环境权益交易对企业高质量生产的影响——基于碳排放权交易的经验证据  

The Impact of Pollution Rights Trading on High Quality Production of Enterprises:Evidence from Carbon Emission Trading

作　　者：胡晖 唐恩宁[3] Hu Hui;Tang En-ning(Economic Development Research Centre,Wuhan University;School of Economics and Management,Wuhan University;National School of Development,Peking University)

机构地区：[1]武汉大学经济发展研究中心 [2]武汉大学经济与管理学院 [3]北京大学国家发展研究院

出　　处：《宏观质量研究》2020年第5期42-57,共16页Journal of Macro-quality Research

基　　金：国家社科基金重大项目(16ZDA006)成果。

摘　　要：本文以我国碳排放权交易政策为对象,研究环境权益交易对企业高质量生产的影响。使用2011-2017年沪深股市2766家上市公司的数据,运用渐进性双重差分法,以碳排放权交易地区为处理组,非交易地区为对照组,通过比较交易政策实施前后企业的高质量生产水平是否提升来检验碳排放权交易的作用。进一步地,通过识别碳排放权交易地区被强制纳入交易的重点控排企业以及非交易地区的重点控排企业,研究基于市场交易的环境规制与基于命令控制的环境规制的影响差别。研究发现,相对于非交易地区,碳排放权交易地区的企业高质量生产水平有了显著提升。就研究样本而言,强制纳入交易的重点控排企业对碳排放权交易政策的反应更大。Taking the Chinese carbon trading pilot policy as an example,this paper attempts to figure out the relationship between environmental trading schemes and firm-level productivity.Based on the data of 2766 listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2017,this study,using the progressive difference-in-difference method,estimates the effect of the trading pilot policy on the firm-level productivity.By identifying the key discharge-controlled enterprises that are forced to engage in the trading system and the enterprises with similar characteristics in the non-pilot areas,this study goes further to compare the difference in terms of the policy effect between the market-based regulations and the command-based regulations.As the result shows,the carbon emissions trading pilot policy has a positive effect on the firm-level productivity.Moreover,the key discharge-controlled enterprises which are compelled to enter the trading system are more responsive to the pilot policy.

关 键 词：环境权益交易 碳排放权交易 高质量生产 渐进性双重差分 

分 类 号：F832.5[经济管理—金融学] X322[环境科学与工程—环境工程]