| In recent years,China’s economy has developed rapidly and people’s living standards have increased significantly.However,along with economic development,various extreme weather phenomena caused by greenhouse gas emissions have occurred frequently and environmental pollution has become increasingly serious.The carbon trading mechanism is an important measure to control greenhouse gas emissions and address climate change and other related issues.In 2013,China has completed the establishment of carbon trading markets in seven pilot provinces and cities,and Chinese enterprises have started to turn to clean energy in order to reduce energy consumption and pollutant emissions.Carbon trading has become a low-cost way to reduce emissions,leading to questions about whether carbon emissions can be effectively controlled at the enterprise level after the successful establishment of carbon trading,and how enterprises can achieve their emission reduction targets after the introduction of carbon trading markets.Based on this background,this paper collects data from listed companies in six pilot provinces and cities to study the role of the pilot carbon trading policy in the emission reduction process of enterprises and the mechanism of the impact of the pilot carbon trading policy on the emission reduction of enterprises,in order to provide suggestions for the future development of China’s carbon trading market.This paper takes the implementation of carbon emissions trading policy as the background,and takes the data of China’s A-share listed companies from 2009 to 2020 as the research object to study the impact of the carbon emissions trading pilot policy on enterprises’ emission reduction.According to previous research data,studies on the effects of the implementation of the carbon trading pilot policy have mainly focused on the macro level,such as the study of provinces,cities and industries,but in fact,enterprises are the key participants in the carbon emission trading market.This paper innovatively explores the effect of the pilot carbon trading policy on the emission reduction of enterprises from the perspective of micro enterprises and the path of influence.The paper begins with an explanation of the research background and the significance of the topic,and a review of the literature on the effects and pathways of carbon emissions trading policies on enterprises.Then,we understand the relevant concepts and theories and make hypotheses.Secondly,this paper uses the double difference propensity score matching(PSM-DID)method to construct a model to evaluate the effect of the pilot carbon trading policy on the emission reduction of enterprises,and to empirically test the impact of carbon trading on the carbon emission intensity of enterprises.The results showed that the implementation of the carbon trading policy did not significantly contribute to the carbon emission reduction of the full sample of enterprises.Considering the scarcity of carbon emission rights,the initial carbon allowances of high-energy-consuming enterprises as the demand side are tighter,and the additional transaction costs put more pressure on enterprises to reduce emissions,which is a relatively stronger incentive for high-energyconsuming enterprises to reduce emissions.The results of this study show that the implementation of the carbon emissions trading policy has significantly contributed to the reduction of carbon emissions in high energy-consuming enterprises.The results of the study show that the implementation of carbon emissions trading policy has significantly contributed to the reduction of carbon emissions by high energy-consuming enterprises.The effect of carbon emissions trading is stronger for non-state enterprises and large-scale enterprises.Next,a mediating effect test model was established to investigate the impact path of the pilot carbon emissions trading policy on the emission reduction of enterprises,using enterprise green technology innovation as a mediating variable.Finally,the current situation is analysed and conclusions are summarised,and reasonable suggestions are made to analyse the limitations of this paper’s research and to provide an outlook on future research prospects.Based on the perspective of micro enterprises,this paper fully explores the effect of the pilot carbon emissions trading policy on enterprises’ emission reduction as well as the path of influence,and the findings of the study find that the pilot carbon emissions trading policy is conducive to promoting enterprises’ emission reduction.The paper aims to provide references and experiences for China and other developing countries to establish a unified carbon emission trading market. |
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