Research On The Impact Of Carbon Emission Trading System On Total Factor Productivity Of Petrochemical Enterprises

Global warming caused by carbon dioxide emissions has become the biggest nontraditional security challenge restricting social sustainable development.China is the world’s largest developing country and carbon emitter.Subject to the dual pressure of economic development and carbon emission reduction,China is facing unprecedented challenges and complexity in dealing with climate change.The petrochemical industry is an important force to promote China’s low-carbon energy transformation.In the new era,there is an urgent need to improve from "quantity" to "quality".The carbon emission trading system realizes the optimal allocation of resources through the market mechanism,which is considered to be an effective method to reduce carbon emissions and deal with climate warming,and will effectively promote the low-carbon transformation and quality improvement of petrochemical enterprises.Based on the quasi natural experiment of carbon emission trading pilot,using the data of China’s A-share listed petrochemical enterprises from 2008 to 2020,this paper empirically tests the impact of carbon emission trading system on the total factor production rate of petrochemical enterprises from the micro level by using the generalized exact matching method and double difference model,and analyzes the action mechanism of R & D intensity,resource allocation efficiency and financing constraints in this process.This paper finds that: first,the carbon emission trading system in the announcement stage(2011-2012)will improve the total factor productivity of petrochemical enterprises,but the carbon emission trading system in the transaction stage(2013-2020)will reduce the total factor productivity of petrochemical enterprises,and the negative impact of nonstate-owned and large-scale petrochemical enterprises is greater than that of state-owned and small-scale petrochemical enterprises.Second,the carbon emission trading system reduces the total factor productivity of petrochemical enterprises by improving the financing constraints,and does not stimulate the effect of technological innovation.However,the carbon market can improve the resource allocation efficiency of petrochemical enterprises,so as to partially offset this negative impact.Third,the dynamic effect analysis found that the negative impact of carbon emission trading system on the total factor productivity of petrochemical enterprises is short-term,with the greatest impact in the two years after the implementation of the policy,but this negative impact gradually weakened from the fourth year.Therefore,China’s carbon market will help to achieve a win-win situation for the economy and environment of petrochemical enterprises in the long run.This paper not only provides a new micro perspective for the research on the effect of carbon emission trading policy,but also provides literature support for the quantitative research on the impact of environmental regulation and the operating efficiency of petrochemical enterprises.On the other hand,the research conclusions of this paper will help petrochemical enterprises take relevant actions to improve total factor productivity while completing emission reduction tasks,promote the quality improvement and upgrading of petrochemical enterprises and the transformation of low-carbon energy,and help achieve the goals of carbon peak and carbon neutralization.