Beschreibung:
Using China’s CET policy as a quasi-natural experiment, we systematically investigated the mechanism that how the CET schemes promote companies’ green innovation from the perspective of price-induced, R&D-induced, or learning-induced technological change, and the perfection of market system. We used the data of listed companies from the Chinese “A” stock market, and matched the data with green patent data from the CNRDS platform. We employed the difference-in-difference-in-difference model to account for the unobserved cause of the CET policy regarding companies’ green innovation. The benchmark regression results reveal that the CET policy significantly promoted companies’ green innovation. The mechanism analysis revealed that the CET policy could promote companies’ green innovation in high-carbon industries through price-induced, R&D-induced, and learning-induced technological change. Meanwhile, the perfection of market system can further promote the CET policy to improve companies’ green innovation in high-carbon industries. Additionally, the CET scheme’s impact on companies’ TFP is heterogeneous in terms of ownership, region, and financial constraints. We suggest that the Chinese government should provide a perfect market platform for carbon emission trading entities, formulate and optimize a portfolio of public policies, further deepen ESG investment philosophy, and optimize the supporting environment to facilitate green technological innovation