| The concept of green and low-carbon development has become a global consensus.In order to solve the worldwide environmental problem of global warming,carbon emission trading system has become a key market-based environmental policy tool to deal with carbon emission reduction.With the deepening of the concept of green development,the transformation from the traditional extensive mode of economic growth to the intensive mode must rely on green innovation to improve the quality and competitiveness.At present,studies have confirmed that China’s carbon market can achieve carbon emission reduction,reduce carbon intensity and improve carbon performance,but can China’s carbon market improve the level of urban green innovation? What is the mechanism? Is there a difference in where different policies are implemented? The exploration of the above issues in this paper not only has important theoretical value and practical significance for China to further deepen and improve the carbon emission trading system,enhance the level of urban green innovation,and promote the sustainable development of cities,but also helps to deeply analyze and grasp the internal relationship between carbon trading policies and green innovation in developing countries.It has important guiding significance for the implementation of carbon trading policies in other countries.Based on the panel data of 283 prefecture-level cities and above from 2007 to 2017,this paper examines the effect and mechanism of carbon emission trading pilot policies on the level of urban green innovation by means of difference-in-differences model and mediating effect model.First of all,on the basis of reviewing a large number of relevant literature and theories,this paper focuses on analyzing the transmission path of the impact of carbon trading policies on urban green innovation.The transmission mechanism of carbon trading policy to urban green innovation is analyzed from four perspectives: the catch-up effect and incentive effect of buyers and sellers in the carbon market in the direct effect path,the depth of participation in the carbon emission reduction investment and financing market and the efficiency of using carbon emission reduction investment funds in the intermediate effect path.Secondly,this paper constructs the index system of urban green innovation efficiency and introduces entropy weight TOPSIS model to measure it,and analyzes it from the characteristics of time trend and spatial deduction.Thirdly,the dummy variable of whether pilot policies are implemented is used to test the effect of pilot carbon trading policies on urban green innovation and the robustness test is carried out.Then,from the perspective of enterprises’ financial behaviors related to low-carbon economy,the indirect influence mechanism of carbon trading pilot policies on urban innovation is tested using the intermediary effect model.Finally,this paper examines the influence of different urban characteristics on the effect of carbon trading system policies from three aspects: regional location attribute,administrative level attribute and urban resource endowment.The results show that: First,the overall efficiency of green innovation in Chinese cities was on the rise from 2007 to 2017,while the average efficiency was not high,and the growth rate decreased in recent years,indicating that China’s green economy transformation and ecological civilization construction have achieved preliminary results in recent years,but at the same time,the growth is weak.Second,the implementation of pilot carbon trading policies can significantly improve the level of urban green innovation,and this conclusion remains valid after a series of robustness tests.Thirdly,the mechanism test shows that the carbon trading pilot policy can improve the level of urban green innovation by promoting the depth of the fund market and bond market,but the depth of the stock market and the efficiency of capital use do not play a significant intermediary role.In addition,due to the differences between Chinese cities in regional location attributes,administrative level attributes and urban resource endowments,it is found from the perspective of different urban characteristics that carbon trading pilot has more significant policy effects on eastern and western cities,cities with high administrative levels and non-resource-based cities.Finally,in order to give full play to the green innovation effect caused by carbon trading policies,based on the empirical results,this paper puts forward policy suggestions such as encouraging green innovation in cities in different regions according to local conditions,continuously promoting the carbon trading market covering a wide range of the country,and further improving the matching degree between the financial system and the real economy. |
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