Market-based Environmental Regulation and the Path of Transformation and Upgrading of Manufacturing Enterprises:Microscopic Evidence from Emissions Trading
Giving full play to the role of market-based environmental regulation tools and stimulating the autonomous emission reduction potential of enterprises is an important issue that needs to be resolved to improve the national environmental governance system for high-quality development.Based on the institutional analysis of the pilot reform of sulfur dioxide emissions trading,this study discusses the path selection mechanism of the transformation and upgrading of manufacturing enterprises under market-based environmental regulation from the new perspective of the value chain,and it theoretically puts forward the service optimization effect of micro objects'downstream extension and the innovation incentive effect of their upstream climb.The micro-sample for the empirical research was obtained by matching the pollution database of Chinese enterprises with the data of listed companies in the manufacturing industry,and the instrumental variable method was applied to solve the endogeneity problem.The impact of market-based environmental regulation on the path selection of transformation and upgrading of manufacturing enterprises is examined.The results reveal that,playing the role of sulfur dioxide emission reduction,emissions trading promotes the service transformation of manufacturing enterprises oriented toward the extension of the value chain,which is manifested in the optimization effect of creating embedded services and squeezing out hybrid services,but it fails to enhance enterprises'technological innovation capability,implying that manufacturing enterprises do not choose innovation and upgrading under market-based environmental regulation.Further,emissions trading promotes the transformation and upgrading path of manufacturing enterprises by increasing the concentration of customers and fixed asset investment and reducing current assets and marketing expenditure to achieve the effect of manufacturing enterprise service optimization.In the face of the market-based emissions trading system,manufacturing enterprises did not increase R&D investment but prioritized the implementation of end-of-pipe pollution control to achieve emission reduction targets.The findings of this study provide reliable empirical evidence and policy insights for improving the emissions trading system,establishing a synergistic mechanism for environmental governance,and assisting the transformation and upgrading of manufacturing enterprises.
Market-based Environmental RegulationEmission TradingTransformation and UpgradingService OptimizationInnovation Incentives
NETL
NSTL
万方数据
