| Since the reform and opening up,China’s economy has developed rapidly,but it is accompanied by the continuous deterioration of the environment.In order to improve the various problems caused by environmental pollution,China has issued a series of policies to control environmental pollution.In particular,in 2011,the National Development and Reform Commission issued the Notice on The Pilot Work of Carbon Emission Trading,which is a new attempt to control greenhouse gas emissions.The policy was carried out in seven pilot provinces and cities in China,starting from 2013,the first carbon emission trading market was established in Shenzhen.The implementation of carbon emission trading right policy limits the pollutant emission of enterprises within a certain range,and the market trading of carbon quota as a commodity will also have a certain impact on the business performance of enterprises.This paper takes manufacturing enterprises as the research object,mainly discusses the relationship between carbon emission trading right policy,technological innovation and business performance of enterprises.Empirical tests are carried out through literature review,difference in difference(DID),parallel trend analysis,propensity score matching(PSM-DID)and placebo test.The research of this paper has enriched the research on carbon emission trading right policy and the business performance of manufacturing enterprises,provided reference for promoting the implementation of carbon emission trading right policy in the whole country,and provided countermeasures and suggestions for the development of manufacturing enterprises in the carbon emission trading right market.The specific research content is as follows.First,this paper discusses the impact of the implementation of carbon emission trading rights policy on business performance.Parallel trend analysis is first used to verify whether the experiment is valid,because the key to use the DID model is to satisfy the parallel trend analysis first,and then use the DID model to carry out specific analysis.Secondly,this paper discusses the mediating role of technological innovation between carbon emission trading rights policy and business performance.This paper takes technological innovation as an intermediary variable to explore the impact of technological innovation on business performance under the policy of carbon emission trading rights.Thirdly,this paper discusses the different impacts of the carbon emission trading right policy on the business performance of state-owned enterprises and non-state-owned enterprises.The research sample is divided into state-owned enterprises and non-state-owned enterprises to study the influence of carbon emission trading right policy on the operating performance of state-owned enterprises and non-state-owned enterprises respectively.Fourthly,this paper discusses the different impacts of carbon emission trading right policies on business performance of high energy consumption industries and non-high energy consumption industries.The research sample is divided into high energy consumption industry and non-high energy consumption industry to study the influence of carbon emission trading right policy on the business performance of enterprises in high energy consumption industry and non-high energy consumption industry respectively.Fifthly,the robustness test was carried out by PSM-DID and placebo test.There are certain errors in the process of sample selection.Therefore,in order to test the robustness of the results in this paper,that is,to explore the significant effect of carbon emission trading right policy on the business performance of enterprises,the following robustness tests are conducted in this paper:(1)The implementation of the policy will be delayed by one period to test the relationship between the carbon emission trading right policy and the long-term and short-term operating performance of enterprises.(2)Robustness test was carried out by propensity score matching method(PSM-DID),and the final results were consistent with the above.(3)Exclude the influence of other policies,select other environmental policies before and after the occurrence of this policy,and introduce dummy variables of this policy into the model to exclude the influence of this policy.(4)Placebo test: the implementation time of carbon emission trading right policy is advanced to judge whether its double difference method term is significant.Through empirical research,it is found that the carbon emission trading right policy inhibits enterprise’s operating performance in the short term and promotes enterprise’s operating performance in the long term.Secondly,technological innovation plays a mediating role in carbon emission trading right policy and business performance.Then,the carbon emission trading right policy has a more obvious effect on non-state-owned enterprises,which has a certain restraining effect on the short-term business performance of non-state-owned enterprises,and has a certain promoting effect on the long-term business performance of non-state-owned enterprises.Finally,the carbon emission trading right policy has a more obvious effect on the pilot enterprises in high energy consumption industries,and will inhibit the long-term and short-term operating performance of enterprises. |
PDF Full Text Request