文献类型：期刊文献

英文题名：Market failure, tradable discharge permit, and pollution reduction: Evidence from industrial firms in China

作者：Tang, Maogang[1];Li, Zhen[1];Hu, Fengxia[2];Wu, Baijun[1];Zhang, Ruihan[3]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Shanghai Lixin Univ Accounting & Finance, Sch Math & Stat, Shanghai 201209, Peoples R China;[3]Shanghai Univ Finance & Econ, Sch Econ, Shanghai 200433, Peoples R China

年份：2021

卷号：189

外文期刊名：ECOLOGICAL ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:000685999800002)，SCI-EXPANDED(收录号:WOS:000685999800002)】；

基金：This research was funded by the Major Project on Humanities and Social Sciences of Shanghai Municipal Education Commission Research and Innovation Program "Research on the effective supply mechanism of urban public goods" [201701070002E00008] , and the National Natural Science Foundation of China (72073045) .

语种：英文

外文关键词：Market Failure; Tradeable Discharge Permit; Pollution Reduction; Difference-in-Difference-in-Differences Method; China

摘要：Several features of an imperfect market, such as transaction costs and market power, and strategic behaviors of firms may adversely affect the performance and efficiency of tradable discharge permit systems. However, empirical studies regarding this subject are few. To address this research gap, this study investigated the impact of market failure and strategic behaviors of firms on pollution reduction using China's sulfur dioxide (SO2) emissions trading policy as a quasi-natural experiment. Based on the micro-data matching the Chinese Industrial Firm and the Chinese Industrial Firm Pollution Emission databases, the difference-in-difference-in-differences method was employed to determine if the implementation of the policy can promote emission reduction and identify its specific influencing mechanism. The benchmark regression results indicated that the tradable discharge permit policy significantly reduced SO2 emissions in regions with high degrees of marketization. Furthermore, the mechanism analysis showed that firms would take strategic behaviors to deal with the emission reduction requirements of environmental policies under an imperfect market environment. Moreover, the heterogeneity analysis revealed that the discharge permit policy exhibited a distinct emission reduction effect due to market failure and strategic behaviors of firms. This study suggests that the Chinese government should establish systematic permit trading laws and regulations, actively build a permit trading platform, formulate a clear trading mechanism, and strengthen information disclosure.