| Since 2013,China has gradually piloted carbon emissions trading in regions such as Shenzhen and Shanghai.In 2021,the national unified carbon trading market was officially launched.It is expected to influence enterprises to choose their behavior of maximizing profits through market-based trading,and force enterprises to transform,upgrade and innovate technology to achieve the goal of carbon emissions reduction.From the local pilot to the national launch of the carbon emission trading market,we need to further study the effect of the green technology innovation of enterprises and what specific factors in the market have an impact on the green technology innovation of enterprises.Under this background,this thesis takes the carbon market and green technology innovation of enterprises as the research object,uses the characteristics of enterprises entering the market in batches and by stages,collects,screens and matches the data of listed enterprises in the pilot areas from 2009 to 2020,constructs a multi-period double difference model,empirically analyzes the impact of enterprises’ inclusion in the carbon emissions trading market on their green technology innovation,and further analyzes the carbon price,carbon trading volume,quota allocation mode and the nature of participating enterprises in the carbon emissions trading market.It has theoretical and practical significance to enrich the relevant research on green technology innovation of enterprises in China’s carbon emission trading market,put forward practical suggestions for the development and construction of China’s carbon market,and help the construction of the national carbon trading market.This thesis comprises seven main chapters,with the introduction being the first.The introductory chapter primarily covers the background,research ideas and methods employed for the topic,as well as highlight the innovative aspects,significance and any limitations or deficiencies discovered during the study.The second chapter of the thesis is dedicated to a comprehensive literature review,which combs construction of carbon emissions trading market and the current research status of green technology innovation of enterprises,and systematically analyzes the relevant research of both.In the third chapter,combined with relevant theories,the carbon market and green technology innovation of enterprises are analyzed theoretically.The fourth chapter analyzes the development of China’s carbon emissions trading market,and understands the situation of carbon emissions trading market in various regions including trading enterprises and market development status.The fifth chapter is the research and design,screening and matching the pilot enterprises in China.Based on the relevant data of listed companies in pilot areas from 2009 to 2020,a multi-period double difference model is constructed by utilizing the characteristic of companies entering the carbon emission trading market in batches and stages.The sixth chapter is dedicated to the analysis of empirical results,studying the impact of inclusion in the carbon emission trading market on corporate green technology innovation.The chapter also examines its driving role from the perspectives of carbon prices,carbon trading volume,and quota allocation methods in the market.The research results show that:(1)The carbon emission trading market has been found to have a significant positive impact on driving green technology innovation among pilot enterprises.Furthermore,non-state-owned enterprises were found to be more responsive to the carbon emission trading pilot policy,while state-owned enterprises did not demonstrate significant responsiveness in this regard.(2)The findings suggest that the implementation of a carbon price and trading volume can serve as effective drivers for promoting green technology innovation among pilot enterprises.The carbon price and trading volume in the carbon market play the role of signal transmission mechanism,providing the correct price and volume information for the pilot enterprises participating in the transaction.(3)The review suggests that both the baseline method and the historical method have played a significant role in driving green technology innovation among non-state-owned enterprises.The quota allocation method of the baseline method adopted by state-owned enterprises will hinder the green technological innovation of enterprises.The quota allocation method of the baseline method adopted by non-state-owned enterprises is better than the historical method.The seventh chapter is the conclusion and policy recommendations.Based on the theoretical and current analysis of this thesis,and referring to the empirical analysis results,this chapter proposes to expand the scale of carbon emissions trading market,improve the carbon market information disclosure and sharing mechanism,optimize the quota allocation method,and build a hierarchical carbon emissions trading market. |
