Impact Of Emission Trading Policy On Corporate Green Technology Innovation

With China’s economy moving towards high-quality development,ecological and environmental problems have attracted attention.It is a common demand of the whole country to demand both "gold and silver mountains" and "clear waters and green mountains".Various environmental regulation measures taken by the government are an important means to control environmental pollution problems,and also an important factor affecting the green technology innovation.Sulfur dioxide emission trading policy is an important part of market incentive environmental regulation.This policy is one of the important means to improve environmental quality through market mechanism and resource allocation,which is the total amount control and transaction management of pollutants.Green technology innovation can effectively solve the problem of environmental pollution and alleviate resource constraints,which is the only way for enterprises to achieve high-quality development.It is very necessary to study the impact of emission trading policy on green technology innovation,which is of great significance for environmental protection and economic development.This paper discusses the influence of emission trade policy on corporate green technology innovation based on the Porter hypothesis.By establishing the theoretical analysis framework and research hypothesis of the relationship between emission trading policy and green innovation,this paper tries to reveal the internal logical relationship and action mechanism of emission trading policy on corporate green technology innovation.On this basis,the listed companies emitting sulfur dioxide in A-shares in Shanghai and Shenzhen from 2004 to 2018 were selected as the research objects,and the double difference method was adopted to build a model to test the impact of the emission trading policy on corporate green technology innovation in multiple dimensions.In view of the green innovation activities of enterprises will be affected by their own ability and external environment,we will further select financing constraints and industry competition as regulatory variables to explore their regulatory role on the relationship between the two.Based on the above research,this paper found that:First,the emission trading policy can promote the green technology innovation of enterprises in the pilot area,and supports the "Porter hypothesis".From the perspective of patent types,enterprises are more inclined to the research and development of green utility model patents;From the nature of enterprises,the policy plays a greater role in promoting green technology innovation of stateowned enterprises;From the perspective of enterprise location,the promotion effect of the policy on green technology innovation shows a decreasing trend in the east,central and west.Second,financing constraints play a significant negative role in regulating the relationship between emission trading policy and green technology innovation,and this negative role is quite different in different groups.Third,industry competition plays a significant negative role in the relationship between emission trading policy and green technology innovation,and this negative role is quite different in different groups.According to the research conclusion,this paper believes that the government and enterprises should assume their own social responsibilities,jointly promote the good development of emission trading policies,promote the green technology innovation of enterprises,and achieve a win-win situation of economic development and environmental protection.On the one hand,the government should refine the emission trading policy,optimize the market trading mechanism,strengthen enterprise incentives,and create a good environment for innovation.On the other hand,enterprises should enhance their awareness of green innovation,actively assume social responsibilities,constantly optimize the internal R&D management system,and improve the quality and efficiency of green innovation.