Carbon Trading Market and Green Innovation of Enterprises—Based on the Triple Difference Model

Abstract

This article takes Chinese manufacturing listed companies from 2000 to 2020 as the research object, based on enterprise green patent data, and adopts a double difference method to study the effect of carbon trading pilot policies, a quasi-natural experiment, on enterprise innovation. Research has found that: (1) The carbon trading pilot policy has significantly promoted green innovation in enterprises and increased their technological innovation efforts. This conclusion remains valid after a series of robustness tests and endogeneity treatments, including placebo testing, excluding the implementation of innovative city pilot policies, and interference from economic crises. (2) Mechanism testing has found that carbon trading pilot policies can significantly promote green innovation in enterprises by strengthening the effectiveness of environmental regulations and improving the cash flow situation of enterprises. (3) Heterogeneity analysis shows that the concentration of technology and the degree of equity dispersion in enterprises can affect the effectiveness of innovation. In response to the above conclusions, this article proposes suggestions for improving the carbon trading system, exploring multidimensional paths for carbon trading pilot projects to promote enterprise innovation, and improving policy adaptability, flexibility, and execution intensity. The research in this article provides policy inspiration for further improving the carbon trading market, enhancing the effectiveness of the carbon trading system, and fully leveraging the carbon market to promote green innovation for enterprises and achieve low-carbon development. It has reference significance for the construction and improvement of the national carbon market and promotes the improvement of national energy conservation and emission reduction policy planning.