The Impact Of Carbon Emission Trading Policy On Enterprise Green Technology Innovation

At present,the problem of climate warming is becoming increasingly serious,countries around the world are increasingly concerned about greenhouse gas emissions,promoting the green development of the world economy has become a global goal.In order to achieve global emission reduction targets,China has taken the lead in fulfilling emission reduction commitments,striving to strengthen the construction of ecological civilization and actively promoting global green development.In recent years,China has committed to achieving green transformation,which not only helps China achieve energy-saving and emission reduction targets earlier,but also promotes the high-quality development of the economy and society.In this process,the implementation of carbon emission trading policy is undoubtedly a key step.China attaches great importance to the establishment and improvement of the carbon emission trading system,and based on the establishment of the carbon emission trading market in pilot regions,this environmental policy has been steadily extended to the whole country,so as to achieve China’s energy saving and emission reduction goals as well as the green development of the economy.China approved the starting of seven provinces and cities for the pilot work of local carbon emission trading from 2011.Since then,the pilot projects in seven regions have been launched one after another since 2013.Based on relevant theoretical foundations and past literature,this paper takes A-share listed companies as the research object,selects their relevant data from 2007-2019,and constructs a DID model using the pilot promotion of carbon emission trading policy as a quasi-natural experiment to analyze the impact of policy implementation on corporate green technology innovation,and draws the following conclusions:(1)the implementation of the policy improved the green technology innovation level of pilot enterprises;(2)the implementation of the policy increased the number of green invention patent applications of pilot enterprises,while the effect on the number of green utility model patent applications was not significant;(3)from the perspective of enterprise heterogeneity,the policy implementation has a significant incentive effect on achieving green technology innovation among private,heavily polluting,and non-high-tech enterprises;while there is no significant effect on green technology innovation among state-owned,non-heavily polluting,and high-tech enterprises;(4)in the process of encouraging green technology innovation by policies,financing constraints play an intermediary role.In summary,this paper analyzes the effect of carbon emissions trading policy with micro enterprises as the research subjects,and explores the impact of the implementation of the policy on the green technological innovation of pilot enterprises.It proves that the implementation of the policy promotes the green technology innovation activities of the enterprises and verifies the existence of Porter’s hypothesis.This paper has some practical significance and provides a reference basis and policy suggestions for the opening and improvement of the national carbon emission trading market.