碳排放权交易如何影响企业全要素生产率？

摘要/Abstract

摘要： 碳排放权交易作为典型的市场激励型环境规制手段，是否能够触发“波特效应”进而提升企业全要素生产率，尚缺乏来自中国实践的经验证据。本文利用三重差分法（DDD）设计碳排放权交易试点政策的准自然实验，借助空间计量经济学方法，通过构造行业间垂直和水平溢出权重矩阵，从微观层面识别碳排放权交易对企业全要素生产率（TFP）的影响及作用机制。研究发现：碳排放权交易能够提升企业全要素生产率并诱发行业间政策溢出效应，且碳排放权交易对企业全要素生产率的直接影响呈现倒U型的动态特征；碳排放权交易对企业全要素生产率的影响存在典型的异质性特征，国有企业、小规模企业全要素生产率受政策影响更加突出；机制分析表明，碳排放权交易能够通过研发效应、转型效应和成本效应影响企业全要素生产率。同时，碳排放权交易对企业全要素生产率的影响受到企业内部（金融错配、人力资本）、外部（行政干预）特征的调节作用。

关键词: 碳排放权交易, 全要素生产率, 行业溢出, 三重差分法

Abstract: Given the lack of empirical evidence from China regarding whether carbon emission trading as a typical market-driven environmental regulation mechanism can trigger the Porter effect and improve the total factor productivity of enterprises, this paper uses the method of difference in difference in differences (DDD) to design a quasi-natural experiment of the pilot policy of carbon emission trading, and applies the spatial econometrics to explore, from the micro level, the influence of carbon emission trading on the total factor productivity (TFP) of enterprises and the mechanism underlying the influence by constructing a vertical and horizontal spillover weight matrix between industries. The results show that carbon emission trading can improve the total factor productivity of enterprises and induce inter-industry policy spillover effect, and the direct impact of carbon emission trading on the total factor productivity of enterprises presents an inverted U-shaped dynamic characteristic. The impact of carbon emissions trading on the total factor productivity of enterprises has typical heterogeneity characteristics. The total factor productivity of state-owned enterprises and small-scale enterprises is affected more significantly by policies. The mechanism analysis shows that carbon emission trading can affect the total factor productivity of enterprises through R&D effect, transformation effect and cost effect. Meanwhile, the impact of carbon emission trading on the total factor productivity of enterprises is moderated by enterprises’ internal characteristics (financial mismatch, human capital) and external characteristics (administrative intervention).

Key words: carbon emission trading, total factor productivity, industry spillover, DDD

李治国, 王杰, 王博瀚. 碳排放权交易如何影响企业全要素生产率？[J]. 管理评论, 2025, 37(2): 31-43.

Li Zhiguo, Wang Jie, Wang Bohan. How does Carbon Emissions Trading Affect the Total Factor Productivity of Enterprises?[J]. Management Review, 2025, 37(2): 31-43.

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