低碳城市试点背景下企业全要素生产率提升效应及机制

The Effect and Mechanism of Low-Carbon City Pilots on Enhancing Enterprise Total Factor Productivity

低碳转型是促进经济社会实现绿色发展的必由之路,中国在持续推进低碳转型实现节能减排目标的同时是否提高了企业全要素生产率值得深入研究。为此,本文将低碳城市试点政策作为一项“准自然实验”,基于2007—2019年微观企业面板数据,采用双重稳健交叠DID模型探讨该政策的实施对企业全要素生产率的影响。研究表明:与非试点城市相比,实施试点政策的城市的企业全要素生产率平均提高了约15.4%,且不同批次试点政策的政策效应存在较大差异,经过严格的稳健性检验也同样证实试点政策对企业全要素生产率存在提升效应。进一步进行机制检验和异质性分析后发现:在试点政策的实施过程中通过提升企业技术创新水平和企业资本配置效率促进了企业全要素生产率的提升,其对国有企业和高碳行业的企业全要素生产率的促进作用更显著。

Low-carbon transition is essential for promoting green economic and social development.As primary participants in economic activity,are enterprises in China experiencing improvements in total factor productivity(TFP)amid efforts to achieve energy-saving and emission-reduction targets through low-carbon transformation?This paper uses the low-carbon city pilot policy as a“quasi-natural experiment”and,based on enterprise-level panel data from 2007 to 2019,applies a double robust overlapping DID model to examine the policy’s impact on enterprise TFP.The findings indicate that,on average,enterprises in pilot cities saw a 15.4%increase in TFP compared to non-pilot cities,with considerable variation in policy effects across different pilot phases.Robustness checks confirm that the pilot policy has a positive effect on TFP.Further mechanism and heterogeneity analyses reveal that the policy improves TFP by enhancing enterprises’technological innovation and capital allocation efficiency.The effect is particularly significant for stateowned enterprises and firms in high-carbon industries.