The Porter Effect Of Carbon Emission Trading

With the high-quality development of the economy,China is facing more and more serious environmental problems,in which the issue of climate warming caused by greenhouse gases,especially carbon dioxide emissions,has attracted great attention.As the largest developing country and the largest carbon emitter,China's economic development is still the first priority of the country.This will inevitably lead to further energy consumption,which will increase carbon dioxide emissions and make it more difficult to reduce carbon emissions by 50% by 2030.Facing with the pressure of carbon dioxide emission reduction,how to rationally choose the path of carbon dioxide emission reduction in order to achieve "win-win" of both the economic growth and the reduction of carbon emissions is an important issue that the Chinese government urgently needs to solve.In order to achieve the dual goals of carbon emission reduction and green development improvement,China began trials of carbon emission trading pilot policies in five cities and two provinces in 2013,and it has established a nationwide cross-provincial power industry trading market by 2017.As the micro-subject of carbon emissions involved in carbon trading,the performance of carbon emissions of enterprises actually measures the implementation effect of the pilot policy of carbon emissions trading.Therefore,it is necessary to comprehensively analyze the impact of the pilot carbon emission trading policy on Listed Companies in pilot industries in pilot areas,and verify whether the Porter effect is realized,which is conducive to the objective evaluation of the implementation effect of the pilot carbon emission trading policy,and provide an important reference for the establishment of a national carbon emission trading market.Domestic and foreign scholars have carried out a lot of research on the implementation effect of carbon emissions trading and the test of the Porter effect of environmental policy.The theoretical knowledge is relatively sufficient,which lays a foundation for the study of this paper.Through reviewing the relevant research status,we find that there are some shortcomings.Firstly,most of the existing literatures only analyze the direct effect of carbon trading on economic output or emission reduction.However,the implementation of carbon trading policy may promote technological innovation and other indicators,that is,it will achieve the "Porter hypothesis" effect,but few literatures have in-depth analysis of the "Porter hypothesis" effect of carbon trading.Secondly,due to the late start of China's carbon trading market,which has not been established for a long time,the effectiveness of the implementation of carbon trading policy is mostly theoretical analysis or model deduction,the existing empirical research is basically from the macro and meso levels,lack of micro empirical evidence.Therefore,this paper takes 187 listed companies in eight pilot industries as the research object,qualitatively analyses the mechanism of the Porter effect produced by the pilot policies of carbon emissions trading,and quantitatively analyses the impact of the pilot policies of carbon emissions trading on enterprise value and technological innovation,so as to test whether the Porter effect of the pilot policies of carbon emissions trading is realized.The research contents and conclusions of this paper mainly include the following aspects: Firstly,the mechanism of the possible Porter effect of carbon emissions trading is elaborated.Trial implementation of carbon emissions trading,through government policy preferences,direct incentives and indirect dividends to enterprises,may effectively promote technological innovation and enhance the value of enterprises to achieve the Porter effect.Secondly,the PSM-DID empirical method is used to measure the impact of pilot policies on the value of listed companies and technological innovation in the pilot industry,and to verify whether the Porter effect of pilot policies on carbon emissions trading is realized.Before conducting DID model test,the experimental group is determined to be listed companies in 41 pilot areas and eight pilot industries.Then,through the tendency score matching PSM from 146 listed companies in pilot industries in areas where no carbon emission trading pilot policy has been implemented,the control group is determined by year-by-year matching.Then,by controlling the impact of other variables,the DID model was used to measure the impact of the experimental group on enterprise value and technological innovation after being subjected to the pilot policy of carbon emissions trading.In addition,the robustness test shows that the PSM-DID estimation results are robust.Finally,through the above empirical research,we can find that China's carbon emissions trading pilot policy can not effectively increase the value of listed companies in the eight pilot industries in the pilot areas,and the impact on technological innovation of enterprises is not significant.Therefore,compared with the command-and-control policy,the pilot policy of carbon emissions trading at this stage has not realized the Porter effect in the pilot areas of our country.The possible innovations of this paper are mainly embodied in:(1)Innovation of research perspective.This paper explores the direct impact of carbon emissions trading on enterprises from a micro perspective,uses the PSM-DID method to test the micro-effect of carbon emissions trading,enriches the relevant literature of carbon market effectiveness test,and provides empirical data support for the further development of carbon emissions trading market.(2)Widening the research content.Considering the impact of carbon emissions trading on technological innovation and enterprise value,this paper makes a thorough analysis of the "Porter hypothesis" effect of carbon emissions trading,and provides experience for verifying the "Porter effect" of carbon emissions trading.