| The introduction of the "30-60 Dual-Carbon Target" demonstrates China’s determination to actively address climate change.Technological innovation is the key for achieving the "30-60 Dual-Carbon Target".However,China’s technological innovation capability is still weak,low-carbon core technologies are restricted by others and the innovation system of carbon neutral science and technology needs further improvement.The study of whether carbon emissions trading policy could effectively promote enterprise technological innovation is important for enterprises to achieve technological upgrading,low-carbon transition and smooth transition during the carbon peak cycle,which is also helpful to ultimately achieve the "30-60 Dual-Carbon Target".A much debated question is whether carbon trading policy could have a "porter effect" in promoting innovation,and the direction of corporate technological innovation has not been differentiated in existing literatures.To this end,based on China,the world’s largest carbon emissions trading market,this paper uses a policy effects assessment methodology to analyze the new changes in green and non-green technology innovation of firms.The paper focuses on three questions: firstly,has the carbon trading policy promoted technological innovation of the pilot enterprises,especially green technology innovation?Secondly,is there a spillover effect of carbon emissions trading policy on enterprises’ technological innovation? Thirdly,what are the mechanisms that influence the effectiveness of carbon emissions trading policy? This paper uses theoretical and empirical analysis methods to obtain the following conclusions.(1)Carbon emissions trading policy inhibits firms’ innovation R&D investment to some extent,but enhances the innovation output and efficiency of non-green technological innovation of firms,and this promotion effect is particularly significant in large state-owned enterprises.In addition,the implementation of the carbon trading policy inhibited green technology innovation.This reflects the fact that most companies merely treat the policy as a means to improve relations with government and gain a good social reputation,rather than as a cost-effective mechanism to reduce greenhouse gas emissions.The strategic ’pandering’ and ’free-riding’ motivation exhibited by companies in technological innovation needs further attention.(2)There is a spillover effect of carbon trading policy on technological innovation i n non-pilot enterprises.Under the carbon emissions trading policy,the pilot enterprises have a positive spillover effect on the non-green technology innovation of the same industry in the surrounding area,but a negative spillover effect on their green technology innovation.This means that under the control of the carbon emissions trading policy,enterprises in the surrounding areas have followed the behavior of the pilot enterprises to a certain extent and adopted a "wait and see" strategy in terms of green technology innovation,resulting in the overall technology innovation still focusing on increasing quantity rather than improving quality.(3)The mechanisms affecting the effectiveness of carbon trading policy are both external and internal.In terms of external mechanisms,"poor carbon price transmission" and "lack of financial resources support" are the two major reasons why China’s carbon emissions trading policy inhibits enterprises’ green technological innovation.In particular,the existing carbon price signal has not been successful in stimulating green technology innovation.The potential risks associated with the carbon trading policy have increased the financing costs of regulated enterprises,which is not conducive to the upgrading of emission reduction technologies and equipment.In terms of internal mechanisms,the low level of "risk-taking" and "willingness to be environmentally responsible" is two important reasons why companies have failed to upgrade their green technology innovation.In particular,companies’ wait-and-see and conservative attitudes inhibit them from actively pursuing risky green technology innovations,while their "light green" sense of environmental responsibility leads to a low propensity for green technology innovatio n,making it difficult to achieve carbon emission reduction and environmental protection.This paper adds to the literature on the effects of carbon trading policy and deepens the understanding of the daunting task facing China during the carbon peaking cycle.Through an in-depth analysis of the mechanism channels through which carbon emissions trading policies affect the effectiveness of corporate green technology innovation,this paper can help policy makers understand the shortcomings of the current carb on emissions trading policy implementation,provide a realistic basis for efforts to break the mechanism bottleneck that restricts the transmission of carbon price signals,and provide policy references for the full-scale implementation of national carbon emissions trading policies in various industries in the future. |
