| The global temperature rise triggered a series of secondary crises,which seriously threatened the survival and development of human beings.The global consensus on carbon emission reduction was reached,and the carbon trading policy came into being,which has been widely implemented in 27 regions including the European Union and the United States.The long-term development mode of high energy consumption and high carbon emission in China has made carbon emission an important issue in environmental governance.As the fundamental means to achieve carbon emission reduction,green technology innovation has been gradually paid attention to.However,there are some problems in China,such as small scale,narrow fields and insufficient innovation motivation.Therefore,China officially launched carbon trading pilot projects in Shenzhen,Shanghai,Beijing,Tianjin,Chongqing,Guangdong and Hubei in 2013,aiming at exploring effective ways to reduce emission reduction costs and stimulate green technology innovation through market mechanisms,and accumulating experience for the development of the national carbon market.In view of this,this thesis explores the influence mechanism of carbon trading policy on green technology innovation of enterprises,so as to better improve carbon trading policy and guide enterprises to enhance innovation power by scientific and effective means,and provide policy basis for the government to build a green technology innovation system.On the basis of combing relevant research,this thesis combines externality theory,property right theory,induced innovation theory,green technology innovation theory and Porter hypothesis to clarify the influence mechanism of carbon trading policy on green technology innovation of enterprises from the perspective of carbon trading buyers and sellers.Selecting 18,031 sample data of 1,387 A-share listed companies from 2007 to 2019,taking2013 as the time node of policy impact,the experimental group and the control group were divided according to whether the pilot area and the high-carbon emission industry were around 2013,and a triple difference model was constructed based on the counterfactual framework to explore whether the carbon trading policy improved the green technology innovation level of high-carbon emission enterprises in the pilot area,and then the reliability of the conclusion was verified by repeated robustness tests.Then it analyzes the heterogeneity from four aspects: enterprise scale heterogeneity,enterprise ownership heterogeneity,marketization heterogeneity and green innovation quality heterogeneity.Finally,it tests the mechanism with enterprise R&D investment as an intermediary variable.This thesis draws the following conclusions through empirical study: First,the carbon trading policy has significantly improved the green technology innovation level of enterprises in high carbon emission industries,that is,the carbon trading policy has a significant positive impact on the green technology innovation of enterprises,mainly promoting the green technology innovation of energy substitution,energy conservation and waste management,but has no significant impact on the green technology innovation of transportation,agriculture,forestry and administrative supervision.Second,the carbon trading policy has a greater impact on large-scale enterprises,state-owned enterprises and enterprises in areas with higher degree of marketization;Carbon trading policy has a significant positive impact on the amount of green utility model patents granted,but has no significant impact on the amount of green invention patents granted,indicating that carbon trading policy can promote the growth of the number of green technological innovations of enterprises,but it has little effect on improving the quality of innovation.Third,the carbon trading policy mainly promotes green technology innovation by increasing R&D investment of enterprises.Finally,according to the research conclusion,some suggestions are put forward:optimize the internal design of carbon trading mechanism and improve the carbon trading market system;Properly and prudently promote the carbon trading policy according to the actual situation and promote the green technology innovation of enterprises;Improve the degree of marketization,improve the liquidity of carbon trading market,and strengthen the market orientation of green technology innovation;Promote the synergy between carbon trading policy and other policies;Pay attention to the quality of innovation and promote the incremental improvement of green technology innovation in enterprises. |
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