碳交易市场对企业创新行为的影响研究

范庆泉　郭文

（首都经济贸易大学）

内容提要：让碳交易市场激发企业创新动力和推动技术升级，对于中国高质量发展有重要意义。本文在理论分析部分给出了碳交易市场中各主体产生激励作用的前提条件及作用机制，为构建合理的实证模型提供科学支持。理论研究发现，碳交易机制实现了交易双方利益的共同改进，体现为激励型环境规制的作用机制。进一步，结合以手工方式得到的碳交易企业的微观数据，将重点排污单位企业作为对照组，评估碳交易制度对企业技术创新行为影响的政策效果。实证结果表明，碳交易政策能够激励企业进行技术创新。机制分析结果显示，碳交易政策主要通过缓解融资约束、增加研发资金和科技人员投入来发挥创新效应，并且碳市场流动性越强，这种激励效果越明显。本文解释并验证了碳交易市场对企业创新行为的激励效应，可以为加速推进全国统一碳交易市场建设步伐提供科学指导和实践支撑。

关键词：碳交易；碳排放权；减排约束；减排激励；企业创新

作者简介：范庆泉，首都经济贸易大学财政税务学院教授、博士生导师，北京，100070；郭文，首都经济贸易大学财政税务学院博士研究生，通信作者。

基金项目：国家社会科学基金一般项目“创新联合体建设背景下财政支持政策协同效应及优化策略研究”（24BJY045）

引用格式：范庆泉,郭文.碳交易市场对企业创新行为的影响研究[J].经济与管理研究,2025,46(2):43-57.

Impact of Carbon Trading Market on Firm Innovation

FAN Qingquan, GUO Wen

(Capital University of Economics and Business, Beijing 100070)

Abstract: The carbon trading market provides a platform for firms to trade emission allowances and serves as an important policy tool to achieve the "dual carbon" goals. From regional pilots to the establishment of a national carbon trading market, carbon trading attracts an increasing number of enterprises, with continuously growing transaction volumes. Whether carbon trading can improve firm innovation and promote technological upgrading is crucial for the government to strengthen its strategic resolve on the construction of a national carbon trading market.

By clarifying the constraints imposed by the carbon trading market on corporate emissions reduction, this paper identifies the preconditions for incentivizing entities within the carbon trading market, providing scientific support for constructing a reasonable empirical model. Furthermore, by combining manually sorted micro-level data of carbon trading firms and using key emission reduction firms as the control group, the paper evaluates the policy effects of the carbon trading system on firm innovation. Theoretical study indicates that the emission reduction constraints and incentive mechanisms of the carbon trading market reflect the operational mechanism of incentive-based environmental regulation, leading to mutual benefits for both trading parties. The empirical result shows that under the common constraint of carbon emission reduction, the incentive mechanism of carbon trading can motivate both parties to increase their R&D investment. Mechanism analysis reveals that the incentive effect of the carbon trading market is achieved by alleviating corporate financing constraints and encouraging firms to increase R&D investment, thereby enhancing technological levels. The higher the liquidity of the carbon trading market, the more pronounced this effect becomes. The findings explain and verify the micro mechanism of the carbon trading market, providing scientific guidance and practical support for accelerating the building of a national carbon trading market.

This paper has some policy implications for maximizing the emission reduction incentive effects of the carbon trading system. First, the government should improve the elements of the carbon trading system and its supporting framework, providing a market platform to promote the free flow of carbon elements among various entities. Second, as the carbon trading market serves as a channel mechanism to help firms alleviate the pressure of emission reduction, the government should use a combination of policy tools such as tax incentives and subsidies to stabilize firms’ costs, alleviate their financing constraints for R&D, encourage increased R&D investment, and enhance technological innovation. Third, the government should encourage the participation of all parties, including energy suppliers, end users, and firms subject to emission constraints, to improve carbon market liquidity. Finally, it is essential to strengthen data security, establish a data quality management mechanism for carbon emissions, and strictly control and investigate any instances of data falsification.

Keywords: carbon trading; carbon emission rights; emission reduction constraint; emission reduction incentive; firm innovation

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