The Implementation of Carbon Trading Policy,Corporate Social Responsibility and Total Factor Productivity
Based on the data of listed companies in China's A-share energy-intensive industries from 2010 to 2021,this paper constructs adifference-in-difference model to investigate the impact of carbon trading policy on total factor produc-tivity.The findings are as follows:(1)The implementation of carbon trading policy improves the total factor productivity of enterprises,but the improvement effect will be weakened from 2020;(2)Policy'seffect is transmitted through the path of technological innovation input and output,which supports Porter's hypothesis;(3)CSR positively regulates policy's di-recteffect.Further analysis shows that CSR positively regulates the relationship between policy's implementation and inno-vation input while positively regulates the relationship between policy's implementation and innovation output;(4)Policy's effect has a stronger improvement effect on the total factor productivity of high energy-consuming enterprises with high competition industries,strong external supervision,and weak political connection.This paper enriches the situational factor analysis of the implementation effect of carbon trading policy and provide specific suggestions for promoting the construc-tion of national carbon market.
carbon trading policytotal factor productivitydifference-in-difference modelcorporate social responsibility
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