Carbon Emission Trading Pilot Policies,geographical Distance And Enterprise Green Technology Innovation

In 2020,China proposed the goal of "striving to peak CO2 emissions by 2030 and achieving carbon neutrality by 2060"(referred to as the "double carbon" goal).For China with large carbon emissions and serious environmental problems,it is an important task to explore effective means of environmental regulation to achieve the "dual carbon" goal.To this end,China launched the pilot policies of carbon emission trading market in Shenzhen,Shanghai,Beijing,Guangdong,Tianjin,Hubei,Chongqing and Fujian in 2013-2016,which largely mobilized the enthusiasm of enterprises to carry out green technology innovation,thus promoting the improvement of enterprise production technology and process.However,due to the short time of China’s entering into the carbon emission trading pilot project and the incomplete supporting facilities,it is still worth paying attention to whether the carbon emission trading pilot policy can significantly stimulate the green technology innovation of enterprises.Therefore,this study uses China’s carbon emissions trading pilot policy,which began to be implemented in FY2013,as a quasi-natural experiment to empirically test whether the policy can induce firms to engage in green technology innovation.This paper intends to conduct an empirical study on the internal relationship between the carbon emission trading pilot policy,geographical distance and green technology innovation of enterprises.This paper uses the patent data and its financial data of listed Chinese A-share companies in Shanghai and Shenzhen from 2011 to 2019 as the research sample,uses the Stata14.0 analysis software to conduct a PSM-DID regression analysis of the relationship between the carbon emissions trading pilot policy and enterprise green technology innovation,and adds the geographical distance as the adjusting variable to explore the impact of geographical distance on the relationship between the carbon emissions trading pilot policy and enterprise green technology innovation.In the robustness test,full-sample regression,placebo test,and replacement of the explanatory variables are used to make secondary measures of enterprises’ green technology innovation,and to empirically test whether China’s carbon emission trading pilot policy has a significant promoting effect on enterprises’ green technology innovation,which provides reliability assurance for the research of this paper.The paper concludes with a heterogeneity analysis to investigate the differences in the impact of carbon emission trading pilot policies on green technology innovation of enterprises with different property rights nature,scale and region through further analysis of enterprises with different property rights nature,scale and region.The findings indicate that,first,there is a significant positive impact of the pilot carbon emissions trading policy on enterprises’ green technology innovation;Second,the carbon emission trading pilot policy can better promote the substantive green technology innovation activities of enterprises;Third,geographical distance will weaken the promotion role of carbon emission trading pilot policy on green technology innovation of enterprises;Fourth,compared to non-state enterprises,the carbon emission trading policy has more effectively improved the green technology innovation level of state-owned enterprises;Fifth,compared to small-scale enterprises,the carbon emission trading pilot policy has more effectively improved the level of green technology innovation of largescale enterprises;Sixth,compared to enterprises in the central and western regions,the carbon emission trading pilot policy has more effectively improved the level of green technology innovation of enterprises in the eastern region.Therefore,the following recommendations are made in this paper: First,deepen the implementation of carbon emissions trading policy;Second,improve the incentive and punishment system for control and emission enterprises;Third,formulate differentiated carbon emissions trading policies;Fourth,enterprises should make reasonable use of carbon emission trading policies,strengthen enterprise management and improve their green technology innovation capabilities.The innovation of this paper lies in the fact that the paper combines geography and other related theories,introduces geographical distance,explores the impact of geographical distance on the relationship between carbon emission trading pilot policies and enterprise green technology innovation,further broadens the research on carbon emission trading pilot policies and green innovation,and provides more targeted theoretical support for the improvement and expansion of carbon emission trading pilot policies.