A Study On The Impact Of Carbon Trading On Corporate R&D Investment And Performance

With the rapid economic development in recent years,environmental pollution has become increasingly serious,and China is currently the world’s largest emitter of CO2.With the approach of the "double carbon target" and in order to assume the international responsibility of reducing carbon emissions and solving climate change problems,China is committed to using environmental regulatory policies to promote greenhouse gas emission reduction and green development innovation to achieve low carbon transformation.Carbon trading is one of the core tools to implement China’s CO2 emissions peak target and carbon neutral vision.Carbon trading refers to the quantification of CO2 emissions into paid use rights,which are traded in the market as commodities.The classical "Porter hypothesis" suggests that strict and appropriate environmental regulations can promote corporate innovation to achieve both environmental and economic dividends.This paper aims to answer these questions and explore the moderating variables of the impact of carbon trading on enterprise R&D performance,in order to provide experience and reference for the construction of the recently launched national carbon market.Since June 2013,China first implemented a carbon emission trading pilot in Shenzhen,and the rest of the pilots were launched one after another by the first half of 2014.This paper compares the carbon emissions trading pilot policies,combines the basic theories such as externality theory,public goods theory,property rights theory,and Porter hypothesis,and selects the first batch of listed companies that are included in the carbon emissions trading pilot provinces and cities from 2010 to 2020 as the research samples,and uses the DID model to empirically test whether carbon trading can force enterprises to invest in R&D and improve the R&D performance of enterprises.Then,the DDD model was used to explore the moderating effects of three moderating variables on the R&D performance of carbon trading.The results of the study found that:(1)the implementation of the pilot carbon trading policy effectively improves the R&D performance of enterprises to achieve the long-term emission reduction of cleaner production;(2)the smaller the gap between the carbon market price and the marginal emission reduction cost of carbon society,the more significant the effect of the pilot carbon trading policy on improving the R&D performance of enterprises;the more the number of carbon financial derivatives,the more significant the effect of the carbon trading policy on improving the R&D performance of enterprises;the stronger the carbon market The stronger the environmental regulation in the region where the carbon market is located,the more significant the effect of carbon trading policy on enterprises’ R&D performance.Based on the above empirical results,this paper argues that the carbon trading system should be improved to provide legal support and guarantee for carbon trading,and encourage enterprises to achieve long-term emission reduction through R&D investment and innovation.