碳价格稳定机制对企业全要素生产率的影响  

The impact of carbon price stabilization mechanism on total factor productivity of enterprises

作　　者：姜楠[1] 张帅华 杨蕴丽[1] JIANG Nan;ZHANG Shuai-hua;YANG Yun-li(School of Economics and Management,Inner Mongolia Normal University,Hohhot,Inner Mongolia 010010)

机构地区：[1]内蒙古师范大学经济管理学院,内蒙古呼和浩特010010

出　　处：《价格月刊》2025年第4期1-11,共11页

基　　金：内蒙古自治区哲学社会科学规划基金青年项目“内蒙古资源型地区绿色转型发展新路径研究”(编号:2023NDB140);内蒙古师范大学基本科研业务费专项资金资助项目“数字经济赋能草原畜牧业现代化重点问题研究”(编号:23JBZD002)。

摘　　要：优化碳定价机制并确立清晰的碳价格信号是全国碳排放权交易市场构建的重点。为全面了解碳价格波动对生产效率的影响,基于2008—2020年8个碳排放权交易试点区的A股上市公司数据,以碳价格稳定政策的实施作为准自然实验,采用多期双重差分法研究碳价格稳定机制对企业全要素生产率的影响。研究发现,碳价格稳定机制能够显著提高企业全要素生产率。异质性分析表明,碳价格稳定机制效应在非国有企业、规模较小的企业中更显著。机制分析表明,碳价格稳定机制能够通过提高企业投资配置效率和绿色创新水平,进一步促进企业全要素生产率。Optimizing the carbon pricing mechanism and establishing clear carbon price signals are the key to constructing the national carbon emission trading market.In order to comprehensively understand the impact of carbon price fluctuation on the production efficiency,based on the data of A-share listed companies in 8 carbon emission trading pilot areas from 2008 to 2020,this paper takes the implementa-tion of carbon price stabilization policy as a quasi-natural experiment,and adopts multi-period differ-ence-in-differences method to study the impact of carbon price stabilization mechanism on the total factor productivity of enterprises.It is found that the carbon price stabilization mechanism can significantly im-prove the total factor productivity of enterprises.Heterogeneity analysis shows that the effect of carbon price stabilization mechanism is more significant in non-state-owned enterprises and smaller scale enter-prises.Mechanism analysis shows that the carbon price stabilization mechanism can further promote the to-tal factor productivity of enterprises by improving the efficiency of investment allocation and the level of green innovation.

关 键 词：碳价格稳定机制 全要素生产率 环境规制 多期双重差分模型 

分 类 号：F726[经济管理—产业经济]