The Impact Of Carbon Emission Trading Market On Enterprises Total Factor Productivity

Since the 20th century,global warming has become increasingly prominent and ecological balance has been seriously affected due to a large amount of carbon dioxide emissions.Many countries and regions around the world have established carbon emission trading systems to complete their carbon emission reduction targets.As a large and responsible country,China has launched carbon emission trading pilot markets since 2011.As the smallest unit in the implementation of carbon emission trading system,enterprises also play an important role in economic development.Therefore,exploring the impact of carbon emission trading markets on the total factor productivity of enterprises would be significant to the realization of a win-win situation for economic development and environmental protection.This thesis uses the carbon emission trading pilot market established successively in 2013 as a quasi-natural experiment to conduct an empirical analysis on the total factor productivity of enterprises participating in carbon emission trading in the pilot area.Specifically,the total operating income,net fixed assets,return on assets and other variables of 129 A-share listed companies from 2009 to 2018 are selected.First,the"experimental group" of listed companies participating in carbon emission trading are matched with the "control group" using the propensity score matching method.Second,the impact of carbon emission trading market on the enterprises total factor productivity is explored through the difference-in-difference method.Finally,this thesis analyzes the transmission mechanism of carbon emission trading market to the enterprises total factor productivity from two perspectives:the enterprises’ internal investment level and external financing constraints.In addition,this thesis analyzes the heterogeneity of the enterprises’ ownership and industry.The empirical results show that the establishment of the carbon emission trading market led to a decrease in the level of internal investment and an increase in the degree of external financing constraints,thus inhibiting the total factor productivity of enterprises.At the same time,the heterogeneity analysis results demonstrate that compared to state-owned enterprises,the total factor productivity of non-state-owned enterprises decreased after the establishment of the carbon emission trading market.The total factor productivity of companies in high-carbon industries also decreased relative to those in non-high-carbon industries.This thesis not only enriches the research on the carbon emission trading system and total factor productivity of enterprises,but also provides enlightening suggestions for enterprises,government and other social subjects.At the government level,to improve the pertinence and the implementation effectiveness of the policies,full consideration should be given to the nature of the company and the industry it belongs to when formulating policies.At the enterprise level,it is necessary to respond to the establishment of the carbon emission trading market actively and to carry out major business management reforms.Optimizing the allocation of internal resources and expanding external financing channels are essential in easing the negative impact of the carbon emission trading market and improving the total factor productivity.