市场型环境规制政策能否促进企业绿色技术创新?——基于碳排放权交易试点的准自然实验

Can Market-oriented Environmental Regulation Policy PromoteGreen Technology Innovation of Enterprises? Based onQuasi-natural Experiment of Carbon Emissions Trading Pilot

碳排放权交易试点政策是实现我国“双碳”战略的重要途径,同时也是推动我国经济转型和高质量发展的重要制度。文章利用2008-2019年中国沪深A股上市公司数据,采用多期双重差分模型,实证研究碳排放权交易试点政策对企业绿色技术创新的影响。研究发现,碳排放权交易试点政策能够倒逼企业开展创新活动,从而加快企业的绿色技术创新,且结果具有较强的稳健性;研究还发现,政策效应存在异质性,国有企业、大规模企业的绿色技术创新更易受政策的积极影响,且更有助于绿色发明专利水平的提升;机制分析表明,试点政策可以通过良好的创新环境、较高的金融发展水平以及财政支持进一步正向调节其对企业绿色技术创新的影响。

The carbon emissions trading pilot policy is a crucial pathway for achieving China’s“dual carbon”strategy,and it also serves as a vital institution for propelling the transformation and high-quality development of Chinese economy.Leveraging data from A-share listed companies in Shanghai and Shenzhen Stock Exchanges in China from 2008 to 2019,this paper employs a multi-period difference-in-differences(DID)model to empirically examine the impact of the carbon emissions trading pilot policy on enterprise green technology innovation.The findings reveal that the carbon emissions trading pilot policy can force enterprises to engage in innovative activities,thereby enhancing their green technology innovation,and the empirical results are robust.There exists heterogeneity in the policy effects,with a stronger impetus for green technology innovation observed in state-owned enterprises and large-scale enterprises,and a greater contribution to the advancement of green invention patent levels.The mechanism analysis shows that the pilot policy can further positively modulate the impact on enterprise green technology innovation through a favorable innovation environment,financial development level,and fiscal support.