Wen Ying

                                                                                                        Business School          

Abstract: Climate change is a common challenge for all mankind. The increasing rate of glacier melting, rising sea level, and frequent occurrences of extreme weather seriously threaten human survival and development. Since the 18th Party Congress, guided by Xi Jinping's thought on ecological civilization, China has put climate change in a prominent position in its governance, actively implemented national strategies to address climate change, and promoted a comprehensive green and low-carbon transformation of economic and social development. In 2020, China made a solemn commitment to the international community to achieve carbon peak and carbon neutrality, and actively built a carbon peak and carbon neutrality"1+N" policy system to address climate change. In the report of the 20th Party Congress, it is proposed that one of the overall goals of China's development in 2035 is to "widely form a green way of production and life, Steady decline in carbon emissions after reaching peak, fundamentally improve the ecological environment, and basically realize the goal of beautiful China", and made corresponding deployment to actively and steadily promote carbon peak and carbon neutrality, pointing out that it is necessary to improve the carbon emissions statistical accounting system and improve the carbon emissions market trading system. Carbon emissions trading policy is an important measure to address climate change, promote energy saving and carbon reduction, and achieve the goal of carbon peak and carbon neutrality. And China has opened carbon emission trading pilot since 2013 to provide research opportunities for scientific assessment of carbon emission trading to promote green development and achieve high-quality development. Based on this, this paper takes the pilot policy of carbon emission trading in China as an example, clarifies the research idea of this paper on the basis of combing and summarizing the relevant literature at home and abroad, analyzes the green innovation data of Shanghai and Shenzhen A-share listed companies from 2010 to 2020 by using the multi-period double difference method from the perspective of enterprises, and explores the impact of carbon emission trading on enterprise green innovation and its mechanism of action, the role of environmental protection subsidies in carbon The study investigated the impact of carbon emissions trading on corporate green innovation and its mechanism, the role of environmental protection subsidies in carbon emissions trading and corporate green innovation, and the difference of carbon emissions trading on green innovation of companies with different property rights. The findings show that carbon emissions trading can promote enterprises' green innovation and the findings are robust; carbon emissions trading can promote enterprises' green innovation by improving the return on assets and alleviating financing constraints, among which the alleviation of financing constraints is the main transmission path; environmental subsidies can play a positive moderating role in carbon emissions trading to promote enterprises' green innovation. The more environmental subsidies enterprises receive, the stronger the promotion effect of carbon emissions trading on enterprises' green innovation; compared with state-owned enterprises, the promotion effect of carbon emissions trading on non-state-owned enterprises' green innovation is stronger. Based on the findings, this paper proposes the following policy recommendations: continue to promote the construction of the carbon emission trading market and broaden the coverage of the carbon market; improve the operation mechanism of the carbon market and explore a quota allocation system that is both fair and efficient; increase the disclosure of environmental responsibility information and encourage the development of carbon financial products; increase environmental protection subsidies and strengthen government supervision; and design differentiated policies according to the nature of property rights to stimulate the innovative vitality of state-owned enterprises.

Read the full article here:       【气候变化】碳排放权交易对企业绿色创新的影响研究.pdf