碳交易政策、企业盈利波动与企业绿色技术创新
Carbon Trading Policy,Corporate Profit Volatility and Corporate Green Technology Innovation
王伟 1刘畅1
作者信息
- 1. 郑州大学 商学院,河南 郑州 450001
- 折叠
摘要
基于我国A股上市公司的数据,运用多期双重差分模型进行碳交易政策与企业绿色技术创新水平的研究,发现碳交易政策会对企业绿色技术创新水平产生显著的促进作用.然后考虑企业内部因素——企业盈利波动性,采用总资产回报率的波动性作为衡量指标,分析企业盈利波动会对碳交易政策的正向激励发生削弱还是促进作用.研究发现企业的盈利波动程度越大,碳交易政策对企业绿色技术创新水平的促进作用就越弱,即会削弱政策的刺激作用.进一步分析发现,碳交易政策在大规模企业和高成长力企业中对绿色创新的促进作用更显著.研究结论为如何更大限度地发挥碳交易政策对绿色创新的促进作用提供相应的政策启示,对碳交易政策的完善与优化具有参考意义.
Abstract
Based on the data of A-share listed companies in China,this paper uses the multi-period difference-in-differences model to study the carbon trading policy and the level of green technology innovation of enterprises,and finds that the carbon trading policy will have a significant role in promoting the level of green technology innovation of enterprises.Then,considering the internal factors of the enterprise-the volatility of corporate profits,the volatility of the return on total assets is used as a measure to analyze whether the fluctuation of corporate profits will weaken or promote the positive incentive of carbon trading policies.The study found that the greater the degree of fluctuation of corporate profits,the weaker the promotion effect of carbon trading policies on the level of green technology innovation of enterprises,that is,the weaker the stimulating effect of policies.Further analysis shows that carbon trading policy has a more significant role in promoting green innovation in large-scale enterprises and high-growth enterprises.The research conclusions provide corresponding policy implications for how to maximize the role of carbon trading policies in promoting green innovation,and have reference significance for the improvement and optimization of carbon trading policies.
关键词
碳交易政策/企业盈利波动/企业绿色技术创新/创新补偿效应Key words
carbon trading policy/corporate profit fluctuations/enterprise green technology innovation/innovation compensation effect引用本文复制引用
出版年
2024
NETL
NSTL
万方数据