Emissions trading and firm innovation: Evidence from a natural experiment in China

被引：95
|
作者：
Ren, Shenggang [1 ]
Hu, Yucai [1 ]
Zheng, Jingjing [1 ]
Wang, Yangjie [1 ]
机构：
[1] Cent South Univ, Sch Business, Changsha, Hunan, Peoples R China
来源：
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE | 2020年 / 155卷
基金：
中国国家自然科学基金;
关键词：
Emissions trading; Technological innovation; Environmental regulation; RESEARCH-AND-DEVELOPMENT; FOREIGN DIRECT-INVESTMENT; ENVIRONMENTAL-REGULATION; EMPIRICAL-EVIDENCE; DEVELOPMENT SUBSIDIES; TECHNOLOGICAL-CHANGE; PORTER HYPOTHESIS; TECHNICAL CHANGE; EU ETS; PERFORMANCE;
D O I：
10.1016/j.techfore.2020.119989
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study investigates the causal impact of market-based environmental regulation on firm innovation by examining a large-scale market-based regulatory attempt in a developing country, namely, China's sulfur dioxide (SO2) emissions trading program. Based on the panel data of China's publicly traded firms from 2004 to 2015, we adopt the difference-in-differences (DID) model to examine the innovation effects of the SO2 emissions trading pilot policy. The results show that the program leads to a significant increase in patents and environmental patents among regulated firms. And the innovation effects of the policy perform better in areas with a high level of environmental enforcement. In further analysis, we find that the program decreases SO2 emissions and promotes industrial growth in pilot areas. These evidences imply that the market-based emissions trading policy indeed promotes firm innovation and environmental innovation even in the context of a developing country, which is conductive to a win-win situation in both environmental protection and economic growth.
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页数：12
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