Economics and Management School, Changsha University of Science and Technology, Changsha 410114, China.
Shanghai National Accounting Institute, Shanghai 201702, China.
Int J Environ Res Public Health. 2022 Aug 5;19(15):9683. doi: 10.3390/ijerph19159683.
Taking China's emission trading system (ETS) pilot in 2013 as a quasi-natural experiment, this paper uses the difference-in-differences (DID) models to study whether the regional pilot ETS can promote technological innovation in enterprises. In addition, this paper examines the influence mechanism of the ETS innovation effect, with a focus on three key dimensions of the carbon market efficiency: market price effectiveness, market product diversity, and market order normativity. The results show that the pilot ETS has significantly promoted the technological innovation of regulated enterprises, specifically, 1.405*** for the total R&D investment, and 2.783*** for the number of patent applications. Moreover, the regional carbon price has a positive moderating effect on the innovation effect of ETS. Meanwhile, the innovation effect is more significant when the gap between the carbon price and the marginal abatement cost (MAC) of CO is smaller, when the carbon financial derivatives are more abundant, or when the local market supervision is stronger. This study provides empirical evidence for the improvement of the national unified market and provides useful policy implications for developing countries to design ETS suitable for their national conditions.
以 2013 年中国排放交易体系（ETS）试点为准自然实验，本文采用双重差分（DID）模型研究了区域试点 ETS 是否能促进企业的技术创新。此外，本文还检验了 ETS 创新效应的影响机制，重点关注碳市场效率的三个关键维度：市场价格有效性、市场产品多样性和市场秩序规范性。研究结果表明，试点 ETS 显著促进了受管制企业的技术创新，具体而言，总研发投资增加了 1.405***，专利申请数量增加了 2.783***。此外，区域碳价格对 ETS 的创新效应具有积极的调节作用。同时，当碳价与 CO 的边际减排成本（MAC）差距较小时，碳金融衍生品越丰富，或者当地市场监管越强，创新效应越显著。本研究为完善全国统一市场提供了经验证据，并为发展中国家设计适合本国国情的 ETS 提供了有益的政策启示。
