碳交易机制的绿色知识溢出效应

张凌霄¹　罗琦¹　朱衍同²

（1.武汉大学；2.中南财经政法大学）

摘要：碳交易机制是中国推进绿色低碳转型的重要市场化环境规制工具。本文以2008—2024年沪深A股上市公司为研究样本，识别企业进入碳排放权交易试点控排范围所受到的制度性冲击，运用交叠双重差分法考察受到碳市场约束后企业绿色知识溢出水平是否发生变化。研究结果显示，碳交易机制有着明显的绿色知识溢出效应。机制分析表明，碳交易机制通过促进绿色责任建立和绿色治理传导产生绿色知识溢出效应。异质性分析结果显示，碳交易机制的绿色知识溢出效应在行业竞争程度高的企业、议价能力高的企业和位于非长三角地区的企业中更明显。本文的研究结论为全国统一碳市场建设和绿色发展战略的深化提供了政策启示。

关键词：绿色低碳转型；碳交易机制；绿色知识溢出；绿色责任；绿色治理；全国统一碳市场

作者简介：张凌霄，武汉大学经济与管理学院助理研究员，武汉，430072；罗琦，武汉大学经济与管理学院教授、博士生导师；朱衍同，中南财经政法大学金融学院博士研究生，通信作者，武汉，430073。

引用格式：张凌霄，罗琦，朱衍同. 碳交易机制的绿色知识溢出效应［J］. 经济与管理研究，2026，47（9）：63-78.

Green Knowledge Spillover Effects of Carbon Emissions Trading Mechanisms

ZHANG Lingxiao¹, LUO Qi¹, ZHU Yantong²

(1. Wuhan University, Wuhan 430072;

2. Zhongnan University of Economics and Law, Wuhan 430073)

Abstract: China's emissions trading scheme (ETS) is a key tool in the green and low-carbon transition. By defining emission rights, capping quotas, and pricing carbon, the ETS turns emissions into a firm cost. Prior work shows effects on emission cuts, energy restructuring, and green innovation. Yet its wider value depends on whether green technology, managerial experience, and low-carbon practices formed by regulated firms can be learned and reused by other firms. Therefore, this paper investigates whether the ETS promotes green knowledge spillovers, the transmission channels involved, and the boundary conditions.

Using data from A-share listed firms in China from 2008 to 2024, this paper employs the staggered difference-in-differences (DID) method and finds that carbon emissions trading can promote green knowledge spillovers. Mechanism analysis identifies two channels: the establishment of green responsibility and the transmission of green governance. Heterogeneity tests show that the effect is more pronounced in industries with high market competition, in firms with strong bargaining power, and in firms located outside the Yangtze River Delta.

The marginal contributions are threefold. First, this paper constructs a green knowledge spillover indicator based on the stock of green invention authorizations for non-regulated firms connected through board networks to evaluate the construction of a unified carbon market. It captures a direct organizational channel through which green knowledge may be observed and reused. Second, this paper clarifies the transmission from carbon constraints to green knowledge spillovers. As carbon emissions trading increases firms' responses to green issues and integrates low-carbon requirements into routine governance arrangements, the positive effect is achieved not only by increasing managerial responses to green issues and strengthening firms' green responsibility, but also by leading firms to pay more attention to green governance in production and supply chain-related activities. Third, this paper improves the measurement of policy exposure. It manually collects annual lists of regulated firms and uses a staggered DID framework to match policy treatment with the year in which each firm became subject to carbon market regulation.

The findings provide several policy implications. First, the carbon market should maintain a stable and credible constraint on covered firms, so that carbon costs can be integrated into firms' long-term investment decisions rather than remain a short-term compliance pressure. Second, policy design should pay attention to whether firms achieve the quota target and whether they generate green technologies and governance experience. Third, regulators should be alert to the possibility that firms with strong market power may respond to carbon costs mainly through price adjustment. If cost pass-through substitutes for technological responses, the positive externalities of the carbon market will also be weakened.

Keywords: green and low-carbon transition; carbon emissions trading mechanism; green knowledge spillover; green responsibility; green governance; unified national carbon market

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