School of Economics and Management, Changsha University of Science and Technology, Changsha 410082, China; Center for Resource and Environmental Management, Hunan University, Changsha, 410082, China.
Business School, Hunan University, Changsha, 410082, China; Center for Resource and Environmental Management, Hunan University, Changsha, 410082, China.
J Environ Manage. 2024 Sep;368:122273. doi: 10.1016/j.jenvman.2024.122273. Epub 2024 Aug 26.
Carbon emissions trading scheme (ETS) will change the internal and external operating environment of related companies, increase new carbon reduction costs, and may affect their investment behavior and decision-making. This study constructs the policy effect evaluation model to evaluate the net effect of China's ETS pilot policy on the investment efficiency of related companies in high-carbon industries. This study indicates that: first, China's ETS pilot policy has reduced the inefficient investment of related companies by 11.40% during the sample period. Second, innovation ability plays an enhanced moderating effect in the inhibitory effect of China's ETS pilot policy on the inefficient investment of related companies in the short term, but the effect is weakened in the long-term. Third, the policy effect is relatively obvious for non-state-owned companies and companies with more institutional shareholdings. This research has important reference value for the continuous improvement of China's national carbon market, and the steady transformation from simple investment-driven to investment-efficiency-driven economic development in China.
碳排放交易体系（ETS）将改变相关公司的内外经营环境，增加新的碳减排成本，可能会影响其投资行为和决策。本研究构建了政策效果评估模型，以评估中国 ETS 试点政策对高碳产业相关公司投资效率的净效应。研究结果表明：首先，在样本期内，中国 ETS 试点政策使相关公司的低效投资减少了 11.40%。其次，在短期内，创新能力增强了中国 ETS 试点政策对相关公司低效投资的抑制作用，但长期来看，这种作用会减弱。第三，该政策对非国有企业和机构持股比例较高的公司效果更为显著。本研究对中国不断完善国家碳市场，实现从单纯投资驱动向投资效率驱动的经济发展方式平稳转型具有重要参考价值。
