文献类型：期刊文献

英文题名：Relationship between carbon emission trading schemes and companies' total factor productivity: evidence from listed companies in China

作者：Tang, Maogang[1];Cheng, Silu[1];Guo, Wenqing[1];Ma, Weibiao[1];Hu, Fengxia[2]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Shanghai Lixin Univ Accounting & Finance, Sch Stat & Math, Shanghai 201209, Peoples R China

年份：2023

卷号：25

期号：10

起止页码：11735

外文期刊名：ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY

收录：;WOS:【SCI-EXPANDED(收录号:WOS:000832548000005)】；

基金：This research was supported by the Major Project of the Chinese National Social Science Fund "Research on improving the development mechanism of urban-rural integration" (21AZD036), the General Project of the Chinese National Social Science Fund "Land development right transaction, land resource allocation mechanism and high-quality economic development" (21FJYB052), and the National Natural Science Foundation of China (72073045).

语种：英文

外文关键词：Carbon emission trading schemes; Total factor productivity; Technological innovation; Market failure; China

摘要：The promotion of innovation by the market transaction mechanism is affected by the perfection of the market system, the support of government policies, and companies' operational strategies. However, few empirical studies explore this subject. In this context, we investigated how China's carbon emission trading (CET) policy promotes companies' total factor productivity (TFP) from the perspective of operational strategies, technological innovation, and market environment. Using the micro-data of listed companies from the Chinese stock "A" markets, we employed the difference-in-differences method to identify the CET policy's effect on companies' TFP. The benchmark regression results reveal that the policy has significantly boosted companies' TFP. Furthermore, the mechanism analysis shows that companies could enhance their TFP by promoting technological innovation instead of operational strategies. Meanwhile, the government can facilitate this improvement effect by optimizing the market environment. Moreover, the heterogeneity analysis of market failure demonstrated that it would affect the performance of the CET mechanism. Additionally, the CET scheme's effect on companies' TFP is heterogeneous in terms of industry, ownership, and region. The results suggest that the Chinese government should continue to improve the market and institutional systems, increase R&D technology subsidies for innovation activities, and enhance the level of financial development.