碳交易试点市场激励型环境规制与企业全要素生产率影响研究  

Research on Affection Between Incentive Environmental Regulation and Total Factor Productivity of Enterprises Based on Carbon Trading

作　　者：黄华继[1] 葛庆华 高志[1] HUANG Huaji;GE Qinghua;GAO Zhi(School of Finance,Anhui University of Economics and Finance,Bengbu,Anhui 233030,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030

出　　处：《河北工程大学学报（社会科学版）》2024年第2期8-17,共10页Journal of Hebei University of Engineering(Social Science Edition)

基　　金：安徽省高校社科重点科研项目(编号:2022AH050582);安徽省教育厅人文科学研究项目(编号:2022AH050583)。

摘　　要：市场激励型环境规制在保护环境的同时对于经济发展会产生一定的影响,文章基于碳交易试点政策来探讨市场激励型环境规制对于企业全要素生产率的影响,以2010—2022年我国沪深A股上市公司数据为基础,通过构建双重差分模型进行实证分析,结果表明:(1)市场激励型环境规制对于企业全要素生产率具有显著的正向影响效果;(2)在碳配额方式采用部分有偿、碳交易价格较低的地区正向影响效果更为明显,除此之外,相比于东部地区,在碳交易政策背景下的中、西部地区市场激励型环境规制对于企业全要素生产率的正向影响效果更显著;(3)通过中介效应模型分析,该环境规制满足“波特假说”的设定,能够激励企业研发创新而提高企业全要素生产率,同时还有降低企业纳税压力或者缓解企业融资约束这两条提升路径。基于上述结论,建议可以从加强传统企业设备升级、增加有偿碳配额方式、维持碳交易价格或者增加企业研发创新活动等来维持企业自身的发展。Market incentive environmental regulation will have a certain impact on economic development while carrying out environmental protection.Therefore,based on the carbon trading pilot policy,this paper discusses the impact of market incentive environmental regulation on total factor productivity.Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2022,the empirical analysis is conducted by constructing a DID model.The results show that:(1)carbon trading pilot policy has a significant positive effect on total factor productivity;(2)The heterogeneity test shows that the positive effect is more obvious in regions with partial compensation and lower carbon trading price,in addition,compared with the eastern region,the central and western regions have a more significant positive effect on the total factor productivity of enterprises under the background of carbon trading policy;(3)Through the analysis of the intermediary effect model,the carbon trading pilot policy meets the setting of Porter’s hypothesis,and can stimulate the R&D and innovation of enterprises,thus improving the total factor productivity of enterprises by reducing their tax pressure or easing the financing,constraints of enterprises.Based on the above conclusions,the development of enterprises can be maintained by strengthening the transformation and upgrading equipment,increasing the paid carbon quota,maintaining the carbon trading price,or increasing the R&D and innovation activities of enterprises.

关 键 词：碳交易试点政策 全要素生产率 波特假说 企业创新 

分 类 号：F830[经济管理—金融学]