经济与管理研究2025，Vol.46Issue(2)：43-57,15.DOI:10.13502/j.cnki.issn1000-7636.2025.02.003
碳交易市场对企业创新行为的影响研究
Impact of Carbon Trading Market on Firm Innovation
摘要
Abstract
The carbon trading market provides a platform for firms to trade emission allowances and serves as an important policy tool to achieve the"dual carbon"goals.From regional pilots to the establishment of a national carbon trading market,carbon trading attracts an increasing number of enterprises,with continuously growing transaction volumes.Whether carbon trading can improve firm innovation and promote technological upgrading is crucial for the government to strengthen its strategic resolve on the construction of a national carbon trading market. By clarifying the constraints imposed by the carbon trading market on corporate emissions reduction,this paper identifies the preconditions for incentivizing entities within the carbon trading market,providing scientific support for constructing a reasonable empirical model.Furthermore,by combining manually sorted micro-level data of carbon trading firms and using key emission reduction firms as the control group,the paper evaluates the policy effects of the carbon trading system on firm innovation.Theoretical study indicates that the emission reduction constraints and incentive mechanisms of the carbon trading market reflect the operational mechanism of incentive-based environmental regulation,leading to mutual benefits for both trading parties.The empirical result shows that under the common constraint of carbon emission reduction,the incentive mechanism of carbon trading can motivate both parties to increase their R&D investment.Mechanism analysis reveals that the incentive effect of the carbon trading market is achieved by alleviating corporate financing constraints and encouraging firms to increase R&D investment,thereby enhancing technological levels.The higher the liquidity of the carbon trading market,the more pronounced this effect becomes.The findings explain and verify the micro mechanism of the carbon trading market,providing scientific guidance and practical support for accelerating the building of a national carbon trading market. This paper has some policy implications for maximizing the emission reduction incentive effects of the carbon trading system.First,the government should improve the elements of the carbon trading system and its supporting framework,providing a market platform to promote the free flow of carbon elements among various entities.Second,as the carbon trading market serves as a channel mechanism to help firms alleviate the pressure of emission reduction,the government should use a combination of policy tools such as tax incentives and subsidies to stabilize firms'costs,alleviate their financing constraints for R&D,encourage increased R&D investment,and enhance technological innovation.Third,the government should encourage the participation of all parties,including energy suppliers,end users,and firms subject to emission constraints,to improve carbon market liquidity.Finally,it is essential to strengthen data security,establish a data quality management mechanism for carbon emissions,and strictly control and investigate any instances of data falsification.关键词
碳交易/碳排放权/减排约束/减排激励/企业创新Key words
carbon trading/carbon emission rights/emission reduction constraint/emission reduction incentive/firm innovation分类
管理科学引用本文复制引用
范庆泉,郭文..碳交易市场对企业创新行为的影响研究[J].经济与管理研究,2025,46(2):43-57,15.基金项目
国家社会科学基金一般项目"创新联合体建设背景下财政支持政策协同效应及优化策略研究"(24BJY045) （24BJY045）
