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论文编号：	14046
作者编号：	2120213315
上传时间：	2023/6/8 3:03:15
中文题目：	碳排放权交易对企业创新的影响研究——基于PSM-DID方法
英文题目：	Research on the Influence of Carbon Emissions Trading on Corporate Innovation——Based on the PSM-DID Method
指导老师：	齐岳
中文关键字：	碳排放权交易；企业创新投入；波特假说；环境规制
英文关键字：	carbon emissions trading;corporate innovation;Porter hypothesis;environmental regulation
中文摘要：	双碳目标提出以来，“碳达峰碳中和”成为经济社会发展的重要任务。我国于2013年试点开展碳排放权交易，并于2021年建立了全国碳交易市场。企业被纳入碳排放权交易名单会影响企业的经营决策，尤其会使企业的创新活动面临更为复杂的内外部环境。研究碳排放权交易能否促进企业创新投入，实现经济与环境的双赢，具有重要的理论和实践意义。 本文基于我国2013年试点实施的碳排放权交易机制，选取2010—2020年为样本区间，沪深A股上市企业为研究对象，通过手工搜集纳入交易的企业名单作为处理组，运用渐进性双重差分法(DID)，辅以倾向性得分匹配(PSM)，匹配非试点地区企业为对照组，比较政策实施前后两组企业的创新投入水平是否有显著差异。接下来本文创新性地从企业行为的角度，将企业被纳入交易后的决策分为停止生产、退出当地市场和进行技术创新三种，并分析企业资产专用性和风险承担水平如何影响企业决策。本文研究结论如下：第一，碳排放权交易显著提升了处理组企业的创新投入水平，验证了碳排放权交易制度的弱波特效应。第二，企业的资产专用性和风险承担水平对基本作用机制有显著的调节作用，企业资产专用性和风险承担水平越高，越能加强碳排放权交易对企业创新投入的积极影响。第三，相较于国有企业，碳交易对非国有企业创新投入的正向作用更为显著。第四，相较于垄断行业，碳交易对竞争程度较高的行业中的企业的创新投入的正向作用更为显著。 综上，本文论证了碳排放权交易能够促进企业的创新投入，验证了我国的碳排放权交易制度满足“弱波特假说”。本文的研究结论丰富了该研究领域的相关文献，同时能够为企业决策提供参考，提高企业参与碳交易的积极性，以及为全国范围内碳交易市场的建设提供一定的政策建议。
英文摘要：	Since the dual carbon goals were proposed, "carbon peaking and carbon neutrality" has become an important task for economic and social development. China piloted carbon emissions trading in 2013, and established a national system in 2021. Enterprises' participation in carbon emissions trading will affect their decision-making, especially making their innovation environment face greater uncertainty. It is of great theoretical and practical significance to study whether carbon emissions trading can promote corporate innovation investment and achieve a win-win situation between economy and environment. Based on the carbon emission trading mechanism piloted in China in 2013, this paper selects the 2010-2020 sample range, with Shanghai and Shenzhen A-share listed enterprises as the research object, manually collects the list of trading enterprises as the treatment group, uses the Progressive Differences-in-Differences(DID) method and the Propensity Score Match (PSM) method, matches the enterprises in non-pilot areas as the control group, and compares whether there is a significant policy effects. Next, this paper innovatively divides the post-transaction decision-making of enterprises into three types: stopping production, exiting the local market and carrying out technological innovation, and analyzes how the level of asset specificity and risk taking affect corporate decision-making. The conclusions of this paper are as follows: First, the carbon emission trading mechanism will have a positive impact on corporate innovation. Second, the level of asset specificity and risk taking of the enterprise have a significant regulating effect on the basic mechanism, and the higher the level of asset specificity and risk taking, the more positive impact of carbon emission trading on enterprise innovation investment can be enhanced. Third, carbon trading has a more positive effect of non-state-owned enterprises than that of state-owned enterprises. Fourth, it has a more significant positive effect of enterprises in highly competitive industries than monopoly industries. In summary, this paper demonstrates that carbon emissions trading can promote enterprise innovation investment, verifies the weak Porter effect of the policy. This paper expands the research on the impact of carbon emission trading on corporate innovation, and can provide reference for enterprise decision-making, improve the enthusiasm of enterprises to participate in trading, and provide certain policy suggestions for the construction of national carbon emissions trading market.
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