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Carbon Trading and Green Total Factor Productivity in Manufacturing Industry under the "Double Carbon" Goal:A Mechanism Test Based on Heterogeneous Technology Innovation Model |
Xing Hui,Jiang Ying,Chen Yuanyuan |
(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China) |
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Abstract Since the 1990s, global warming has frequently caused extreme weather such as droughts and floods, damaged the ecological environment and threatened the safety of human life and property, which has aroused widespread concern in the international community. Therefore, China has actively taken part in global governance and put forward the "dual carbon" goal. Carbon trading is an important policy tool to achieve the goal of "dual carbon". Existing studies have shown that carbon trading has significant effect to reduce emissions. However, it is important to note that enterprises involved in carbon trading may reduce carbon emissions through industrial transfer or output reduction, but these measures can not last for long. Green transformation of manufacturing industry is the fundamental path of carbon emission reduction, and its important performance is the improvement of green total factor productivity. Manufacturing enterprises are the main emission control subjects involved in carbon trading. Therefore, it is necessary to give full play to the promotion role of carbon trading on green total factor productivity in manufacturing in order to reduce carbon emissions on the basis of the healthy development of the manufacturing industry and achieve the goal of "dual carbon" at an early date.#br#Existing studies mostly investigate the impact of carbon trading implementation on green total factor productivity in manufacturing. In fact, carbon trading price and market scale differ significantly in different pilot regions, which has a great impact on green total factor productivity in manufacturing. Then how do carbon trading price and market scale affect green total factor productivity in manufacturing? In the research on the transmission path of carbon trading affecting green total factor productivity, most scholars believe that technological innovation is an important channel, but most of them take it as a whole. The theory of suitability puts forward that unsuitable technological innovation is difficult to match with the development stage of a country or region,and will weaken the impetus of technological innovation. Therefore, it is an important topic for manufacturing enterprises to choose suitable technology innovation mode. Under the constraints of carbon trading, which is the main innovation path to improve green total factor productivity in manufacturing, technology introduction, technology transformation, or independent innovation?#br#To answer the above questions, on the basis of panel data of 30 provinces in China from 2008 to 2020, a continuous dual difference model is constructed to evaluate the effects of carbon trading price and market scale on green total factor productivity of manufacturing industry, and investigate the transmission path of heterogeneous technological innovation mode.#br#The results show that increasing carbon trading price and expanding market scale can significantly improve green total factor productivity in manufacturing. Theoretical analysis shows that carbon trading price directly affects green total factor productivity in manufacturing through benefit incentive effect, cost pressure effect and survival of the fittest effect. The scale of carbon trading directly affects green total factor productivity in manufacturing by exerting the market mechanism, the change of quantity of demand side and the change of quantity of supply side. Based on the simultaneous equation model, the empirical test shows that carbon trading price and market scale can promote independent innovation and reduce technological transformation, thus affecting green total factor productivity in manufacturing, but technology introduction is not an effective path.The interaction term model is constructed to further analyze why the manufacturing industry increases independent innovation and reduces technological transformation under the background of carbon trading. It is found that the innovation funds of enterprises are limited and independent innovation has a crowding-out effect on technological transformation.#br#In fact, existing studies show that the implementation of carbon trading policy has a positive effect on green total factor productivity in manufacturing, However, the influence of carbon trading characteristics, such as the impact of transaction price and market scale on green total factor productivity in manufacturing has not been specified. The conclusions of this paper are significant supplements to the existing research. In addition, existing studies show that carbon trading can affect green total factor productivity in manufacturing through technological innovation, industrial structure and energy structure. This paper focuses on the function path of technological innovation to conduct a deeper analysis and refine the function channel exploration. The research conclusions have important implications for improving the design of carbon trading system and accurately formulating supporting policies for technological innovation.#br#
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Received: 22 April 2022
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