| The concept of "double carbon" has made the construction of ecological civilization enter a stage with carbon reduction as the key strategic direction.The new energy strategy has gradually become the inherent requirement of China’s low-carbon economic development,and the technological innovation of related enterprises is very important for the optimization and transformation of China’s industrial structure.With the establishment and development of China’s carbon market,the importance of carbon market to the green transformation of enterprises has gradually become prominent.In the past,the research on carbon market and enterprises focused on emission control enterprises and their green production factors.This paper discusses the influence of carbon trading market on technological innovation of new energy enterprises in detail,and enriches the research on carbon market in terms of research objects.Based on the theories of Porter Hypothesis and Innovation Compensation Effect,this paper uses principal component analysis to measure the technological innovation level of enterprises,selects 3549 sample data from 305 new energy listed companies in 2010-2021,and uses double difference model to carry out panel fixation effect regression to explore the impact of carbon trading policy on technological innovation of new energy enterprises.The empirical results show that the carbon emission trading policy has a significant role in promoting the technological innovation of new energy enterprises.Enterprises with high carbon emissions need to buy carbon quotas in the carbon market,while new energy enterprises,as technology-and capital-intensive enterprises,have stronger funds and strength to carry out technological innovation,thus further reducing carbon emissions,having more carbon quotas for sale in the carbon market,and thus obtaining additional income.In addition,New energy enterprises can also increase their profits by selling their innovative technologies and equipment.Driven by the above profits,the implementation of carbon emission trading policy can significantly promote the technological innovation level of new energy enterprises.Because the initial trading system is not perfect,and the policy influence has a certain time lag,carbon trading has timeliness for the promotion of technological innovation of new energy enterprises.With the passage of time,the role of carbon trading policy in promoting technological innovation of new energy enterprises has gradually emerged.By analyzing the heterogeneity of property rights and scale of enterprises,it is found that the carbon trading policy has a more significant impact on the technological innovation of state-owned and large-scale new energy enterprises,because state-owned enterprises have a special nature,are greatly influenced by national policies,are more vulnerable to the tilt of national high-quality resources,and have stronger overall capital and technical strength.Therefore,compared with non-state-owned enterprises,carbon trading policy has a more significant role in promoting their technological innovation.And because large-scale enterprises have strong financial strength,more mature development and strong anti-risk ability,they have stronger willingness and ability to carry out technological innovation than small and medium-sized enterprises. |
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