Research On The Impact Of China’s Carbon Emissions Trading Pilot Policies On Enterprise Upgrade

Since the reform and opening up,our economy has achieved rapid development,but environmental problems have become increasingly severe.As the world’s largest developing country,China’s energy production and consumption ranks first in the world.According to statistics,China emits more than 6 billion tons of carbon dioxide into the atmosphere each year,ranking first in the world.The research significance of this article is to study whether the pilot carbon emission trading policy can really promote the transformation and upgrading of enterprises to achieve a win-win situation for economic development and environmental protection.Therefore,this paper uses the 2012 carbon emissions trading pilot policy as a quasi-natural experiment,based on the data of listed companies in China’s industrial enterprises from 2009 to 2015,using the method of double differential(DID)and propensity score matching-double differential(PSM-DID)to study the impact of our country’s carbon emissions trading pilot policy on the transformation and upgrading of China’s enterprises and its mechanism.The basic regression results show that the pilot carbon trading policy has significantly promoted the transformation and upgrading of enterprises marked by the increase in total factor productivity.In order to prove the robustness of the results,the following robustness tests were carried out:(1)Regression of sub-samples of pollution-intensive industries,the interaction coefficient was significantly positive;(2)Per capita enterprise value added(AVA)and per share Economic value-added(EVAPS),cost-profit ratio(Lncprofit)and operating profit ratio(Lnoprofit)measure the robustness of enterprise transformation and upgrading,and the interaction coefficient is significantly positive;(3)Further PSM-DID robustness test shows the interaction coefficient significantly positive;(4)The parallel trend test shows that it is appropriate to use the double difference method to study the impact of carbon emissions trading pilot policies on the transformation and upgrading of enterprises.(5)The dynamic effect test of the pilot carbon emissions trading policy shows that the results are robust.(6)The year samples after the new environmental protection law are removed,the pilot areas of low-carbon cities are removed vertically,the Chongqing,Tianjin,and Hubei samples affected by the pilot policy for sulfur dioxide emissions trading,and the samples from the four municipalities are excluded for testing.The results show that the results are robust.Through the analysis of heterogeneity,it is found that:(1)The carbon trading policy has significantly promoted the transformation and upgrading of non-state-owned enterprises,and the impact on state-owned enterprises is not significant;(2)The carbon trading pilot policy has significantly promoted the transformation and upgrading of large enterprises,and has not promote the transformation and upgrading of small enterprises.(3)The carbon emission trading pilot policy has a significant effect on the transformation and upgrading of regional enterprises only in the eastern and central regions,while the impact on the western region is not significant.Further research on the mechanism found that:(1)The pilot carbon emissions trading policy did not significantly promote corporate organizational innovation,that is,it did not affect the transformation and upgrading of enterprises by improving the management level of the company.(2)The pilot carbon emissions trading policy did not promote enterprises through capital deepening channels Upgrade.(3)The carbon trading pilot is to promote the transformation and upgrading of enterprises through technical innovation in a broad sense rather than a green technology innovation in a narrow sense.The research in this paper verifies that the pilot carbon emissions trading policy is an effective policy tool to achieve the goal of achieving a win-win situation for environmental protection and sustainable economic development,it also has important practical significance for the use of the carbon market to achieve energy saving and emission reduction,and to achieve“carbon peak”and “carbon neutral”goals.