Can carbon market efficiency promote green technology innovation for Chinese companies?

IF 9 1区工程技术 Q1 ENERGY & FUELS

Energy Pub Date : 2024-09-14 DOI:10.1016/j.energy.2024.133157

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Abstract

The carbon trading scheme is a major institutional innovation for China to promote green and low-carbon economic development. This paper studies the relationship between the carbon market efficiency and enterprises' green technology innovations. First, we assess the efficiency of China's pilot carbon markets using the entropy-based TOPSIS model. Then, we adopt a continuous multi-period difference-in-differences model to explore the effects of carbon market efficiency on firms' green technological innovation. In addition, we analyze the heterogeneous effects of carbon market efficiency with regard to green patent types, industry types, and enterprise ownership. Finally, we examine how carbon market efficiency impacts firms' green innovation. We find that carbon market efficiency can increase enterprises' green patent applications, but the effect is limited. Carbon market efficiency has no discernible impact on green invention patents; it can only enhance green utility model patents. This phenomenon is more prominent in low-energy-consuming industries and private enterprises. We document that carbon market efficiency can enhance enterprises' R&D intensity and policy subsidies, thereby boosting green technology innovation. Our findings have important implications for improving the carbon market efficiency and firms' green technology innovation.

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碳市场效率能否促进中国企业的绿色技术创新？

碳交易制度是中国推动绿色低碳经济发展的一项重大制度创新。本文研究了碳市场效率与企业绿色技术创新之间的关系。首先，我们利用基于熵值的 TOPSIS 模型评估了中国试点碳市场的效率。然后，采用连续多期差分模型探讨碳市场效率对企业绿色技术创新的影响。此外，我们还分析了碳市场效率对绿色专利类型、行业类型和企业所有权的异质性影响。最后，我们研究了碳市场效率如何影响企业的绿色创新。我们发现，碳市场效率可以增加企业的绿色专利申请，但效果有限。碳市场效率对绿色发明专利没有明显影响，只能提高绿色实用新型专利。这一现象在低能耗行业和民营企业中更为突出。我们的文献表明，碳市场效率可以提高企业的研发强度和政策补贴，从而促进绿色技术创新。我们的研究结果对提高碳市场效率和企业的绿色技术创新具有重要意义。

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

Energy 工程技术-能源与燃料

CiteScore

15.30

自引率

14.40%

发文量

审稿时长

14.2 weeks

期刊介绍： Energy is a multidisciplinary, international journal that publishes research and analysis in the field of energy engineering. Our aim is to become a leading peer-reviewed platform and a trusted source of information for energy-related topics. The journal covers a range of areas including mechanical engineering, thermal sciences, and energy analysis. We are particularly interested in research on energy modelling, prediction, integrated energy systems, planning, and management. Additionally, we welcome papers on energy conservation, efficiency, biomass and bioenergy, renewable energy, electricity supply and demand, energy storage, buildings, and economic and policy issues. These topics should align with our broader multidisciplinary focus.

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