碳排放权交易政策影响先进制造业企业绿色技术创新吗?  

Can Carbon Emission Permit Trade Policy Promote Green Technology Innovation in Advanced Manufactur⁃ing Enterprises?

作　　者：郭江山[1,2] 师琪 Guo Jiangshan;Shi Qi

机构地区：[1]河北经贸大学金融与企业创新研究中心,河北石家庄050061 [2]河北经贸大学金融学院,河北石家庄050061

出　　处：《金融理论与实践》2023年第5期105-118,共14页Financial Theory and Practice

基　　金：河北省省级科技计划软科学研究专项“河北省科技企业孵化器投融资政策体系建设的要素研究”(22557670D);河北省社会科学基金项目“金融资源配置视角下环境规制驱动企业绿色创新的机理与政策研究”(HB21YJ018)的阶段性成果。

摘　　要：碳排放权交易政策是促进制造业企业绿色创新的重要内容。选取2010—2021年碳排放权交易试点地区A股上市公司数据,运用双重差分模型考察碳排放权交易政策对先进制造业企业绿色技术创新的影响。研究发现:碳排放权交易政策对先进制造业企业的绿色技术创新具有显著促进作用,但是当企业债务融资成本更高时,碳交易政策对先进制造业企业绿色技术创新的促进作用有所降低;企业无形资产越多,碳交易政策对其绿色技术创新的促进作用越明显。相较于小型企业、低竞争度市场中企业,碳交易政策对大型企业、高竞争度市场中企业的绿色技术创新具有更明显的促进作用。Carbon emission permit trade policy is an important part of promoting the green innovation of manufacturing enterprises.The data of A-share listed companies in the pilot area of carbon emission permit trade from 2010 to 2021 is selected,and the impact of carbon emission trading policy on the green technology innovation of advanced manufacturing enterprises is investigated by using the difference-in-difference model.The study finds that the carbon emission permit trade policy significantly promotes the green technology innovation of advanced manufacturing enterprises,and when the enterprise debt financing cost is higher,the carbon trading policy has a dramatic effect on promoting the green technology innovation of advanced manufacturing enterprises;the more intangible assets of enterprises,the more obvious the carbon emission trading policy promotes the green technology innovation.Compared with small-scale enterprises and enterprises in lowcompetitive markets,the carbon emission trading policy plays a more key role in promoting the green technology innovation of large-scale enterprises and enterprises in highly competitive markets.

关 键 词：碳排放权交易政策 先进制造业企业 绿色技术创新 债务融资成本 无形资产 

分 类 号：F823.4[经济管理—财政学]