Research on the Influence Mechanism of Carbon Trading Price on Corporate Green Innovation
Under the background of"dual carbon"target,carbon trading price mechanism has an important role in pro-moting energy saving,emission reduction and corporate green innovation.Based on China's carbon emissions trading price data and the financial data of A-share listed companies in Shanghai and Shenzhen during 2013-2021,this paper studies the direct impact of carbon trading price on corporate green innovation and its mechanism.The study finds that carbon trading price is significantly and positively related to corporate green innovation.This conclusion still holds after the robustness tests of propensity score matching,outliers removal and reverse causality,which suggests that as the carbon trading price increases,it will force firms to increase the intensity of green innovation.The influence mechanism suggests that carbon trading price influ-ences corporate green innovation through the channel of corporate environmental responsibility fulfillment.Based on this,car-bon trading price mechanism should be actively utilized as an incentive and a constraint;Firms should be urged to actively un-dertake environmental responsibility and create an atmosphere of green innovation;And firms,especially those in the central and western regions,should be encouraged to actively participate in carbon emissions trading.
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