碳排放权交易与企业绿色技术创新

Carbon Emission Trading and Corporate Green Technology Innovation

碳排放权交易是实现经济高质量发展和“3060”国际承诺的重要工具。基于1 218家沪深重污染行业上市企业数据,以碳排放权交易试点政策为准自然实验,采用双重差分(DID)的计算方法,从外部压力和内源动力两个渠道分析了碳排放权交易试点政策对企业绿色技术创新活动的影响。研究发现,碳排放权交易试点政策能促进企业绿色技术创新,该促进作用在国有企业和高新技术企业间存在差异,环保投资和环境规制强度分别从内源动力和外部压力渠道解释了该政策的作用机制。研究结果从微观企业层面证明了碳交易政策的有效性,并提出政策效果的充分释放,应重视外部环境规制和企业内部环保投资的协同作用,并进行更有针对性、符合企业差异的制度优化,为全国统一碳交易市场的设计提供借鉴。

Carbon emissions trading is an important tool for realizing high-quality economic development and“3060”international commitments.Based on the data of 1218 listed enterprises in heavy pollution industries in Shanghai and Shenzhen,the impact of the carbon emissions trading pilot policy on enterprises’green technological innovation activities are analyzed from the two channels of external pressure and endogenous motivation,using the carbon emissions trading pilot policy as a quasi-natural experiment,and the double-difference-in-differences(DID)method.It is found that the pilot carbon emissions trading policy can promote enterprises’green technological innovation,which differs between state-owned enterprises and high-tech enterprises,and the environmental protection investment and environmental regulation intensity explain the policy’s mechanism of action from the channels of endogenous motivation and external pressure,respectively.The results prove the effectiveness of the carbon trading policy from the micro enterprise level,and suggest that the full release of the policy effect should pay attention to the synergistic effect of external environmental regulation and internal environmental protection investment of enterprises,and carry out a more targeted system optimization that conforms to the differences of enterprises,so as to provide a reference for the design of the national unified carbon trading market.