Does the carbon emission trading scheme foster the development of enterprises across various industries? An empirical study based on micro data from China

IF 2.8 4区环境科学与生态学 Q3 ENVIRONMENTAL SCIENCES

Carbon Management Pub Date : 2023-09-15 DOI:10.1080/17583004.2023.2259864

Yingzi Chen, Jianda Liu, Fengmin Guo

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Abstract

To achieve the goal of carbon reduction, China has been piloting the Carbon Emission Trading System (CETS) since 2013. As the economy faces a downward trend, it is significant to explore the impact of CETS on business development. There is still debate in academia about whether this policy can boost the level of business development. This paper, based on all A-share data of listed companies in China from 2009 to 2018, uses the Difference in Differences (DID) model to verify the impact of CETS on the input of capital and labor factors and the level of technology in enterprises and discusses the industry heterogeneity of this impact in detail. Placebo tests, propensity score matching, and triple differences ensure the robustness of the conclusions. In further research, this paper decomposes the policy effect of CETS. It regresses the impact of carbon quota prices and carbon market trading scale on business development. The final conclusion is that CETS has a positive impact on the input of capital and labor in enterprises and a negative impact on the level of technology. After distinguishing industries, this conclusion shows differences according to different characteristics of high emissions and low emissions. In addition, the increase in carbon quota prices hinders business development, while the scale of carbon market trading shows an inverted “U” relationship with business development. The article provides meaningful policy references for China and countries in the early stages of CETS construction.

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碳排放权交易制度是否促进各行业企业的发展?基于中国微观数据的实证研究

为实现碳减排目标，中国从2013年开始试点碳排放交易体系。在经济面临下行趋势的情况下，探讨cet对企业发展的影响具有重要意义。这一政策是否能促进商业发展水平，在学术界仍有争议。本文基于2009 - 2018年中国a股上市公司全部数据，运用差分法(Difference in Difference, DID)模型验证了cet对企业资本、劳动力要素投入和技术水平的影响，并详细探讨了这种影响的行业异质性。安慰剂检验、倾向评分匹配和三重差异确保了结论的稳健性。在进一步的研究中，本文对cet的政策效应进行了分解。回归了碳配额价格和碳市场交易规模对企业发展的影响。最后得出的结论是，cet对企业的资本和劳动力投入有正向影响，对技术水平有负向影响。在区分行业后，根据不同的高排放和低排放特征，这一结论呈现出差异。此外，碳配额价格的上涨阻碍了企业的发展，而碳市场交易规模与企业发展呈倒U型关系。本文为中国和其他处于cet建设初期的国家提供了有意义的政策参考。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Carbon Management ENVIRONMENTAL SCIENCES-

CiteScore

5.80

自引率

3.20%

发文量

期刊介绍： Carbon Management is a scholarly peer-reviewed forum for insights from the diverse array of disciplines that enhance our understanding of carbon dioxide and other GHG interactions – from biology, ecology, chemistry and engineering to law, policy, economics and sociology. The core aim of Carbon Management is it to examine the options and mechanisms for mitigating the causes and impacts of climate change, which includes mechanisms for reducing emissions and enhancing the removal of GHGs from the atmosphere, as well as metrics used to measure performance of options and mechanisms resulting from international treaties, domestic policies, local regulations, environmental markets, technologies, industrial efforts and consumer choices. One key aim of the journal is to catalyse intellectual debate in an inclusive and scientific manner on the practical work of policy implementation related to the long-term effort of managing our global GHG emissions and impacts. Decisions made in the near future will have profound impacts on the global climate and biosphere. Carbon Management delivers research findings in an accessible format to inform decisions in the fields of research, education, management and environmental policy.