How does carbon emission trading influence firm's total factor productivity?

FAN Dan, FU Jiawei, WANG Weiguo

Systems Engineering - Theory & Practice ›› 2022, Vol. 42 ›› Issue (3) : 591-603.

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Systems Engineering - Theory & Practice ›› 2022, Vol. 42 ›› Issue (3) : 591-603. DOI: 10.12011/SETP2021-1298

How does carbon emission trading influence firm's total factor productivity?

  • FAN Dan1,2, FU Jiawei1, WANG Weiguo1,2
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Abstract

Obviously,the promotion of total factor productivity of enterprises is the driving force for the high-quality development of China's economy.Under the background of national emission reduction strategy,whether the carbon emission trading pilot policy,as a market incentive environmental regulation means,can influence the total factor productivity of enterprises by triggering the"Porter effect "is a topic worthy of in-depth study.At present,there is no empirical evidence related to Chinese practice.On the premise of adopting difference-in-differences to design the quasi-natural experiment of carbon emission trading pilot policy,this paper aims to identify the impact of carbon emission trading pilot policy on total factor productivity and the corresponding mechanism from the macro-region and micro-enterprise dimensions.Based on the foregoing analysis,this study finds that the carbon emission trading pilot policy is significantly beneficial to the improvement of total factor productivity of enterprises.Moreover,after a series of robustness tests including overcoming sample selection biases and alleviating the endogenous problems as well as eliminating other policy interference,the conclusions of this study are still valid.According to the further analysis,it indicates that this policy can improve the total factor productivity of enterprises by stimulating enterprise innovation and optimizing the allocation of resource elements.Meanwhile,the heterogeneity analysis indicates that the pilot policies have a more significant effect in promoting the total factor productivity of enterprises in the western region,state-owned enterprises and industries focused on by the policy as well as areas with high law enforcement.Briefly,this paper provides valuable empirical evidence and policy reference for implementing carbon emission trading policies according to local conditions and promoting the development of economy in the form of" low carbon "and" high quality".

Key words

carbon emission trading / total factor productivity / difference-in-differences

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FAN Dan , FU Jiawei , WANG Weiguo. How does carbon emission trading influence firm's total factor productivity?. Systems Engineering - Theory & Practice, 2022, 42(3): 591-603 https://doi.org/10.12011/SETP2021-1298

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Funding

National Natural Science Foundation of China (71603042,71773012);Major Program for Liaoning Provincial Social Science Planning Fund Project,China (L21ZD017)
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