碳排放权交易政策的资源配置效应--基于资源要素的企业内外“双循环”视角

Resource allocation effect of carbon emission trading policy——A resource-based perspective on the“Double Cycle”within and outside the enterprise

作为实现“双碳”战略的重要手段,碳排放权交易政策能否在实现碳减排目标的同时改善资源配置,实现环境保护与经济协调发展,是一个值得探究的问题。选取2008-2020年高污染工业企业数据,以2011年碳排放权交易政策出台作为准自然实验,采用双重差分模型和三重差分模型研究该政策对企业内以及企业间资源配置效率的影响。结果表明:碳排放权交易政策可以促进资源在企业内部的循环调整,优化企业内资源配置效率,还能够提高企业市场份额增长率,但同时也弱化了企业之间的资源配置效率,使资源更多地流向了低生产率企业,从而造成低生产率企业的市场份额增长更快。进一步研究表明:碳排放权交易政策对企业内与企业间资源配置效率的影响在异质性企业中呈现出非对称性,主要表现为碳排放权交易政策对非政治关联企业和大规模企业内部资源配置效率的影响更大,并且对非政治关联企业和小规模企业之间资源配置效率产生更显著影响。研究结论为碳排放权交易政策推进经济高质量发展提供了政策启示。

As an important means of realizing the"dual-carbon"strategy,it is worth exploring whether the carbon emissions trading policy can achieve the carbon emission reduction target while improving resource allocation and realizing the coordinated development of environmental protection and economy.This paper selected data from highly polluting industrial enterprises from 2008 to 2020,took the introduction of the carbon emissions trading policy in 2011 as a quasi-natural experiment,and employed double difference and triple difference models to study the impact of this policy on both intra-enterprise and inter-enterprise resource allocation efficiency.The results showed that the carbon emission trading policies promoted the cyclical adjustment of resources within enterprises,optimized resource allocation efficiency,and increased the growth rate of enterprise market shares.However,these policies also diminished the efficiency of resource allocation across enterprises,causing resources to flow toward low-productivity enterprises and resulting in faster market share growth for these less productive entities.Further research showed that the impact of carbon emissions trading policy on intra-and inter-firm resource allocation efficiency was asymmetric in heterogeneous firms,mainly manifesting in the fact that the carbon emissions trading policy had a greater impact on resource allocation efficiency within non-politically connected firms and large-scale firms,and had a more significant impact on resource allocation efficiency between non-politically connected firms and small-scale firms.The findings of the study provided policy insights for carbon emissions trading policies to promote high-quality economic development.