Carbon Constraints and Corporate Green Innovation: Evidence from China's National Carbon Market
炭素制約と企業のグリーンイノベーション：中国全国炭素市場からのエビデンス (AI 翻訳)
X LIU
🤖 gxceed AI 要約
日本語
中国の全国炭素排出権取引市場の開始を自然実験とし、2021年の市場開始後に発電セクター企業のグリーン特許出願が増加したことをDID分析で実証。炭素排出強度の低下がグリーンイノベーションを促進するメカニズムを確認。企業のグリーン転換への事前関心や資金制約が政策効果に影響を与えることを示した。
English
Using a difference-in-differences approach with China's 2021 national carbon market launch as a quasi-natural experiment, the study finds that treated power-sector firms significantly increase green patent applications. Mechanism tests show reduced carbon emission intensity mediates the effect. Firms with higher pre-policy green transformation attention and financing constraints respond more strongly. The findings support that market-based carbon pricing can drive corporate green innovation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でも2026年度からの本格的な排出量取引市場（GXリーグからの移行）が予定されており、本論文の知見は排出量取引が企業のグリーンイノベーションに与える影響の実証として参考になる。ただし中国の発電セクターに限定されている点に注意。
In the global GX context
This paper provides causal evidence that carbon pricing stimulates green innovation, supporting the rationale for market-based mechanisms like the EU ETS, China's national carbon market, and emerging systems in other jurisdictions. It contributes to the global debate on the innovation effects of carbon constraints, particularly relevant for ISSB and transition finance discussions.
👥 読者別の含意
🔬研究者:Provides causal evidence using DID on the innovation effects of carbon pricing, useful for researchers studying carbon market design and innovation.
🏢実務担当者:Can inform corporate strategy on how carbon pricing may incentivize green patenting, but the study is China-specific.
🏛政策担当者:Demonstrates that carbon markets can drive green innovation, supporting the design of carbon pricing policies.
📄 Abstract（原文）
Against the background of China's continuing pursuit of the dual-carbon goals, whether the national carbon emissions trading market can promote corporate green innovation through a market-based mechanism has become an important question for evaluating the effectiveness of environmental regulation. Using A-share listed companies from 2018 to 2023 as the research sample, this study treats the official launch of the national carbon market in 2021 as a quasi-natural experiment. Because the first compliance cycle mainly covered the power generation sector, firms in industry code D44, namely electricity and heat production and supply, are identified as the treatment group. A difference-in-differences model is then constructed to examine the impact of the national carbon market on corporate green innovation. The results show that, after the launch of the national carbon market, the total number of green patent applications by treated firms increased significantly relative to control firms. Mechanism tests indicate that the policy significantly reduced carbon emission intensity among treated firms, and carbon emission intensity is negatively associated with green innovation, suggesting that carbon constraints are an important channel through which the carbon market affects green innovation. Heterogeneity analyses further show that firms with higher pre-policy attention to green transformation respond more strongly to the policy. In this sample, firms with higher financing constraints exhibit stronger policy responses than firms with lower financing constraints. Dynamic DID estimates show no significant pre-policy differential trend between treated and control firms, while the policy effect gradually emerges after 2021. Placebo tests using the pre-policy period, an alternative post-policy window, an alternative dependent variable, and PSM-DID tests generally support the baseline conclusion. The findings suggest that China's national carbon market not only imposes emission-reduction constraints but may also influence corporate green innovation through carbon-cost pressure and expectations of low-carbon transition.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.70267/esg2026.v3n3.6472first seen 2026-07-15 05:08:30
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。