Carbon Emissions Trading,Digital Economy and Total Factor Productivity of Enterprises
The goal of"carbon neutral,carbon peak"is in line with the inherent need for high-quality development,and the carbon emission trading market is an important tool to achieve the goal.However,its impact on economic development is still worth exploring.Based on the data of A-share listed companies in the heavy pollution industry from 2010 to 2019,this paper explores the impact of the policy on the total factor productivity of enterprises by difference-in-differences model based on the official launch of the first seven pilot carbon trading markets,and analyzes the mechanism from the perspective of the characteristics of the carbon trading market and the development of the digital economy.It is found that the carbon trading policy can significantly increase the total factor productivity of enterprises,and the above findings hold after a series of robustness tests such as overcoming sample selection bias,alleviating endogeneity,and replacing the ex-planatory variables.The results of the mechanism analysis suggest that the digital transformation of firms plays a partly mediating role in the process of carbon trading policy's effect on total factor productivity.The carbon trading policy effect is stronger in non-state enterprises and enterprises with a higher level of risk-taking.Moreover,the scale of carbon mar-ket transactions,liquidity,digital infrastructure,Internet penetration and the development of digital universal finance all play a positive moderating effect on the effect of carbon trading policy,while the level of carbon quota price has some neg-ative moderating effect.
万方数据
维普
