Carbon Trading Policy,Corporate Profit Volatility and Corporate Green Technology Innovation
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.
carbon trading policycorporate profit fluctuationsenterprise green technology innovationinnovation compensation effect
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