The Effect and Mechanism of Low-Carbon City Pilots on Enhancing Enterprise Total Factor Productivity
Low-carbon transition is essential for promoting green economic and social development.As primary par-ticipants in economic activity,are enterprises in China experiencing improvements in total factor productivity(TFP)amid efforts to achieve energy-saving and emission-reduction targets through low-carbon transformation?This paper uses the low-carbon city pilot policy as a"quasi-natural experiment"and,based on enterprise-level panel data from 2007 to 2019,applies a double robust overlapping DID model to examine the policy's impact on enterprise TFP.The findings indicate that,on average,enterprises in pilot cities saw a 15.4％increase in TFP compared to non-pilot cities,with con-siderable variation in policy effects across different pilot phases.Robustness checks confirm that the pilot policy has a positive effect on TFP.Further mechanism and heterogeneity analyses reveal that the policy improves TFP by enhancing enterprises'technological innovation and capital allocation efficiency.The effect is particularly significant for state-owned enterprises and firms in high-carbon industries.
Low-Carbon City PilotLow-Carbon TransformationTotal Factor ProductivityDouble Robust Over-lapping DID
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