| Greenhouse gas emission is undoubtedly one of the most difficult environmental pollution problems in China.In order to solve this problem,the government has issued a series of laws and regulations one after another,but as an external constraint,laws and regulations still can not internally promote enterprises to take the initiative in environmental pollution control,so the carbon emission trading system came into being.Carbon emission trading refers to that the government grants carbon dioxide emissions to enterprises as a property right,which can be traded in a specific market as a general commodity.In June 2013,Shenzhen took the lead in establishing the first carbon emission trading market in China,marking the initial establishment of China’s carbon emission trading market,followed by Beijing,Shanghai,Guangzhou,Tianjin,Hubei and Chongqing.Based on the implementation of this system,this paper analyzes the impact of carbon emission trading system on enterprise environmental protection investment.Based on the data of Listed Companies in heavy pollution industries in 2010-2016(excluding 2013),this paper empirically tests the effect of carbon emission trading system on environmental protection investment by means of propensity score matching and double difference method.The results show that: the implementation of carbon emission trading system significantly improves the level of environmental protection investment of enterprises,and enterprises mainly control carbon emissions by improving the level of cost-effective environmental protection investment.It is further found that: after the implementation of the carbon emission trading system,the environmental protection investment of state-owned enterprises has been significantly improved,but not reflected in non-state-owned enterprises;after the implementation of the carbon emission trading system,the environmental protection investment of regional enterprises with high degree of marketization has been significantly improved,but not reflected in the regional enterprises with low degree of marketization;in addition,the carbon emission trading system After the implementation,the government significantly improved the level of environmental protection subsidies for enterprises.Based on the above empirical results,this paper holds that: on the one hand,due to the different levels of investment in environmental protection of enterprises with different property rights,state-owned enterprises have inherent advantages,the government should take corresponding measures to support private enterprises,such as encouraging banks and other financial institutions to provide environmental protection fund support for enterprises to guide enterprises to actively carry out emission reduction activities and achieve long-term emission reduction;on the other hand Because of the different level of economic development between regions and the different environmental awareness of enterprises,the government should constantly improve the carbon emission trading system and adjust measures to local conditions,so as to provide effective system and legal support for carbon emission trading.The innovation of this paper is as follows: first,this paper takes the carbon emission trading system as the starting point,links the macro environmental policies with the micro enterprises,studies its impact on the overall level of enterprise environmental protection investment and different types of environmental protection investment,and further enriches the relevant research on the impact of environmental policies on enterprise environmental protection investment.Second,this paper further discusses the impact of carbon emission trading system on the environmental protection investment and subsidy of enterprises in different marketization areas,which also expands the empirical research related to carbon emission trading system. |
