How Does the Carbon Emission Trading Scheme Reshape Corporate Green Innovation? Evidence from China’s Pilot Policy
排出権取引制度は企業のグリーンイノベーションをどう変えるか？中国のパイロット政策からの証拠 (AI 翻訳)
Yinglun Zhu, Xuan Zhou, Ziying Yang, Yingying Xu
🤖 gxceed AI 要約
日本語
中国の排出権取引制度（CETS）パイロット政策が企業のグリーンイノベーションに与える影響を、2008〜2023年のA株上場企業データとDID手法で検証。政策はグリーン特許出願を有意に増加させ、非規制産業や西部地域の企業で効果が大きい。コスト増加がイノベーションを促進する一方、資金調達コスト上昇は阻害するが、正味では促進効果が勝る。
English
This study evaluates the impact of China's carbon emission trading scheme (CETS) pilot policy on corporate green innovation using staggered DID and a panel of Chinese A-share listed firms (2008-2023). The policy significantly increases green patent applications, with effects concentrated in non-regulated industries and western regions. Operating costs drive innovation, while financing costs inhibit it, but the net effect is positive.
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
日本ではカーボンプライシング導入が議論されており、本論文の実証結果は、排出量取引が企業のイノベーションに与える影響を理解する上で示唆に富む。特に、コスト圧力と資金調達コストの相反する効果は、日本の排出量取引制度設計や企業支援策に参考になる。
In the global GX context
This paper contributes to global carbon pricing literature by providing causal evidence from China's CETS pilots. It highlights the dual cost channels (operating vs. financing) and their opposing effects on innovation, offering insights for policymakers designing carbon markets and complementary green finance policies.
👥 読者別の含意
🔬研究者:Provides robust causal evidence on carbon pricing and green innovation, with nuanced mechanism analysis.
🏢実務担当者:Highlights how carbon costs can drive innovation but financing constraints may hinder it, informing corporate strategy.
🏛政策担当者:Offers policy recommendations on carbon price stability, green finance, and differentiated support for low-capability firms.
📄 Abstract（原文）
Market-based instruments for environmental governance have emerged as a central pillar of China’s climate policy architecture, though their capacity to drive corporate green innovation continues to be the subject of active scholarly debate. Drawing on a staggered difference-in-differences identification strategy and a panel of Chinese A-share listed firms covering 2008 to 2023, this study evaluates the impact of China’s carbon emission trading scheme (CETS) pilot policy on firm-level green innovation. Our estimates indicate that the CETS pilot policy significantly increases green patent applications, a finding that proves robust for an extensive set of checks: parallel trends assessment, placebo exercises, PSM-DID estimation, alternative estimation strategies, and varied sample constructions. Heterogeneity analyses show that the innovation-enhancing effect is concentrated among firms operating in non-regulated industries and located in the western region, and that enterprises and regions endowed with stronger baseline carbon performance and higher pollution control investment display amplified responses. Mechanism analysis shows that the CETS pilot policy increases both operating costs and debt financing costs, yet these two cost channels exert opposite effects on green innovation. Operating costs drive innovation through cost-induced pressure, while financing costs inhibit innovation through a crowding-out effect. The net-positive effect suggests that the innovation-inducing effect of operating costs outweighs the innovation-inhibiting effect of financing costs. This study recommends maintaining stable carbon price signals, implementing complementary green finance policies, providing differentiated support for low-capability firms and regions, and accounting for spillover effects in policy evaluation.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18157955first seen 2026-08-07 04:58:29
🔔 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。