Impact Of Emissions Trading Pilot Policy On Green Innovation Under Financing Constraints

How to deal with environmental pollution while maintaining economic development is a major problem that perplexes the Chinese government and society.With the development of society,the progress of technology and the constant innovation of governing concept,changing the industrial structure,developing green industries,and achieving green technology upgrades have become new ways to control environmental pollution.Green innovation is an area that has attracted increasing attention from scholars in recent years,and environmental policies is an important factor affecting green innovation.Therefore,in order to explore the impact of environmental policies on green innovation,this paper takes the pilot policy of China’s emission trading as an example to explore the impact of pilot policy from the perspective of green innovation quantity and green innovation efficiency.On the other hand,empirical research has found that financing constraints have an important impact on corporate innovation,so this paper introduces financing constraints indicators to explore the impact of emissions trading pilot policies on green innovation under financing constraints.The the main content of the first part of this article is to study whether environmental policies can promote green innovation behavior under financing constraints.First of all,based on the green patent data of listed enterprises in Shanghai and Shenzhen stock market from 2003 to 2012,this paper uses the difference-in-difference method to explore whether the pilot policy of emissions trading promotes the green innovation behavior of enterprises in the pilot area.In this paper,the number of green patent applications is used to measure the number of green innovation.Secondly,the paper introduces the index of enterprise financing constraints,and uses the difference-in-difference-in-difference method to explore the impact of emissions trading pilot policy on green innovation under financing constraints.Thirdly,a series of heterogeneous discussions are carried out on policy-induced green innovation according to patent type,enterprise ownership,industry sulfur dioxide emissions and so on.Finally,change the variable measurement index for robustness test.It is found that the emissions trading pilot policy can promote the number of green innovation of enterprises,and environmental regulation still plays a role in promoting green innovation when enterprises are faced with financing constraints,and the promotion effect is still significant when the research objects are differentiated according to the type of green patent,the type of enterprise ownership and the difference of sulfur dioxide emissions.The main content of the second part of this article is to explore whether the pilot policy of emissions trading under financing constraints can promote the efficiency of green innovation at the regional level.First of all,the DEA-RAM model is introduced,and the evaluation indicators are selected,and the regional data of 30 provinces,municipalities,and autonomous regions(excluding Tibet)are used to evaluate the efficiency of green innovation in the regions.Secondly,we use the difference-in-difference method to explore whether the emissions trading pilot policy can promote the efficiency of green innovation in the pilot area.Thirdly,the paper introduces the regional level financing constraint index to explore the adjustment effect of financing constraint on the relationship between environmental regulation and green innovation efficiency.Finally,the robustness test is carried out.The study found that the pilot policy of emissions trading can significantly improve the efficiency of green innovation at the regional level,and financing constraints have a positive adjustment effect on the relationship between environmental regulation and green innovation efficiency.