| Since the founding of the People’s Republic of China,China’s industrialization level has been gradually improved,and the national economy has developed rapidly.However,the rapid development of industry has also brought great pollution problems to China,resulting in incalculable ecological and environmental consequences.In February 2012,the National Development and Reform Commission of China approved seven provinces and cities including Beijing,Tianjin and Shanghai(later added Fujian Province,a total of eight provinces and cities)to carry out the pilot work of "carbon trading",so that enterprises with high emissions can directly participate in the process of greenhouse gas governance,and closely link the amount of carbon emissions with their own economic benefits,in order to effectively curb greenhouse gas emissions.The significance of this thesis is to explore the direct impact of carbon trading price on enterprises.In the past,there were few industries covered by the "carbon market" and investors of non-performing parties,and the liquidity of the market was still low.This thesis sorting out the transaction data of eight pilot markets in the past eight years by conducting an empirical study on the economic consequences brought by the change of the price level of "carbon trading",tries to find out the impact of the price level on the performance of enterprises,and explores the most suitable range of the price level of "carbon trading" to give consideration to the national carbon reduction policy and the long-term stable development of enterprises.This thesis also provides policy suggestions for the macro-control of the national carbon emission trading market price in the future.The research methods used in this thesis mainly include literature research,inductive reasoning and empirical analysis.Specifically,by sorting out and analyzing the previous literature on environmental regulation and enterprise TFP,this thesis puts forward the research hypothesis after reasoning: the increase of "carbon trading" price level will promote the overall improvement of the total factor productivity of enterprises participating in the trading,and the higher the volatility rate of "carbon trading" price in the market is,the stronger the market activity is,the more obvious the promotion effect brought by the rising price of "carbon trading" is.Therefore,this thesis collates the transaction price data of "carbon trading" pilot market in 8 provinces and cities from the first quarter of 2014 to the second quarter of 2021,and through empirical analysis,it proves that the increase of carbon emission trading price level will have a positive impact on the total factor productivity of enterprises in general.It verifies the correctness of "Porter hypothesis" so that the strengthening of environmental regulation does help to encourage enterprises to promote industrial transformation and upgrading and optimizing resource allocation to a certain extent.At the same time,this thesis also finds that in a market with greater price volatility rate of carbon trading in a certain period of time,it is more difficult for the covered enterprises to avoid the additional cost risk caused by environmental regulation only by technical means,and thus more vulnerable to the incentive impact caused by the increase of carbon trading price.Through mechanism analysis,this thesis finds that there are two main transmission path mechanisms of the increase of carbon emission trading price level on the total factor productivity of enterprises,which are the R&D investment and resource allocation efficiency of enterprises.Specifically,when the price level of "carbon trading" in the market increases,the management of the enterprise will make corresponding strategic adjustments by increasing innovation and research and development efforts to break through the existing technological bottlenecks,and to optimize the efficiency of resource allocation,so as to reduce the transaction cost of the enterprise and improve the operation efficiency.In this way the enterprise can avoid the new risks brought by the internalization of external costs at the same time and improve the total factor productivity of enterprises.Through heterogeneity analysis,this thesis finds that industries with different pollution levels have different sensitivity to changes in the price level of carbon trading.Specifically,industries with higher pollution levels,such as coal power and chemical industry,are less sensitive to price changes of carbon trading,while industries with lower pollution levels are significantly more sensitive.In addition,this thesis also finds that the emphasis on environmental protection in the pilot market location and the ownership concentration of enterprises themselves have a significant moderating effect on the promotion effect of the price level of carbon trading.Specifically,the lower the operating cost of industrial waste gas treatment facilities in the location of the enterprise is,the greater the impact of the enterprise on the "carbon trading" price is.The lower the ownership concentration of a firm is,the more sensitive its management is to the change of carbon trading price,and the more obvious the promotion of TFP is.Finally,this thesis also finds that the increase in the price level of carbon trading not only has a significantly positive impact on the total factor productivity as a whole,but also has a significant double threshold effect on the impact of the price range on the total factor productivity of enterprises after fine differentiation,which makes the curve show an inverted N-shaped image.Specifically,the "carbon trading" price level can be subdivided into three price level ranges,namely,the "price too low" level,the "price slightly lower" level,and the "price higher" level.In different price levels,the impact of price on the total factor productivity of enterprises is significantly different.Only at the high price level(CNY 28.8 to CNY 84.2),the increase in the price level of carbon trading can have a positive promoting effect on the total factor productivity of enterprises.The innovation of this thesis is that the previous academic concern about carbon emission trading mostly focused on the policy impact of the "presence" of the "carbon trading" system,or the factors that can affect the "carbon trading" price,but the lack of mechanism research on reasons why the "carbon trading" policy can produce economic consequences.This thesis takes the lead in the research on the economic consequences caused by the change of the price level of "carbon trading".It also illustrates the reason why the policy of "carbon trading" can affect the social economy is the continuous change and fluctuation of the price level,and elaborates the actual path mechanism of this change affecting the total factor productivity of enterprises.In addition,through the analysis of the "carbon trading" price level by means of the threshold regression model,this thesis also finds the most suitable price level threshold range for the implementation of the "carbon trading" policy,and provides policy suggestions for the macro price regulation of China’s national carbon emission trading market in the future.This thesis suggests that in the future,the government should carry out some macro-control on the price level of the national "carbon trading" market.After gradually expanding the opening and allowing more non-performing participants--especially institutional investors--to enter the market,the "carbon trading" price should be "not inflated" and "not cheap" in order to keep the price of "carbon trading" within a reasonable range(28.8 to 84.2 yuan)and show a development trend of "strong short-term fluctuation" and "long-term steady growth".Only in this way can we ensure that the fulfilling enterprises participating in the "carbon trading" can continue to receive positive incentives to promote their total factor productivity,and finally make the "carbon trading" policy truly benefiting the society,perfectly combining green with economy,and realizing the grand blueprint of "carbon neutrality" in China on the basis of ensuring long-term stable economic development. |
PDF Full Text Request