Analysis Of The Effect Of Emissions Trading On The Total Factor Productivity Of Enterprises ——Based On DID Of Listed Manufacturing Companies

Since the reform and opening up,the pursuit of rapid economic growth,undue focus on GDP and other radical economic development model,has brought serious environmental problems,haze,acid rain and other natural disasters occurred frequently.Before the 14 th CPC National Congress proposed the development of market economy for the first time,China’s environmental governance was heavily influenced by planned economy.However,with the successful transformation of market economy,the environmental protection policy formulated under the background of planned economy has been unable to effectively achieve the purpose of pollution control.After that,in 1999,China introduced the market-motivated emission trading mechanism from the West.After more than twenty years of pilot and promotion,the obvious policy effect of emission trading has been proved.In this paper,the sulfur dioxide emission trading pilot policy in 2007 is taken as a quasinatural experiment,and the sulfur dioxide emission enterprises in Shanghai and Shenzhen A-share manufacturing enterprises are taken as the research object,and the impact effect and impact path of the policy on the total factor productivity of manufacturing enterprises are studied by using the Difference-in-Difference model.which is used as the basis of the policy recommendations in this paper.First of all,this paper reviews relevant domestic and foreign literature,and finds that scholars rarely study the policy effect of emission trading around micro enterprises,and lack broader exploration in the process of heterogeneity analysis,which provides a new idea for this paper.Secondly,this paper introduces related concepts,and analyzes the impact effect and impact path of emission trading pilot policy on total factor productivity of manufacturing enterprises through Coase theorem,follow cost theory and innovation compensation theory,first-mover advantage theory,marginal cost theory and balance of supply and demand theory.Then,this paper introduces the development course and present situation of China’s emission trading,and points out the existing problems of China’s emission trading.Finally,the dual difference model is used to test the hypotheses.In order to strengthen the credibility of the empirical results,the robustness of the results is tested by increasing the control variables and reducing the sample size.At the same time,heterogeneity is analyzed from the perspectives of region,marketization degree and enterprise ownership.The empirical results show that the sulfur dioxide emission trading pilot policy in 2007 has a significant promoting effect on the total factor productivity of manufacturing enterprises,which meets the parallel trend test,and the conclusion still holds after the robustness test of increasing control variables and reducing the sample size.In the heterogeneity analysis,it is found that the policy effect is more significant in the eastern region,which may be because the high level of economic development in the eastern region provides a better environment for the realization of policy effect.At the same time,due to the capital advantage and more efficient resource allocation,the improvement of total factor productivity is more obvious in state-owned enterprises and enterprises with high degree of provincial marketization.The effect path analysis shows that the sulfur dioxide emission trading policy stimulates the compensation effect of enterprise innovation and encourages enterprises to improve total factor productivity through green technology innovation.The above research is to pave the way for the next policy recommendations,combining with the empirical results and existing problems of the emissions trading,the paper puts forward suggestions on improving the construction of emissions trading market,formulating flexible emission trading system,and encouraging green technology innovation of manufacturing enterprise through tax incentives and R＆D subsidies to improve the total factor productivity of enterprises.To help the high-quality development of manufacturing industry.