Research On The Impact Of Carbon Trading Policy On Enterprise Total Factor Productivity

In response to global climate change,the world’s first carbon emissions trading policy in the European Union in 2005,in 2011,the National Development and Reform Commission issued "about carbon emissions trading pilot work notice,at the end of 2017 the national carbon trading market construction plan releasing,the means of carbon trading policy officially pulled off in China.In June 2021,The Shanghai Environment and Energy Exchange issued the Notice on Matters related to the National Carbon Emission Rights Trading,which included power,petrochemical,chemical,building materials,iron and steel,non-ferrous metals,paper making and shipping into high energy consumption industries according to the overall layout of the national carbon market.Under the background of soft constraint,some enterprises,especially those with high energy consumption,emit polluting gases wantonly,and the greenhouse effect is becoming increasingly fierce,and emission reduction is imminent.Under the background of hard constraints,the profits of enterprises will also be affected by the pressure of emission reduction.As one of the core policies to alleviate the pressure of environmental pollution,can carbon trading policy not only achieve energy conservation and emission reduction,but also promote the growth of total factor productivity of enterprises?In this paper,carbon trading policy is regarded as A quasi-natural experiment.Based on the data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2008 to 2019,the impact of carbon trading policy on total factor productivity of enterprises is investigated by using differential difference method.Research shows that: 1,in parallel to the trend of inspection,the placebo,the PSM-did inspection and the check of endogenous more robustness under guarantee,it is concluded that the implementation of carbon trading policy promoting effects of total factor productivity of the enterprise,and the average sense,enterprises in the local government and the carbon market,under the stimulus of total factor productivity increase about 7%.It verifies the establishment of porter hypothesis in China.2.Carbon trading policies mainly improve total factor productivity of enterprises through technological innovation and capital allocation efficiency.Under the influence path of technological innovation,the number of green patents for invention,practical green patents and the number of patents granted by enterprises are taken as the intermediary variables for analysis.To be specific,the implementation of carbon trading policy will increase the number of patents granted by enterprises by 23 each year.Under the influence path of capital allocation efficiency,Tobin’s Q value was used as a proxy variable to analyze with the help of "investment-investment opportunity model".Specifically,the implementation of carbon trading policy increased the capital allocation efficiency by 3.8 percentage points on average.3.In the heterogeneity analysis of regional and enterprise attributes,it is found that the promotion effect of western regions is higher than that of middle and eastern regions by means of sub-sample regression.The response of state-owned enterprises to carbon trading policy is lower than that of non-state-owned enterprises;In the heterogeneity analysis of high and low carbon emissions,with the help of the triple difference model,it is analyzed that when high carbon emissions are faced with carbon emission constraints,total factor productivity will appear "regression" in a short period of time.To sum up,this study enriched the research on the relationship between carbon trading policy and total factor productivity from the perspective of enterprises,and gave policy suggestions based on the research conclusions: 1.In the process of policy formulation and implementation,we should focus on the long-term vision,continue to pay attention to the dynamic changes of the implementation effect of carbon trading policy,and constantly improve the details of governance.2.We should increase subsidies for enterprises’ patent R＆D,formulate policies for introducing high-tech talents,and open a green channel for enterprises’ technological innovation activities.3.Incentives and assistance should be increased for high-carbon emission industries and non-state-owned enterprises,and carbon trading policies should be steadily promoted to cover industries.