碳排放权交易机制能否激励企业创新

Can the Carbon Emission Rights Trading Mechanism Incentivize Enterprises to Innovate?

本文运用七个试点省市八大试点行业的企业数据,以在中国开展的碳排放权交易试点政策为准自然实验,从微观层面探究了碳排放权交易机制对企业研发创新的影响。双重差分(DID)模型的实证结果表明碳排放权交易机制显著提升了企业的创新水平,“波特假说”的成立性也得到了验证。之后使用倾向得分匹配(PSM)进行检验,证明了双重差分模型实证结果的稳健性。通过进一步分析发现,碳排放权交易机制会通过成本驱动渠道和利润刺激渠道来激励企业开展研发创新活动。最后,本文基于上述研究结果,对碳排放权交易市场的完善提出了相关政策建议。This paper uses enterprise data from eight pilot industries in seven pilot provinces and cities, and takes the carbon emission trading pilot policy carried out in China as a quasi-natural experiment to explore the impact of carbon emission trading mechanisms on corporate R&D activities from a micro level. The empirical results of the difference-in-differences model show that the carbon emission trading mechanism has significantly improved the innovation level of enterprises, and the validity of the “Porter Hypothesis” has also been verified. Afterwards, propensity score matching was used for testing, which proved the robustness of the empirical results of the differ-ence-in-differences model. Through further analysis, it is found that the carbon emission trading mechanism will encourage enterprises to carry out innovation activities through cost-driven channels and profit-stimulating channels. Finally, based on the above research results, this paper puts forward relevant policy recommendations for the improvement of the carbon emission trading market.