The Impact Of Carbon Emission Trading On Green Total Factor Productivity

At present,China’s economy has entered a stage of high-quality development,green development is an important part of it,and the implementation of carbon emission trading is an effective way to promote green development.In November 2011,the pilot work of the carbon emission trading policy began in China,which has a history of more than ten years.The effectiveness of the carbon emission trading policy and whether it has truly achieved a "win-win" between economic development and environmental protection is a question worth exploring,and green total factor productivity is a key indicator for evaluating economic and ecological benefits.This paper studies the impact of carbon emission trading policies on green total factor productivity,which is of great significance for policy promotion,and the research results can also contribute to the "carbon peak" and "carbon neutrality" goals proposed by the state.This paper takes the carbon emission trading policy as a "quasi-natural experiment",and selects the data from 2007-2016 of 242 prefecture-level and above cities in China as the research object to explore the impact of carbon emission trading on green total factor productivity.First of all,this paper summarizes the relevant literature on carbon emission trading,then summarizes the relevant literature on the impact of carbon emission trading on green total factor productivity,and finds that the domestic research on the impact of carbon emission trading on green total factor productivity needs to be improved.Secondly,this paper focuses on the transmission path of the impact of carbon emission trading on green total factor productivity,and analyzes the transmission mechanism of carbon emission trading policy on green total factor productivity through three perspectives:production costs with direct impact and technological progress and resource allocation with indirect impact pathways.Thirdly,this paper carefully analyzes the current situation of China’s carbon emissions trading from five aspects: carbon emissions trading coverage,trading price,transaction scale,trading varieties and performance,and then analyzes the existing problems.Then,the directional distance function combined with the Global Malmquist-Luenberger index is introduced to measure the value of green total factor productivity in 242 cities at the prefecture level and above in China.Later,a doubledifference model was used to empirically study the panel data of 242 cities at the prefecture level and above in China from 2007 to 2016,and the impact of carbon emission trading policies on green total factor productivity representing the green development of china’s key experimental areas was deeply analyzed.Finally,the conclusions of this paper are summarized and corresponding countermeasures and suggestions are put forward from the aspects of expanding transaction coverage,enhancing penalties,enriching trading varieties,innovating carbon financial products,exploring differentiated regulations and increasing technological innovation.After a series of studies,it is found that:（1）from 2007 to 2016,China’s green total factor productivity was generally improved,and the implementation of carbon emission trading policies will positively affect the improvement of green total factor productivity in China’s pilot cities;（2）from the perspective of different regional cities,the final empirical results are quite different.The sub-regional empirical results show that the carbon emission trading policy has a significant role in promoting the green total factor productivity of various municipalities in the eastern provinces,but the impact on the central and western regions is not obvious;（3）the carbon emission trading policy is found to further improve the green total factor productivity of the city by improving technological innovation through the mediation effect model test.This paper has made corresponding innovations in some aspects:（1）at present,most of the calculations of green total factor productivity at home and abroad are based on provincial or national levels as research objects,this paper is an accurate study from the city level,avoiding the errors caused by the province,and it is more scientific in terms of research entry points;（2）At present,there are relatively few studies on the impact of carbon emission trading policies on green total factor productivity in the academic circles at home and abroad,and this paper can enrich the research in this field,and can be China’s "double carbon target"（3）After a large number of literature studies,it is found that cities in different regions may have different experimental results,so different cities are divided according to the region to which they belong,and regression analysis is carried out by sample,and the impact of carbon emission trading policy on green total factor productivity is further studied through heterogeneity test and robustness test.