Carbon Market Construction and Green Technology Innovation-Moderating Effect Based on Enterprise Risk-Taking and Government Environmental Protection Subsidies
This paper examines the influence of carbon market development on the green technological innovation of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 and investigates the mechanism of this influence through the use of a difference-in-difference model at the micro level.It is found that in comparison to cities without pilot programs,the development of carbon markets in pilot cities for carbon emissions trading can greatly encourage green technological innovation in enterprises,while enterprise risk-taking and government environmental protection subsidies play a positive moderating effect on carbon market construction to promote enterprises'green technological innovation.Further analysis reveals that the impact of carbon market construction on enterprises'green technological innovation is strongly heterogeneous in the industrial structure,ownership nature and size of enterprises,specifically,the promotion effect is more obvious in secondary industry enterprises,non-state-owned enterprises and small and medium-sized enterprises.
green technological innovationcarbon emissions tradingindustrial structurerisk-taking
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万方数据
