Study On The Influence Of Energy-right Transaction On Total Factor Productivity Of Enterprises

In order to achieve energy transition and green development,China has implemented a series of environmental regulatory policies,among which market-incentivized environmental regulation policies rely on market mechanisms to regulate and are more efficient.Market-incentivized environmental regulation policies include emission rights trading,carbon emission rights trading,energy use rights trading,etc.,of which emission rights trading and carbon emission rights trading policies were implemented earlier,paying more attention to end-of-line environmental governance,while China’s energy-use rights trading policy officially proposed in 2016 as an innovative environmental regulation policy,which makes up for the gap in front-end environmental governance,can promote energy conservation,emission reduction and energy efficiency.Zhejiang,Fujian,Henan and Sichuan are the first pilot provinces to carry out energy use rights trading.After 2016,the provinces began to continuously promote the construction of pilot projects.As a microeconomic subject,the choice of production behavior and production efficiency of enterprises can affect environmental conditions.This paper links the trading of energy use rights with the total factor productivity of enterprises,and mainly studies the following questions: Can energy use rights trading improve the total factor productivity of enterprises and help the high-quality development of enterprises? Further explore mechanisms and heterogeneity.Based on the actual background of economic development and environmental governance,this paper takes the relationship between energy use right trading and total factor productivity of enterprises as the starting point for empirical research.It mainly includes the following steps: the first step is to sort out the literature on energy use right trading and total factor productivity of enterprises in the field of environmental regulation,and determine the research direction;The second step is to summarize the existing basic theories to form the theoretical basis of this paper,put forward three research hypotheses,and explain the two innovative points of this paper.The third step is to collect relevant data,process the data,and determine the empirical analysis using the double difference method.Since the pilot of energy use rights trading aims to solve the problem of resource allocation distortion and inefficiency of resource utilization from the source,this paper takes the pilot policy of energy use right trading implemented in 2016 as a quasi-natural experiment,selects the data of listed industrial enterprises in China from 2013 to 2020,and constructs a double differential model to study the impact of energy use right trading on total factor productivity of enterprises.In the fourth step,after empirical research,the following conclusions are drawn:(1)after the implementation of the policy,the total factor productivity of enterprises in the pilot areas is significantly higher than that in the non-pilot areas,and the benchmark conclusion is still valid after a series of robustness tests;(2)In view of the mechanism analysis,the pilot policy of energy consumption right trade mainly has a positive impact on the overall factor productivity of enterprises through the effect of technological innovation and resource allocation;(3)The heterogeneity analysis shows that the impact of pilot policies on the overall factor productivity of enterprises is mainly in non-state-owned enterprises,not state-owned enterprises.This is more pronounced in companies with higher levels of human capital;In the fifth step,this paper puts forward four suggestions based on the empirical research results:(1)to improve the market system for energy use rights trading,the government should pay close attention to the trend of market-based environmental regulation reform,and expand pilot projects based on successful policy experience;(2)Improve the level of technological innovation of enterprises,develop circular economy,get rid of excessive dependence on resources,and transform and upgrade into green environmental protection enterprises;(3)Promote the upgrading of the internal structure of human capital,promote investment in human capital,and improve the structure of human capital;(4)Strengthen the connection between the energy use right trading system and other environmental rights and interests trading systems.