The Impact of Carbon Emissions Trading System on Enterprise Total Factor Productivity—A Triple Differential Empirical Study Based on Listed Companies

Abstract

本文以中国2011年底出台的碳交易试点政策为准自然实验，基于中国A股上市公司2008~2015年的数据，通过构建三重差分模型考察碳交易试点政策对企业全要素生产率的影响。本文实证结果表明：与对照组相比，碳交易试点政策导致处理组企业的全要素生产率显著降低；而且在2012年至2015年这个期间，碳交易试点政策对处理组企业的全要素生产率的降低作用逐渐增强。进一步进行作用机制检验，发现碳交易试点政策通过降低企业资本配置效率水平来对企业全要素生产率施加影响。基于企业股权性质视角的分组检验显示，与非国有企业相比，国有企业对碳交易试点政策更敏感，实施碳交易试点政策会显著降低国有企业的全要素生产率。本文的发现对中国进一步推动全国统一的碳排放权交易市场和企业提高全要素生产率有着重要的指导意义。Taking the carbon trading pilot policy issued by China at the end of 2011 as a quasi-natural expe-riment, and based on the data of Chinese A-share listed companies from 2008 to 2015, this paper constructs a triple difference model to investigate the impact of carbon trading pilot policy on total factor productivity. The empirical results show that: compared with the control group, the policy resulted in a significant reduction in the total factor productivity of the processing group en-terprises. In addition, this reduction effect gradually increased in the period from 2012 to 2015. A further mechanism test shows that this policy exerts its influence on enterprises by reducing the efficiency level of capital allocation. The group test based on the perspective of the nature of cor-porate equity shows that the total factor productivity of state-owned enterprises is more sensitive to this policy than non-state-owned enterprises, and implementing of this policy will significantly reduce the total factor productivity of state-owned enterprises. The findings of this paper have important guiding significance for China to further promote a unified national carbon trading market and the rise of corporate total factor productivity.