| With the advancement of economic globalisation,China’s economic strength and people’s living standards have been significantly improved in all aspects.However,the problem of ecological pollution has become increasingly serious,especially with the intensification of global warming,sea level rise,extreme weather conditions and a series of other problems continue to emerge,seriously threatening the survival of mankind and social development.in October 2011,China launched a pilot project on carbon emissions trading,using market mechanisms to effectively control and reduce regional carbon emissions,helping China to achieve high-quality development of a green economy.Green technology innovation is an important means to achieve low carbon emission reduction and green economic development,and can effectively contribute to the sustainable and healthy development of the country’s economy.From a theoretical point of view,carbon emissions trading policy can use the market mechanism to stimulate enterprises to actively carry out green innovation,guide them to achieve green transformation and fundamentally solve the problem of excessive carbon emissions.In reality,it remains to be seen whether carbon emissions trading policies can achieve this theoretical effect.Therefore,in the context of both innovation-driven and green economic development,it is of profound significance to study carbon emissions trading policies and enterprises’ green technological innovation.Based on the perspective of environmental regulation policies with market incentives and micro-enterprise green technological innovation,this paper focuses on whether carbon emissions trading policies can promote enterprise green technological innovation,thus achieving a win-win situation for both environmental protection and economic development.After systematically reviewing the literature on carbon emissions trading and corporate green technology innovation,this paper presents a theoretical analysis of how carbon emissions trading policies affect corporate green technology innovation based on Coase’s theorem,Porter’s theory,reputation theory and induced innovation theory.Meanwhile,based on the green innovation data of China’s listed companies from 2009 to 2020,an empirical test is conducted using a triple difference(DDD)model based on a quasi-natural experiment of carbon emissions trading pilot,and the following conclusions are drawn based on the empirical results:(1)Carbon emissions trading policy can promote corporate green technology innovation and enhance the level of corporate green innovation,and the effect of this policy has a long-term effect.(2)Carbon emissions trading policy can promote green technology innovation by improving the efficiency of capital allocation.(3)In the context of carbon emissions trading,both high-level green technology innovation and low-level green technology innovation of enterprises are significantly enhanced,and the effect on the former is stronger.(4)Compared with small non-state enterprises,carbon emissions trading policies have a significant effect on green technology innovation in large state-owned enterprises.(5)The green innovation effect of carbon emissions trading policies is stronger for enterprises located in regions with a higher degree of marketisation.Based on the above conclusions and taking into account the actual situation,this paper puts forward the following policy recommendations:(1)Improve the nationwide carbon emissions trading mechanism and further expand the scope of pilot projects.(2)Optimize the industrial layout structure and enhance the efficiency of capital allocation of enterprises.(3)Enterprises should strengthen the development of high-level green technology innovation market,increase investment in green patents with high technological content and innovative inventions,and effectively promote the green development and transformation and upgrading of Chinese enterprises. |
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