| Since the reform and opening up,the rapid development of Chinese economy has also produced a series of social problems,among which environmental problems are a major issue that urgently needs to be resolved and is related to the people’s livelihood.The continuous increase in global carbon emissions has led to an increasingly strong greenhouse effect which is an important issue in environmental issues.Carbon emissions in China account for about 30% of the world’s carbon emissions,far surpassing those in Europe and the United States,and we need to shoulder greater responsibility for emissions reduction.Thus,the government has formulated a series of emission reduction targets,emphasizing the adoption of more powerful policy measures,striving to reach the peak of carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.In order to achieve these carbon emission reduction targets,effectively respond to global climate change,promote green and low-carbon development,and accelerate the transformation of economic development mode and industrial structure upgrading,in October 2011,the National Development and Reform Commission carried out the pilot work of carbon emissions trading in 7 provinces and cities,using the carbon emissions trading market mechanism to deal with the greenhouse effect and environmental issues.The government has carried out the pilot work of carbon emissions trading,using market means to promote green technology innovation of enterprises and reduce future carbon emissions,which is the goal of the carbon emissions trading policy.Because manufacturing companies are the main force of carbon emissions,this study will focus on the green technology innovation of manufacturing companies.This study uses the PSM-DID method to empirically study the policy effects of carbon emissions trading pilot policies on the green technology innovation of manufacturing companies that are listed.This study selects the listed manufacturing companies that are asked to control carbon emissions in the carbon emissions trading pilot regions as the testing group,uses the PSM method to match the testing group samples with the non-pilot regions’ listed manufacturing companies,finds out the control group samples within the matching range,and avoids selectivity Errors and counterfactual frameworks,and then constructs a double-difference regression model for empirical analysis,and finally conducts a robustness test,and draws the following conclusions:(1)The carbon emissions trading system has a significant role in promoting green technology innovation in the manufacturing industry.This study uses green patent data as an indicator of green technology innovation and finds that the number of green patent applications,green invention patent applications,green utility model patent applications and green patent authorizations are all significant increase after the release of the carbon emission trading pilot policy.This conclusion confirms Porter’s hypothesis and the theory of induced innovation.Reasonable and effective environmental regulation policies can improve green technology innovation of corporate.Meanwhile,green and low-carbon technology innovation is inseparable from environmental policies or laws and regulations.It is a new foundation for sustainable development and an important contribution for controlling the climate change.(2)Compared with the significant increase in the green technology innovation of private manufacturing enterprises after the announcement of the pilot carbon emission trading policy,the pilot carbon emission trading policy has not significantly promoted the green technology innovation of state-owned enterprises.The main reason may be attributed to problems such as the heterogeneity of property rights in the management of state-owned enterprises,the inadequate incentive mechanism for internal R&D personnel,and the absence of ownership.(3)For the control variables,the larger the scale of the company is,the higher the level of green technology innovation is,which verifies that the company’s innovation behavior strongly supports the Schumpeter hypothesis.The maturity of the company has an inverted U-shaped relationship with green technology innovation in the manufacturing industry.Before reaching the maximum value,as the age of the company increases,the level of green technology innovation increases,but after the maximum value,the level of green technology innovation decreases as the age of the company increases.Equity concentration has a significant negative impact on the company’s green technology innovation.The debt-to-asset ratio has a significant positive effect on the level of corporate green technology innovation.Corporate credit evaluation,corporate social creativity and rate of return on investment have no significant impact on green technology innovation.Based on the above conclusions,this study puts forward relevant policy enlightenment in terms of improving the carbon emissions market construction mechanism and encouraging state-owned enterprises to take on more environmental responsibilities.Firstly,the government should promote the improvement of the carbon emissions trading system,accelerate the establishment of the national carbon emissions trading market,strengthen the exchanges and interactions between the low-carbon and high-carbon industries and the financial industry,and promote the structural development of carbon financial products.Meanwhile,the relevant policies of the carbon emissions trading market should be in line with the industry policies.Secondly,the government should improve the green innovation awareness of state-owned enterprises,strengthen the construction of their own technical team,and encourage state-owned enterprises to take the lead in fulfilling environmental responsibility and green development. |
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