市场激励型环境规制可以推动企业技术创新吗?--基于中国碳排放权交易机制的自然实验  

Can Market-Incentive Environmental Regulation Promote Corporate Innovation? A Natural Experiment Based on China’s Carbon Emissions Trading Mechanism

作　　者：胡珺[1] 黄楠 沈洪涛[3] HU Jun;HUANG Nan;SHEN Hongtao(School of Management,Hainan University;School of Accounting,Nanjing Audit University;School of Management,Jinan University)

机构地区：[1]海南大学管理学院,海南海口570228 [2]南京审计大学会计学院,江苏南京211815 [3]暨南大学管理学院,广东广州510632

出　　处：《金融研究》2020年第1期171-189,共19页Journal of Financial Research

基　　金：海南省自然科学青年基金项目(719QN200);国家自然科学基金项目(71902050、71672075);海南大学科研启动项目(kyqd(sk)1905);南京审计大学青年教师科研培育项目(19QNPY005);广州区域低碳经济研究基地的资助。

摘　　要：提高环境标准以推进企业低碳环保转型是供给侧结构性改革的重要内容。在众多环境规制的政策工具中,以市场激励为导向的排放权交易机制在西方国家得到了较为广泛的认可与应用,但是否同样适用于尚处在转轨期的新型中国市场还有待进一步检验。本文基于中国2013年开始试点实施的碳排放权交易机制,考察了市场激励型的环境规制对中国企业技术创新的影响。研究发现:碳排放权交易机制的实施显著推动了企业的技术创新,且当碳市场的流动性程度越高,该市场激励型环境规制对企业技术创新的推动作用更加明显。但企业成本转嫁能力会在一定程度上削弱该环境规制的积极影响,当企业所承受的产品市场竞争程度更低、企业对客户和供应商的议价能力更高时,碳排放权交易机制对企业技术创新的推动作用相对降低。综上,本文的研究不仅从市场激励的角度丰富了环境规制与企业技术创新的相关文献,同时也为中国碳排放权交易实施的政策效果提供了微观证据,研究结论可为后续在全国范围内统一推进碳排放权交易市场建设提供政策参考。"Socialism with Chinese characteristics" has entered a new era, in which the major social contradiction is between people’s growing needs for a better life and the problem of inadequate and unbalanced development. China must address the current reality of severe environmental pollution as the same time as alleviating these major social contradictions. Environmental problems have many externalities, and thus environmental pollution control relies heavily on environmental regulation to internalize external costs. The "Porter hypothesis" suggests that reasonable and strict environmental regulation can promote enterprises’ technological innovation;the resulting first-mover advantage can compensate for the costs of environmental regulation and achieve a win-win situation. Based on this argument, formulating and implementing appropriate and effective environmental regulation policies that realize the Porter hypothesis have become a key issue in the process of building socialism with Chinese characteristics in the new era.Depending on the regulatory bodies and mechanisms involved, environmental regulation can be divided into two types: command control and market incentive. Since the beginning of the 21 st century, market-incentive environmental regulation policies have been gradually implemented in China. Around 2002, China tentatively established an emissions trading policy mainly for sulfur dioxide emissions. In June 2013, China pioneered the introduction of a carbon emissions trading mechanism originating in the developed capital markets of Europe and the United States, and it successively established carbon trading exchanges in seven regions. At the end of 2017, the National Development and Reform Commission announced an official nationwide launch of a unified market for carbon emissions trading. This gradual development of a carbon emissions trading mechanism indicates that China’s environmental regulation system is gradually shifting from command control to market incentives. This paper uses data on Chinese

关 键 词：环境规制 碳排放权交易 成本转嫁 企业技术创新 

分 类 号：F273.1[经济管理—企业管理] F832.5[经济管理—国民经济] X196[环境科学与工程—环境科学]