碳排放权交易对企业高质量发展的溢出效应OA北大核心CHSSCDCSSCICSTPCD

China's ecological civilization construction has entered a new stage with carbon reduction as the key strategic direction.As an important institutional innovation in China's response to climate issues,carbon emission trading aims to achieve high-quality development of total factor productivity(TFP).To achieve the strategic goals of carbon peaking and carbon neutrality("dual carbon"goals),the green transformation of high-carbon industries is accelerating,with a gradual expansion of carbon emissions considerations across the entire industrial chain. To address the issue of whether market-incentivized carbon regulation can help enterprises improve the quality and efficiency of the supply chain through collaboration,this paper introduces the variable of supply chain alliance to investigate the supply chain spillover effect of carbon emissions trading on the high-quality development of enterprises.Considering the initiation of China's eight carbon emission trading pilot markets in 2013,this paper takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 as samples.It manually collects the directory of emission control enterprises and their upstream suppliers and downstream customers in each market to conduct empirical analysis. The findings are as follows.(1)Carbon emission trading can promote the high-quality development of emission control enterprises that form supply chain alliances,thereby generating supply chain spillover effects.(2)The spillover effect of carbon emission trading on the whole supply chain is reflected in technology diffusion,information sharing,and credit support.(3)Carbon emission trading plays a more significant role in promoting the high-quality development of emission control enterprises with strong bargaining power and high media attention.The results imply that only some emission-control firms cross the Porter's inflection point of carbon regulation and realize high-quality development in terms of TFP,and it is the supply chain alliance that provides a good meso-environment for them. The possible marginal contributions are as follows.In terms of research methods,this paper defines carbon factor input as a production factor,constructs a production function including enterprise carbon emissions,and deduces a measurement model of TFP.In terms of research perspective,this paper focuses on the middle-level differences of emission control enterprises and uses the PSM-DDD method to empirically analyze the heterogeneity.In terms of research content,this paper verifies the spillover effect of carbon emission trading and the carbon reduction activities of supply chain alliance partners.The conclusions help to build the carbon market in a targeted way,improve the competitiveness of supply chains in the context of stabilizing and strengthening chains,and provide new perspectives for the spillover effect of carbon emissions trading.