期刊
FINANCE RESEARCH LETTERS
卷 39, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2020.101565
关键词
Carbon emission trading; Policy evaluation; Corporate innovation; Chinese market
资金
- National Natural Science Foundation of China [71571007, 71850007]
The study indicates that both high carbon trading prices and price volatility can promote corporate innovation, leading to emissions reduction. Therefore, the carbon emission trading policy is effective in promoting corporate carbon-reduction innovation, supporting the expansion of carbon emission trading to the national market.
Using trading data of China's seven pilot carbon emission trading markets from 2013 to 2016, we assess the effectiveness of the carbon emission trading policy from the perspective of corporate innovation. Robust results suggest both a high carbon trading price and high price volatility enhance corporate innovation, which confirms the effectiveness of carbon emission trading policy in promoting corporate carbon-reduction innovation. Our research supports the expansion of China's carbon emission trading from regional pilot projects to the national market and guides policymakers to make timely policy adjustments based on the evaluation of carbon emissions trading policy.
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