Carbon Emissions Trading,Technology Mergers And R&D Innovation

In the 21 st century,the problem of climate warming has become more serious.Countries around the world have adopted different environmental regulation policies to solve this problem.Among them,carbon emissions trading is favored by various countries due to its low cost,high flexibility,and strong effectiveness.In 2013,China launched carbon emissions trading in seven cities.The Chinese government hopes to promote technological innovation of enterprises,control carbon emissions,and achieve the goal of green development.In reality,has China’s carbon emissions trading promoted corporate innovation? How does it affect corporate innovation? How does the state guarantee the effective operation of this policy? These questions are the key content that this article needs to study.Based on the China Carbon Emissions Trading launched in 2013,this paper selects Ashare listed companies in the pilot industry as the experimental samples according to the carbon emissions rules(MPV)of each pilot transaction,selects the experimental group according to the threshold of each pilot MPV,and selects control group through PSM,and then use the double-difference method(DID)and the intermediary effect model to discuss the impact of carbon trading on corporate R&D and innovation.In order to solve the problem of non-random selection of regions,this paper introduces the region and time multiplication term in the model.The results of the study found that the pilot companies involved in carbon emissions trading had higher levels of innovation.This conclusion was established for the overall technological innovation,green technological innovation and low-carbon technological innovation of the enterprise.Compared with private enterprises,the promotion of low-carbon and green patents by carbon emissions trading is more obvious in state-owned enterprises;under the same conditions,the level of low-carbon and green patents is also affected by the adjustment of enterprise size.The mechanism analysis shows that the innovation effect is mainly based on the technology merger,which has short-term limitations.Enterprise independent innovation needs to be further strengthened.The previous researches mainly focused on the macro level of carbon emissions trading.There are few studies at the financial micro level.Although the existing research on the micro-mechanism of carbon emissions trading also discusses the innovation behavior of enterprises,it does not pay attention to the impact between different technology patents,nor does it analyze the source path of enterprise innovation.This article discusses the above issues from a micro-enterprise perspective and verifies the " Porter hypothesis".In addition,this paper in the empirical part solves the problem of nonrandom selection in the pilot areas of DID.This is a rare practice in the field of accounting.