碳排放权交易、数字经济与企业全要素生产率  

Carbon Emissions Trading,Digital Economy and Total Factor Productivity of Enterprises

作　　者：董雨[1] 袁雪 查勇[1] DONG Yu;YUAN Xue;ZHA Yong(School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]中国科学技术大学管理学院,合肥230026

出　　处：《商业研究》2024年第1期12-22,共11页Commercial Research

基　　金：国家自然科学基金面上项目“创新驱动下能源行业结构转型的效率评价、策略博弈及发展模型研究”,项目编号:71973001。

摘　　要：“双碳”战略目标的提出契合高质量发展的内在需要,碳排放权交易市场是实现该目标的关键工具,2013—2014年,我国建立了首批七个试点碳交易市场,近十年以来,此项政策的减排效果已经受到广泛认可,但其对经济发展的影响依然值得探究。基于2010—2019年重污染行业A股上市公司的数据,本文以首批七个试点碳交易市场的正式启动为准自然实验,构建双重差分模型探讨该项政策对企业全要素生产率的影响,并从碳交易市场特征和数字经济发展的角度对作用机制进行分析。研究发现,碳交易政策能够显著提高企业的全要素生产率。机制分析表明,在碳交易政策对全要素生产率的作用过程中,企业数字化转型发挥了部分中介作用。此外,碳交易政策效果在非国有企业、风险承担水平高的企业中更强,并且碳市场的交易规模、流动性、数字基础设施、互联网普及率和数字普惠金融的发展都对碳交易政策效果发挥着正向调节效应,碳配额价格水平也具有一定的负向调节效应。The goal of“carbon neutral,carbon peak”is in line with the inherent need for high-quality development,and the carbon emission trading market is an important tool to achieve the goal.However,its impact on economic development is still worth exploring.Based on the data of A-share listed companies in the heavy pollution industry from 2010 to 2019,this paper explores the impact of the policy on the total factor productivity of enterprises by difference-in-differences model based on the official launch of the first seven pilot carbon trading markets,and analyzes the mechanism from the perspective of the characteristics of the carbon trading market and the development of the digital economy.It is found that the carbon trading policy can significantly increase the total factor productivity of enterprises,and the above findings hold after a series of robustness tests such as overcoming sample selection bias,alleviating endogeneity,and replacing the explanatory variables.The results of the mechanism analysis suggest that the digital transformation of firms plays a partly mediating role in the process of carbon trading policy’s effect on total factor productivity.The carbon trading policy effect is stronger in non-state enterprises and enterprises with a higher level of risk-taking.Moreover,the scale of carbon market transactions,liquidity,digital infrastructure,Internet penetration and the development of digital universal finance all play a positive moderating effect on the effect of carbon trading policy,while the level of carbon quota price has some negative moderating effect.

关 键 词：碳排放权交易市场 全要素生产率 双重差分模型 数字经济 

分 类 号：F49[经济管理—产业经济] F124F832.5