摘要
碳排放权交易机制作为中国绿色发展战略的重要抓手,能否切实对企业形成减排激励备受关注,也是理论研究亟须探究的重要命题。本文通过手工整理中国各试点碳市场的控排企业名录,从企业生产效率视角对上述命题进行了解析。研究发现:碳排放权交易机制显著提升了控排企业的全要素生产率,但该市场机制还未产生积极溢出效应,试点地区和同行业非控排企业的全要素生产率都未发生显著变化。进一步研究发现:当碳市场的初始配额实施部分竞价拍卖、采用基准法核算、非履约主体交易更为活跃,以及产品市场竞争程度更高、企业市场定价能力相对更低时,碳排放权交易机制对企业全要素生产率的积极作用会更为明显。此外,碳排放权交易机制还显著降低了控排企业的资源错配程度,提升了绿色生产投入和技术创新产出。本文从企业生产效率视角揭示了中国碳市场建设的微观经济效应,研究结论对于国家统一碳市场建设和绿色发展战略的深化都具有重要参考意义。
Exploring sustainable sources of economic growth has long been an important research topic in economics. Over the past 40 years of China's development, the resource reallocation effect of the labor factor in the dual economic structure and the “demographic dividend” formed by the surplus of labor factors have made great contributions to China's economic growth. However, with the gradual fading of the “demographic dividend” and the prominent problem of environmental pollution, the endogenous driving force of China's economic development needs to change from labor-intensive to total factor productivity(TFP) support. In order to achieve green, low-carbon, and sustainable development, China announced the launch of the pilot construction of Carbon Emission Trading System(CETS) at the end of October 2011. Since 2013, eight pilot carbon markets have been established in three provinces and five cities, including Shenzhen, Shanghai, Beijing, Guangdong, Hubei, Tianjin, Chongqing and Fujian, to carry out carbon emission rights trading.Whether the carbon market has formed incentives and constraints for enterprises to reduce emissions has attracted much attention. Existing literature has discussed the environmental and economic consequences of carbon market construction in China, most of which provide positive evidence that carbon market construction contributes to energy conservation and emission reduction. However, empirical evidence has not yet reached a consistent conclusion on the internal mechanism of market-based environmental regulation to promote enterprises' low-carbon emission reduction. As a result, whether the construction of carbon market can take into account low-carbon and development, and realize the coexistence and win-win situation of environment and economy, an important proposition, has yet to be definitively answered. Therefore, this paper attempts to further explore the economic consequences of carbon market construction in China by focusing on corporate TFP on the basis of existing research.By using a large sample of Chinese A-share listed companies from 2010 to 2020, this study manually collects all emission-regulated enterprises from eight pilot carbon markets and constructs a quasi-natural experiment to test the impact of CETS on corporate TFP. The results show that the CETS has significantly improved the TFP of emission-regulated enterprises, but this market mechanism has not produced a positive spillover effect. It indicates that the TFP of non-regulated enterprises in the pilot areas and in the same industry as emission-regulated firms has not improved significantly. Moreover, the positive effect of CETS on corporate TFP is more significant when the initial quota allocation requires payment of consideration, the benchmark method is adopted for quota accounting, investors other than the emission-regulated enterprises in the carbon market are more active in trading, the degree of product market competition is more intense, and the pricing power of the enterprise is lower. In addition, the CETS also significantly reduces the degree of resource misallocation of emission-regulated enterprises, and improves their green production input and technological innovation output.This paper contributes to research in three ways. First, from the perspective of carbon market construction, this study answers the important scientific proposition of whether market-based environmental regulation in China can promote the low-carbon and high-quality development of enterprises. Whether market-based environmental regulation can achieve the Porter effect in China has been discussed for a long time in academia. Based on the quasi-natural experiment of China's gradual pilot carbon market, this paper expands the research on the policy effect of market-based environmental regulation in China's context, and provides evidence for whether the construction of carbon market in China can achieve the expectation of Porter hypothesis.Second, based on manually collected data, this study more accurately reveals the economic consequences of carbon market construction. Most existing research on the environmental or economic effects of China's carbon market is carried out in the pilot areas or in the same industries as the emission-regulated enterprises. However, the CETS does not target all enterprises in the pilot areas or specific industries. Our results show that the impact of CETS on corporate TFP only appears in the emission-regulated firms, and there is no regional or industrial spillover effect. Third, this study provides in-depth evidence on how the mechanism design of carbon market affects the TFP of emission-regulated enterprises, which has important implications for the internal construction and external environment optimization of China's carbon emission trading market.
作者
胡珺
方祺
龙文滨
HU Jun;FANG Qi;LONG Wenbin(School of Management,Hainan University;School of Accounting,Guangdong University of Foreign Studies)
出处
《经济研究》
CSSCI
北大核心
2023年第4期77-94,共18页
Economic Research Journal
基金
国家自然科学基金青年项目(71902050)、国家自然科学基金面上项目(72072045)、国家自然科学基金地区科学基金项目(72062012)
海南省自然科学基金高层次人才项目(722RC640)资助。
关键词
碳排放权交易
碳市场机制设计
企业减排激励
全要素生产率
Carbon Emission Trading
Carbon Market Mechanism Design
Corporate Emission Reduction Incentive
Total Factor Productivity
