| This paper studies under the background of "dual carbon" target,and relies on the Chinese government ’s carbon emissions trading pilot policy in different provinces and cities as a quasi-natural experimental mechanism,to testify whether the quasi-natural experiment policy induces the outward foreign direct investment behavior of enterprises is the pusher of China ’s carbon emission reduction.This is a research topic with both theoretical exploration value and empirical significance.At the same time,through the analysis of the theoretical path and the test of the policy effect mechanism of the carbon emissions trading market in practice,it can provide a good policy reference to promote the development of Chinese enterprises and stimulate the achievement of China’s "dual carbon" goal.This article first summarizes related literature,which analyzes existing carbon trading policies and their carbon reduction effect,and finds the leading research area and research direction of this article.At the same time,based on the synthesis and refinement of theoretical papers,it is pointed out that there is still a lack of in-depth research on the effect of reducing carbon emissions by the choice of OFDI of companies that is one of the side effects of the Chinese government’s pilot carbon trading policy.Based on the summary of drivers of OFDI,this paper analyzes the emissions trading system and the companies affected by this system to organize their production process in different regions.The basic reason is that even if the various costs encountered in the process of outward foreign direct investment are considered,the profits made by relocating the production area must always exceed the level of profit that can be maintained at the original production site.Additionally,this decision is influenced by differences in firm size,factor endowments,and other firm characteristics.the enterprise interacts with the behavior of R&D and innovation,the allocation of internal resources of enterprises and the upgrading of the industrial structure with this process,and leads to the abatement of the emission levels of the enterprise and of the region.This article finds that there is a significant positive correlation between China’s pilot carbon trading system policy and outward foreign direct investment by Chinese companies.Meanwhile,the interaction between the carbon trading pilot and the OFDI of Chinese enterprises is helpful to achieve the reduction of the regional carbon emission level.This robustness is analyzed using different calculation methods and data on regional carbon emission levels.In addition,the parallel trend,the placebo test and the lag effect are used to further analyze the robustness of the DID test.All the above analyzes confirm that the pilot policy of China’s carbon trading system will reduce regional carbon emissions by stimulating outward direct investment by enterprises.Furthermore,enterprises engaged in direct investment increasing their R&D intensity will have a statistically significant carbon reduction effect.In addition to the use of R & D investment indicators,we also build from the R&D output of those direct investment enterprises,that is,the new measurement of all kinds of patent quantity indicators,and put into the measurement equation for robustness test.In addition,considering the investment host countries due to the difference in economic development level,which leads to the difference of reverse technology spillover effect,this paper divided samples into developed countries and developing countries,also divided industry into industrial industry and non-industrial categories.The results of the above robustness analysis all support the basic test results of the innovation of OFDI enterprises helping to achieve the carbon emission reduction of these enterprises.Chinese OFDI companies will have statistically significantly lower carbon emissions intensity as their productivity increases.Using the input and output factors of Chinese foreign direct investment data,to obtain the total factor productivity,the results show that the firm’s outward foreign direct investment behavior and the firm’s total factor productivity interaction coefficient are related.This shows that the carbon emission reduction effect of Chinese enterprises’ foreign direct investment behavior and the enterprise’s optimal resource allocation is stable.Using a nonparametric method,TFP growth based on the Malmquist index is decomposed into different dimensions such as efficiency,technology and scale,and then establishes the interaction terms of the IDE and these Component PTFs.The estimated results show that the efficiency changes made by the company’s OFDI help to reduce its carbon emission intensity and level,and the scale efficiency change will significantly reduce the intensity and level company’s carbon emissions.These tests further demonstrate that the aforementioned estimated results are robust.The interaction between outward foreign direct investment by Chinese enterprises and the upgrading of the regional industrial structure will lead to lower carbon emission levels in the region.Outward foreign direct investment of enterprises and the reorganization of production in different countries and regions also means advanced industrial structure change,will also lead to the decline of carbon emission,which has been proven in the theoretical analysis.industrial structure induced by the behavior of outward FDI is also one of the main ways to reduce the level of carbon emission. |
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