碳排放权交易对企业全要素生产率的影响及溢出效应——基于空间双重差分模型的实证分析

Impact of Carbon Emissions Trading on Total Factor Productivity of Enterprises and Spillover Effects—Empirical Analysis Based on SDID

中文关键词:  碳排放权交易  企业全要素生产率  税收  融资约束  创新

英文关键词:carbon emissions trading  enterprise total factor productivity  tax  financing constraints  innovation

中文摘要:

      作为实现国家碳达峰碳中和目标的重要政策工具，碳排放权交易为企业全要素生产率的提升提供了重要契机。尽管现有研究基于多种宏观政策探讨了环境规制的政策效应，但对碳排放权交易提升企业全要素生产率的研究关注不足。文章基于2007—2020年中国制造业上市企业数据，将碳排放权交易试点看作准自然实验，采用空间双重差分模型考察了碳排放权交易政策对制造业企业全要素生产率的影响及溢出效应。研究表明：①碳排放权交易政策的实施对制造业企业全要素生产率的提升具有促进作用，且对周边企业产生了正向溢出效应；②碳排放权交易政策对轻污染型企业全要素生产率的提升具有正向影响及溢出效应；③碳排放权交易政策主要通过政府的减税、市场融资约束的缓解和企业技术创新作用于企业全要素生产率。本文丰富了碳排放权交易对企业全要素生产率的影响研究，为提升企业全要素生产率、实现经济高质量发展提供了经验证据。

英文摘要:

      As an important policy tool to achieve the national goal of "carbon peak" and "carbon neutrality", carbon emissions trading provides an important opportunity for enterprises to improve their total factor productivity. Although existing studies have explored the policy effects of environmental regulations based on a variety of macro policies, insufficient attention has been paid to carbon emissions trading that enhances firms' total factor productivity (TFP). With data on listed Chinese manufacturing enterprises from 2007 to 2020, the article examines the impact of carbon trading policies on the TFP of manufacturing enterprises and the spillover effects using a spatial difference-in-differences model, treating the carbon trading pilot as a quasi-natural experiment. It is found that:① The implementation of carbon emissions trading policy has a catalytic effect on the TFP of manufacturing enterprises, and it has a positive spillover effect on neighboring enterprises. ② The carbon emissions trading policy has a positive impact and spillover effect on the TFP of light polluters. ③ The carbon emissions trading policy can affect the TFP of enterprises through the government's tax reduction, the alleviation of market financing constraints and enterprise technological innovation. This paper enriches the research on the impact of carbon emissions trading on the TFP of enterprises, and provides empirical evidence for further promoting carbon emissions trading policy to improve the TFP of enterprises and achieve high-quality economic development.