The Impact Of Carbon Emission Trading System On Enterprise Competitiveness

Based on the data of A-share listed companies in Shanghai and Shenzhen in the pilot region from 2007 to2021,this paper makes a theoretical analysis and empirical study on the impact of carbon emission trading system on enterprise competitiveness.Firstly,the enterprise competitiveness is divided into internal production efficiency and external market competitiveness,and the influence of carbon emission trading system on enterprise competitiveness is analyzed theoretically.Then,the listed companies were restricted to the pilot area,and the enterprises were divided into treatment group and control group.The kernel matching method was used for matching,and DID method was used for regression verification.This paper further tests the heterogeneity of enterprise ownership and industry.Secondly,this paper uses replacement of matching method and dependent variable substitution method to test the robustness of the two dimensions of enterprise competitiveness.On the basis of the results obtained from the DID model,this paper analyzes and demonstrates the investment mechanism and R&D innovation mechanism of carbon emission trading system on the competitiveness of enterprises,and discusses the differentiation of investment level when it affects the competitiveness of enterprises.The empirical results show that the carbon emission trading system has a positive effect on the competitiveness of enterprises.Based on theoretical and empirical analysis,the conclusions of this study are as follows:(1)Carbon emission trading has a significant positive promoting effect on the improvement of internal production efficiency and the strengthening of external market competitiveness of A-share listed enterprises;(2)From the two dimensions of enterprise competitiveness,state-owned enterprises lag behind non-state-owned enterprises;(3)The two dimensions of competitiveness of enterprises in the real estate and industrial fields are significantly strengthened after the implementation of the carbon emission trading pilot;But the financial industry,business and other industries are not significant;(4)The carbon emission trading system can improve the competitiveness of enterprises by promoting enterprises to increase innovation input and investment,but the investment level will be differentiated when it acts on the competitiveness of enterprises.Overall,investment and R&D input are important channels for carbon emission trading system to improve the internal production efficiency of enterprises and enhance the external competitiveness of enterprises.Compared with previous studies,this paper achieves innovation in the following aspects:(1)Problem selection: This paper is not limited to the traditional two perspectives of policy theory analysis and innovation incentive,but returns to the essence of the enterprise to produce products and services and earn profits to study the competitiveness of enterprises;(2)The decomposition of the problem: the enterprise competitiveness is divided into two dimensions: the improvement of internal production efficiency and the enhancement of external competitiveness;(3)Analysis of the influence mechanism: This paper analyzes the possible ways that the carbon emission trading system has an impact on the competitiveness of enterprises,and demonstrates its effectiveness,and then discusses the differentiation of investment mechanism.Therefore,not only can this paper enrich the existing carbon emission trading policy discussion and empirical research results on the theoretical level,but also has a strong practical significance for the upgrading of our industry under the background of carbon peaking and carbon neutrality goals.The above research results indicate that China should further deepen the reform of carbon emission trading system,specifically refine the carbon emission trading rules of specific regions and industries,improve the linkage between relevant policies and industrial policies of carbon emission trading market,promote finance to better serve carbon emission entities,and encourage state-owned enterprises to play a leading role in green development.