Carbon Emissions Trading And Corporate Innovation Investment

As the economy developing rapidly,many economic actions have also brought about a series of spillover problems.These problems threaten the sustainable development of mankind and society,and environmental protection is imminent.Carbon emission governance is currently a hot research topic at home and abroad.In response to this problem,the National Development and Reform Commission issued the "Notice on Carrying out the Pilot Work of Carbon Emissions Trading" in 2011,introducing a carbon emission trading mechanism.Shenzhen became the first pilot city in June 2013,and then gradually established trading markets in seven provinces and cities in Beijing,Shanghai,Guangdong,Tianjin,Chongqing,Hubei,and Fujian.The carbon emission trading mechanism is a kind of market-incentive environmental regulation.How environmental protection will affect economic growth is a major research problem we face.Schumpeter believes that innovation is essential for companies to achieve sustainable development,and the best way to solve the contradiction between environmental problems and economic development is innovation.However,scholars have the positive "Porter effect" and the negative "following the cost effect" on the impact of environmental regulations.Considering my country’s gradual growth from“manufacturing” to “creation” and paying more attention to corporate innovation,in the context of promoting green development,can the carbon emission trading mechanism,a market-incentive environmental regulation,be able to achieve “waves”in my country."Special effects" to promote the innovation investment of enterprises?In different life cycles,what different results will this environmental regulation produce?And what role do government subsidies play in this?In this regard,this article taking all A-share listed companies from 2009 to 2019 as the research objects,and using it for a long time.Using the method of double differentiation,from the perspective of the life cycle of the company,it studies the impact on the innovation investment of the company after it is included in the carbon emission trading mechanism.At the same time,it introduces government subsidies as a moderating variable to study the impact mechanism of government subsidies between the two,And further studied the impact of carbon emission trading mechanism on enterprise innovation investment in enterprises with different property rights and different industry attributes,and whether carbon emission rights trading can promote the green innovation output of enterprises.Through empirical research,the conclusions of this article are as follows: First,the inclusion of a company in the carbon emission trading mechanism can significantly promote the company’s innovative investment behavior,and this positive effect is still valid after a variety of robustness tests.Mainly exists in growth-stage enterprises.Second,the more government subsidies a company receives,the more significant the carbon emission trading mechanism will promote the company’s investment in innovation.Government subsidies can provide financial support for enterprise innovation and exert a "leverage effect".The moderating effect of government subsidies is significantly positive in the growth stage enterprises,but not significant in the mature and declining stages.Third,the impact of companies participating in carbon emissions trading and corporate innovation investment varies among companies with different property rights and companies with different industry attributes.The contribution of enterprises’ participation in carbon emission trading to innovation investment is only significant in non-state-owned enterprises and is more significant in the manufacturing and high-carbon industries.Fourth,the carbon emission rights trading system will also promote the output of green innovation results of enterprises,which has a significant effect in mature enterprises,but not in growth and decline periods.Based on this,this article puts forward the following recommendations: First,the regulatory authorities should improve the current carbon emission trading system,summarize effective implementation experience,and help the subsequent development of the national market.Second,the government should improve the innovation subsidy policy,provide targeted subsidies according to the characteristics of enterprises,conduct appropriate supervision,and give full play to the positive adjustment role of government subsidies in carbon emissions trading and enterprise innovation input.Third,the society should strengthen the legal guarantee mechanism,guarantee the technological innovation achievements of enterprises,and create a better atmosphere for enterprise innovation.Fourth,companies should base their long-term economic goals on transforming scientific and technological innovation inputs into external benefits.To sum up,this article broadens the research perspective of related topics,introduces the perspectives of corporate life cycle and government subsidies,enriches the literature on my country’s carbon emission trading mechanism and corporate innovation,and is also an important part of my country’s carbon emission trading mechanism.The construction within the scope provides guidance and a theoretical reference for how the country can customize and improve environmental regulations and government subsidy policies.