Research on the Impact of Carbon Market Establishment on Green Innovation of Non-emission-control Enterprises
With a sample of listed companies that have not yet been included in the carbon trading system,this paper analyses the impact of carbon market establishment on the green decisions of non-emission-control enterprises based on the spillover effect framework.It is found that the inclusion of customers in carbon market transactions promotes green innovation in non-emission-control supplier enterprises.The mechanism is that the green innovation behavior of emission-control enterprises under carbon trading has a pressure effect and a motivation effect based on the production network,which can stimulate the green innovation willingness of associated non-emission-control enterprises and promote the improvement of their green innovation capacity.This spillover effect helps to achieve an increase in the quantity and quality of green innovation in non-emission-control enterprises.The process is directional,and there are no"top-down"governance spillovers from the carbon market establishment based on production networks.The relevant effects are more pronounced in non-emission-control enterprises with higher customer concentration,a better foundation for green innovation and higher environmental uncertainty.In addition,the green in-novation spillover effect of the carbon market establishment has a positive effect on promoting the sustainable development of non-emission-control enterprises.These conclusions provide management insights for efficiently playing the role of carbon market in the green governance and deepening environmental protection reforms to promote high-quality economic development.
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