| China boasts the world’s most comprehensive modern industrial system,leading globally in terms of industrial output value.Concurrently,carbon emissions stemming from China’s industrial production contribute significantly to global climate challenges.As China embarks on its ’dual carbon’ goals,industrial enterprises grapple with intensifying operational pressures,necessitating prompt green transformations.These transformations,pivotal for both economic growth and the ’dual carbon’ goals,hinge on effective policy tools,especially given the global exigencies of climate change and economic deceleration.Central to this discourse is the role of the Emission Trading System(ETS).This study probes the efficacy of ETS as a market-oriented environmental tool to catalyze the green metamorphosis of industrial enterprises.It delves into the intrinsic mechanisms through which ETS potentially functions and ascertains the veracity of its impact.The study not only fortifies the empirical underpinnings of industrial enterprises’ green transition,aiding China’s pursuit of its ’dual carbon’ goals but also enriches the global discourse on the ETS,offering insights for its design and refinement.Grounded in a rigorous theoretical and empirical framework,this study delves into the implications of the ETS for the green transformation of industrial enterprises.Specifically,the study addresses three salient questions:(1)Can the ETS catalyze the green transformation of industrial enterprises,and is there variability in its impact across different enterprises?(2)How does the institutional framework of ETS,encompassing carbon pricing and allocation quotas,modulate its influence on the green evolution of industrial sectors?Through which mechanisms does the ETS exert this transformative influence?(3)Are there discernible regional or sectoral spillover effects stemming from the ETS that influence the green transition trajectory of industrial enterprises,which in turn promote a comprehensive green transformation?In the theoretical analysis segment,this study meticulously weaves together foundational theories germane to the research focus.The sustainable development theory elucidates the pathway for green transformation.The externality theory sheds light on the societal costs associated with carbon emissions,while property rights theory offers a marketbased approach to actualizing this green shift.Building upon these foundations,a partial equilibrium model,incorporating both consumers and vendors,is crafted within a costbenefit analytical framework.This model delineates the intricate relationship between the ETS and the green transformation of industrial enterprises,laying a robust theoretical groundwork for the ensuing empirical investigation.In the empirical analysis segment,this study employs a meticulously curated list of controlled enterprises,sourced by amalgamating data from A-share listed industrial companies,to serve as the primary research sample.The study delves deeply into the implications of the ETS on the green transformation of these enterprises,within the context of the ’dual carbon’ goals.Key conclusions derived from this rigorous investigation are as follows:Initially,this study refines the methodology for quantifying the green transformation indicators of enterprises.By leveraging industry-specific data,it offers a holistic approach to assess input-output values.The Super EBM-GML method is employed to gauge the green transformation metrics of industrial entities.Subsequent analysis illuminates the temporal dynamics,spatial distribution patterns,overall disparities,and convergence trajectories of the green transformation within the industrial sector.Notably,the research discerns an ascendant trend in industrial enterprises’ green transformation,with a notable absence of convergence.In the subsequent sections,building upon the derived results and foundational information,the focus shifts to an empirical exploration of the influence of ETS on the green transformation of industrial enterprises.The findings underscore that ETS serves as a catalyst for green transformation,and this conclusion remains robust even after subjecting it to rigorous testing across four major categories.Heterogeneity analysis results underscore a more pronounced marginal effect of ETS in industries characterized by heavy pollution,higher degrees of marketization,and among non-state-owned enterprises.Moreover,for a more comprehensive and layered understanding of the underpinning reasons behind the aforementioned conclusions,this study scrutinizes the underlying logic.Drawing on theoretical frameworks and model validation,an internal mechanism analysis reveals:(1)a non-linear "U"-shaped relationship between carbon pricing levels,carbon price fluctuations,and their impact on the green transformation of industrial enterprises;(2)institutional designs favoring initial quota compensation and benchmark-based quota allocation prove more efficacious in promoting green transformation;(3)an analysis of influencing channels indicates that ETS facilitates green transformation in industrial enterprises by mitigating regional resource misallocation,incentivizing green innovation,and enhancing capacity utilization.Lastly,following a progressively deepening logical structure,this study engages in a more nuanced discussion of the broader dissemination and impact scenarios.Employing sample differentiation analysis and spatial econometric models,the study empirically analyzes the regional and industrial spillover effects of ETS in promoting the green transformation of industrial enterprises.The outcomes highlight the current existence of a positive industry spillover effect of ETS in advancing green transformation,while the regional spillover effect appears less pronounced.Building upon the foundation of established scholarship,this dissertation introduces three seminal contributions to the field:(1)This study systematically reviewed and refined the conceptual framework and calculation methodologies associated with micro-level green transformation in industrial enterprises.Furthermore,an in-depth analysis was conducted on the temporal evolution characteristics,spatial distribution patterns,overall disparities,and convergence of green transformation within Chinese industrial enterprises.The findings offer a valuable augmentation to the existing body of research by delineating the developmental trends and convergence scenarios.(2)Adopting a perspective centered on the green transformation of industrial enterprises,this study evaluated the policy efficacy of ETS.It meticulously scrutinized the thresholds and regulatory impacts of carbon pricing and differentiated quota systems.The study also investigated transmission channels and spillover effects,thereby broadening the contextual parameters of the research question and elucidating its internal mechanisms.(3)By judiciously incorporating mathematical models,this study constructed a localized equilibrium model within the cost-benefit framework.The derivation of corresponding parameter expressions through deductive reasoning provides a theoretically robust explanation.This explanation contributes to the exploration of whether ETS can effectively drive green transformation in industrial enterprises and the underlying mechanisms.To augment the reliability and specificity of conclusions,advanced empirical methods were employed.This endeavor simultaneously extends the applicability of pertinent mathematical models and empirical methods to diverse problem domains.Through the development of a comprehensive theoretical research framework and accompanying empirical investigation,this study yields a set of nuanced research findings.Based on these insights,the study offers tailored policy recommendations for both policymakers and industrial enterprises within the context of the ETS. |
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