| 碳交易机制与企业绿色创新：基于三重差分模型 |
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| 引用本文： | 姚星,陈灵杉,张永忠.碳交易机制与企业绿色创新：基于三重差分模型[J].科研管理,2022,43(6):43-52. |
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| 作者姓名： | 姚星 陈灵杉 张永忠 |
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| 作者单位： | 西南财经大学国际商学院，四川 成都611130 |
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| 基金项目： | 教育部人文社会科学研究一般项目：“复杂网络视角下我国服务业在全球产业体系中的作用空间研究”(19XJA790003,2018.01—2021.12)；;国家社会科学基金重大课题：“完善自由贸易试验区布局研究”(21ZDA093,2021.01—2022.12)；;国家自然科学基金青年项目：“增加值视角下中国国内价值链的网络结构演化及其机理研究”(71903157,2020.01—2022.12)； |
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| 摘 要： | 低碳经济与绿色发展密切相关，目前关于碳交易机制对企业绿色创新影响的分析缺乏微观企业层面的经验证据。本文基于2009—2016年间中国沪深两市A股上市公司的专利数据，以2013年末在7个省市开展的碳排放权交易试点作为准自然实验，采用三重差分的估计方法，通过对比碳交易试点政策实施前后、试点省市相对于非试点省市、高污染行业相对于低污染行业的企业绿色专利申请占比的变化情况，探究碳交易机制政策对企业绿色创新活动的影响，并进行了一系列异质性讨论和稳健性检验。实证结果表明：（1）相对于非试点省市和试点省市的低污染行业，碳交易试点政策能够提高试点省市高污染行业的企业的绿色专利申请比例。（2）相比于发明类绿色专利，该政策对绿色专利中的非发明类专利的促进作用更强。（3）相对于国有企业，该政策对试点省市上市公司中非国有企业的绿色创新的激励作用更加显著。此外，本文发现：碳排放权交易试点政策能够增加高污染行业企业的科研人才引进和提高科技研发支出、提高企业资产净利润率，进而直接或间接地促进了企业绿色创新发展。本文的研究结论能够为中国实施全国碳排放权交易政策提供一定经验支持；为如何实现提质增效、更好促进企业节能降耗和绿色发展提供政策建议。
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| 关 键 词： | 碳交易机制 企业绿色专利 三重差分模型 |
| 收稿时间： | 2020-10-28 |
| 修稿时间： | 2021-04-29 |
The carbon trading mechanism and corporate green innovation in China: A study based on the DDD model |
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| Yao Xing,Chen Lingshan,Zhang Yongzhong.The carbon trading mechanism and corporate green innovation in China: A study based on the DDD model[J].Science Research Management,2022,43(6):43-52. |
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| Authors: | Yao Xing Chen Lingshan Zhang Yongzhong |
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| Institution: | School of International Business, Southwest University of Finance and Economics, Chengdu 611130, Sichuan, China; |
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| Abstract: | Low-carbon economy is closely related to green development. The current analysis of the effect of carbon emission trading pilot policies on innovation incentives lacks empirical evidence at the micro-enterprise level. In this study, the carbon emission trading pilots conducted in 7 provinces and cities at the end of 2013 are used as quasi-natural experiments. Based on the patent data of A-share listed companies in China′s Shanghai and Shenzhen stock exchanges from 2009 to 2016, we use the DDD estimation method to compare the changes in the proportion of green patent applications by companies before and after the implementation of the carbon trading pilot policy, in the pilot area relative to the non-pilot area, and the high-polluting industry relative to the low-polluting industry, explores the impact of carbon trading mechanism policies on corporate green innovation activities. Furthermore, this study conducts a series of heterogeneity discussions and robustness tests, according to the types of green patents, the types of corporate ownership, the measurement standards of industry pollutants, etc., to in-depth explore how the carbon trading mechanism affects the output of corporate green patents.
This study finds that: (1) Compared with non-pilot areas and low-pollution industries in pilot areas, carbon trading pilot policies can increase the proportion of green patent applications by companies in high-pollution industries in the pilot areas. (2) Compared with green patents for inventions, this policy has a stronger role in promoting non-invention patents in green patents. (3) Compared with state-owned enterprises, this policy has a more significant role in promoting the green innovation level of non-state-owned enterprises among listed companies in the pilot areas. In the mechanism analysis, this study found that the carbon trading mechanism can increase scientific researchers, R&D expenditures, and the net profit margin of enterprises in high-polluting industries, which will have direct and indirect effects on the green innovation output of enterprises.
According to the analysis results of this study, the policy recommendations are as follows: (1) Implementation of the carbon trading mechanism should be deepened. The conclusion that the carbon trading mechanism can significantly stimulate R&D and innovation of enterprises provides an empirical support for actively promoting the full launch of the carbon trading mechanism in China. In the future, the intensified implementation and more comprehensive promotion of carbon trading pilots can reduce air pollution and protect resources and environment. At the same time, it will better promote energy saving and green development of enterprises. (2) The green patent market for inventions should be developed. The carbon trading mechanism has a stronger role in promoting non-invention green patents, but the development of invention green patents cannot be ignored. Therefore, companies should further develop the invention green patent market and improve the technologically more complex and innovative inventions. The output of similar green patents will jointly promote the green development, transformation and upgrading of Chinese enterprises. (3) Differentiated carbon trading policies should be formulated. The carbon trading mechanism has a heterogeneous effect on the listed companies in the pilot area. Therefore, in the process of my country′s full implementation of the carbon trading market, the heterogeneity of different industries should be considered in many ways, and the carbon trading policies of different types of enterprises should be precisely designed. With a definite target, further improve the promotion effect of this policy on different types of enterprises. (4) Enterprises should be encouraged to improve investment in R&D. Carbon trading policies can stimulate enterprises in high-polluting industries to increase the introduction of scientific research personnel and R&D expenditures to increase their green innovation output. Therefore, relevant departments can introduce incentive policies to encourage enterprises to increase investment in scientific and technological research and development, increase the introduction of talents, and thereby increase innovation output. |
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| Keywords: | carbon trading mechanism corporate green patent difference-in-differences-in-differences (DDD) |
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