Economics and Management Department, North China Electric Power University, Baoding, Hebei 071003, People's Republic of China.
Economics and Management Department, North China Electric Power University, Baoding, Hebei 071003, People's Republic of China.
J Environ Manage. 2024 Apr;356:120577. doi: 10.1016/j.jenvman.2024.120577. Epub 2024 Mar 13.
This study examines the effects of China's carbon trading policy on firm emissions and explores its impact mechanisms through financial and physical asset investments. The empirical analysis utilizes a fuzzy regression discontinuity design based on a sample of 427 industrial firms in China between 2014 and 2019. The results indicate that China's carbon trading policy incentivized firms to increase their financial investments while simultaneously discouraging physical capital investments. These shifts in investment patterns helped firms achieve their emission reduction targets. The study reveals that carbon trading policy in China has contributed to the financialization of firms, resulting in the erosion of firm assets and a decline in their overall competitiveness. Based on these findings, some policy recommendations are put forward.
本研究考察了中国碳交易政策对企业排放的影响，并通过财务和实物资产投资探讨了其影响机制。实证分析利用了 2014 年至 2019 年间中国 427 家工业企业的模糊回归不连续设计。结果表明，中国的碳交易政策激励企业增加财务投资，同时抑制实物资本投资。这些投资模式的转变帮助企业实现了减排目标。研究表明，中国的碳交易政策导致了企业的金融化，侵蚀了企业资产，降低了企业的整体竞争力。基于这些发现，提出了一些政策建议。
