In order to mitigate the greenhouse effect and cope with global climate change,on October 29,2011,the Chinese government fulfilled its emission reduction commitment and approved seven provinces and cities to establish carbon emission trading pilot projects.In 2021,the national carbon emission trading market was launched and operated for less than one year.Under the background of the "double carbon" goal,more domestic enterprises began to use clean energy to reduce relevant pollutant emissions.However,at present,China has not established a legal system to encourage green technology innovation,The lack of financial incentives for enterprises to develop green technology has resulted in the weak driving force of green innovation.In view of this,it is necessary to study the current impact of enterprise green technology innovation on carbon emission trading system and its mechanism,so as to help the government formulate a more effective green technology innovation system to promote the development of enterprise green innovation.This paper selects the domestic carbon emission trading pilot as the research object,selects the data of seven trading pilot from 2008 to 2016 as the sample data,divides the enterprises in the seven pilot areas into non included and included carbon trading enterprises,matches the pilot areas with non pilot areas in the same life cycle and industry,and uses the double difference model.This paper combines Porter hypothesis Coase Theorem and enterprise life cycle theory explore the impact of carbon emission trading on enterprise green technology innovation,and carry out heterogeneity discussion according to the nature of enterprise ownership and enterprise scale.Here,the robustness test is carried out first,and then the conclusion is drawn.1.The green technology innovation of enterprises can be significantly promoted by the carbon emission trading mechanism.This paper supports this conclusion through different robustness tests,indicating that the "Porter Hypothesis" is established;2.There are differences in the impact of carbon emission trading on green technology innovation of enterprises in different life cycles.When enterprises are in growth and maturity,the green technology innovation effect of enterprises included in carbon trading is stronger,while when enterprises are in recession,the green technology innovation effect of enterprises included in carbon trading is weaker;3.In terms of heterogeneity of enterprise property rights,compared with private enterprises,state-owned enterprises should be more strongly encouraged by the pilot policy of carbon emission trading in green technology innovation;The pilot policy can significantly promote the green technology innovation of state-owned enterprises,and the core variable coefficient of private enterprises is positive but not significant;4.The empirical results show that large-scale enterprises are far superior to some small and medium-sized enterprises in green innovation ability..Combined with the information brought by the above research,based on the ability of enterprises to strengthen green innovation level and enterprise governance,this paper obtains the suggestions and reports on optimizing enterprise financing channels and constructing enterprise positioning as follows: the first step is to let government departments strengthen the governance ability of carbon emission right trading market,At the same time,pay attention to the changes brought by the price of traditional energy to China’s carbon quota demand,and make rational use of the impact of carbon signal on domestic and foreign markets.The second step must be the optimization of the enterprise’s own governance ability.The reasonable recycling of resources will bring secondary recycling benefits,and the reuse of enterprise resources will greatly improve the efficiency.At the same time,according to the production and operation status of the company,select the financing channels that can be borne,and plan the size and direction of the enterprise’s own capital flow.The third step is to study and change some major problems arising from the enterprise’s own life cycle and each stage,so as to achieve the strategic goal of reducing costs and lay a good foundation for green innovation.So as to help the two goals of "carbon neutralization" and "carbon peak" and the green and sustainable development across the country become a reality. |