing industry shows an increasing trend year by year.The intermediary test shows that the carbon emission trading pilot policy promotes the high-quality development of the manufacturing industry by promoting the technological innovation of enterprises and alleviating the financing constraints of enterprises.Further heterogeneity test shows that the carbon emission trading pilot policy has a significant impact on the high-quality development of large enterprises,state-owned enterprises,medium carbon intensive enterprises and light polluting enterprises.