Research on the impact of carbon trading on enterprises' green technology innovation

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2024-11-29 DOI:10.1016/j.enpol.2024.114436

Bin Xi, Weifang Jia

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引用次数: 0

Abstract

By treating the implementation of China's carbon trading policy as a quasi-natural experiment, the study analyzes data from A-share listed companies on China's Shanghai and Shenzhen exchanges between 2010 and 2023. Utilizing a multi-temporal Difference-in-Differences (DID) model, multiple intermediary effect model, moderation effect model and threshold effect model, we probe to verifies whether carbon trading policy can generate innovation incentive effects and investigate the transmission mechanisms. Empirical results show that carbon trading policy are beneficial for the green technology upgrading of enterprises and that this incentivizing effect is persistent. Mechanism analysis reveals that the mediating variables of financing constraints and R&D investment exhibit a chain mediation effect and nonlinear characteristics. Once the thresholds of financing constraints and R&D investment are surpassed, the green innovation effect of carbon trading policy is significantly enhanced. Digital finance has a moderating effect on the chain-multiple mediation transmission mechanism. Heterogeneity analysis indicates that the chain mediation effect is mainly observed in large-scale enterprises and enterprises in central regions. This paper offers theoretical support for evaluating carbon trading policy based on the micro-enterprise level and provides a scientific basis for how to efficiently play the function of carbon trading policy in practice, which helps to enhance the carbon trading policy and is of great practical significance for improving the operational efficiency of the national carbon trading market.

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.