| China’s rapid economic development has made remarkable achievements,but the long-term carbon-based energy consumption structure has increased the burden on the ecological environment.Global carbon emissions have been increasing for years,leading to serious environmental problems.In recent years,China has actively participated in the governance of global warming,achieve the “double carbon”target,and assume the responsibility of a big country.In order to reduce carbon emissions and achieve double carbon targets,China has formulated numerous environmental regulation policies,among which the market-oriented carbon emission trading policy has become an important tool to deal with climate change and accelerate high-quality economic development and industrial structure transformation.In October 2011,the National Development and Reform Commission approved to carry out carbon emissions trading pilot work,with the aim of promoting green innovation in enterprises and achieving carbon emission reduction through market orientation.The high-energy-consuming industries have made important contributions to China’s economic prosperity,while at the same time they have caused huge pressure on carbon emissions.Besides,the national carbon emissions trading market mainly includes high-energy-consuming industries.Therefore,it is necessary to explore the impact of carbon trading market policies on the quality of green innovation of enterprises in high-energy-consuming industries.Using the panel data of 508 A-share high-energy-consuming listed companies from 2008 to 2015,this paper represents the quality of green patents by the number of green patents cited,and empirically studies the policy effect of carbon emission trading policy on the quality of green innovation of high-energy consuming listed companies,as well as the enterprise knowledge base,cost transfer capability and geographical location play a regulatory role between the pilot of carbon emission trading and the quality of green innovation of enterprises.The robustness of the empirical results is tested by PSM-DID,placebo test and replacement of explained variables.In the last chapter,we put forward countermeasures and suggestions.According to our research results,the main conclusions of this paper are as follows:(1)carbon emission trading policy can promote the quality improvement of green innovation of Listed Companies in high-energy-consuming industries.This paper measures the quality of green patents by the number of green patents cited.It is found that the quality of green patents increases significantly after the publication of the pilot policy of carbon emission trading.The conclusion verifies the "weak Porter Theory".(2)Enterprise knowledge base affects the promotion relationship between carbon emission trading policy and the quality of green innovation.Specifically,compared with high-energy-consuming enterprises with low knowledge breadth,high-energy-consuming enterprises with high knowledge breadth have a higher level of green innovation quality after the publication of carbon emission trading policy.Compared with high-energy-consuming enterprises with high knowledge depth,high-energy-consuming enterprises with low knowledge depth have improved the quality of green innovation higher after the announcement of carbon emission trading policy.(3)From the perspective of cost grafting ability and geographical location,the carbon emission trading policy mainly promotes the green innovation quality of high energy consuming enterprises with weak cost grafting ability and located in the eastern region,and has less effort to improve the innovation quality of high energy consuming enterprises with strong cost grafting ability and located in the central and western regions.Based on the empirical analysis and the status quo,this paper from the government and the enterprise two main policies,proposed measures.The government should speed up the construction of the national carbon emission trading market,promote the fairness of the carbon emission trading system and optimize relevant supporting policies,so that the carbon emission trading policy can release policy dividends and help China achieve high-quality economic growth.Enterprises should establish the awareness of high-quality green innovation.Enterprises should consider their own characteristics in green innovation,realize the "compensation effect" of carbon emission trading policy on enterprises through green innovation,and improve the long-term competitiveness of enterprises. |
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