Does Carbon Trading Lead to Green Technology Innovation: Recent Evidence From Chinese Companies in Resource-Based Industries
研究中国2011年碳排放权交易试点政策是否促进绿色技术创新，发现对全行业效果不显著，但显著提升了资源型产业企业的绿色创新，尤其体现在低碳节能和替代能源技术方面。
The carbon emission trading scheme (ETS) is critical to China's ability to reach the established carbon dioxide (CO <sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> ) emissions reduction goal by 2030 and carbon neutrality by 2060. To determine whether the pilot ETS policy promulgated in China in 2011 has induced green technological innovation, we conducted a multidimensional empirical test to assess the financial and green patent licensing data of Chinese A-share (publicly listed) enterprises in Shanghai and Shenzhen from 2004 to 2019. Using a difference-in-difference model with robustness checks, we did not find that the pilot ETS has had green innovation effects on entire industries or all manufacturing. However, we did identify significant green innovation improvements in some resource-based industrial enterprises, and the promotion effect led to more green utility models than green invention patents. Furthermore, the policy's greatest green-innovation effects are reflected primarily in new patents/utility models for low-carbon, energy-saving, and alternative energy technologies, particularly among large and nonstate enterprises. The impact mechanism tests indicate that the pilot policy encourages green innovation primarily through four policy instruments: increasing benefit income for resource-based industrial enterprises, reducing financial constraints, granting subsidies, and increasing incentives for enterprise R&D. Therefore, this article not only confirms the effectiveness of carbon emission trading market policy, but also provides scientific guidance for the realization of green technology innovation.