Resource allocation effect of carbon emission trading policy——A resource-based perspective on the"Double Cycle"within and outside the enterprise
As an important means of realizing the"dual-carbon"strategy,it is worth exploring whether the carbon emissions trading policy can achieve the carbon emission reduction target while improving resource allocation and realizing the coordinated devel-opment of environmental protection and economy.This paper selected data from highly polluting industrial enterprises from 2008 to 2020,took the introduction of the carbon emissions trading policy in 2011 as a quasi-natural experiment,and employed double differ-ence and triple difference models to study the impact of this policy on both intra-enterprise and inter-enterprise resource allocation efficiency.The results showed that the carbon emission trading policies promoted the cyclical adjustment of resources within enterprises,optimized resource allocation efficiency,and increased the growth rate of enterprise market shares.However,these policies also dimin-ished the efficiency of resource allocation across enterprises,causing resources to flow toward low-productivity enterprises and resulting in faster market share growth for these less productive entities.Further research showed that the impact of carbon emissions trading poli-cy on intra-and inter-firm resource allocation efficiency was asymmetric in heterogeneous firms,mainly manifesting in the fact that the carbon emissions trading policy had a greater impact on resource allocation efficiency within non-politically connected firms and large-scale firms,and had a more significant impact on resource allocation efficiency between non-politically connected firms and small-scale firms.The findings of the study provided policy insights for carbon emissions trading policies to promote high-quality eco-nomic development.
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