As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while pro...As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.展开更多
Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified b...Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified by pilot programs for low-carbon provinces and cities,referred to as“Low-Carbon Pilot Provinces/Cities”,while the market-based mechanism is reflected in pilot programs for carbon emissions trading markets,or“Carbon Trading Pilot Programs”.This paper employs event study analysis to compare the carbon emission reduction impacts of these two approaches.Our findings reveal that the Low-Carbon Pilot Provinces/Cities achieved emissions reduction primarily by curbing economic output,without significantly reducing carbon emissions intensity.In contrast,the Carbon Trading Pilot Programs led to an increase in total carbon emissions by driving economic growth,even as they reduced carbon emissions intensity.A heterogeneity analysis further indicates that the emissions reductions observed in the Low-Carbon Pilot Provinces/Cities were predominantly concentrated in economically less-developed regions,whereas the increase in carbon emissions associated with the Carbon Trading Pilot Programs was more significant in regions with lower initial carbon emissions intensity.Against the backdrop of China’s efforts to achieve its carbon peak and neutrality goals,this paper offers valuable insights for the design of effective climate policies.展开更多
基金This paper was supported by the Fundamental Research Funds for the Central Universities[Grant number:JBK2202018].
文摘As a crucial environmental reform system to realize“carbon peaking”and“carbon neutrality”,the pilot policy of low-carbon cities(LCCs)puts pressure and challenges on high-carbon emitting enterprises(HCEEs)while providing opportunities for these firms to take the path of independent transformation.Employing the data of Chinese listed enterprises from 2006 to 2016 and adopting a difference-in-differences(DID)model,we evaluated the impact of LCC construction on the upgrading of HCEEs and its mechanisms.The results indicate that LCC construction enhances the upgrading of HCEEs in the pilot cities.The conclusions remain stable after a series of robustness tests.The mechanism analysis reveals that LCC construction triggers the upgrading of HCEEs by promoting resource allocation efficiency,R&D investment,and green technology innovation.The heterogeneity results indicate that this positive effect is more pronounced for HCEEs in regions with more stringent environmental law enforcement.This study also observes that the upgrading impact is more promi‐nent for state-owned enterprises,enterprises with higher bargaining power,and enterprises whose managers have a long-term vision.The above results provide directions for upgrading HCEEs and replicable evidence for cities in developing economies to fulfill the win-win target of environmental protection and economic transfor‐mation.
文摘Mandate-based and market-based mechanisms represent two primary approaches to achieving policy objectives,yet the debate over their relative effectiveness remains unresolved.The mandate-based approach is exemplified by pilot programs for low-carbon provinces and cities,referred to as“Low-Carbon Pilot Provinces/Cities”,while the market-based mechanism is reflected in pilot programs for carbon emissions trading markets,or“Carbon Trading Pilot Programs”.This paper employs event study analysis to compare the carbon emission reduction impacts of these two approaches.Our findings reveal that the Low-Carbon Pilot Provinces/Cities achieved emissions reduction primarily by curbing economic output,without significantly reducing carbon emissions intensity.In contrast,the Carbon Trading Pilot Programs led to an increase in total carbon emissions by driving economic growth,even as they reduced carbon emissions intensity.A heterogeneity analysis further indicates that the emissions reductions observed in the Low-Carbon Pilot Provinces/Cities were predominantly concentrated in economically less-developed regions,whereas the increase in carbon emissions associated with the Carbon Trading Pilot Programs was more significant in regions with lower initial carbon emissions intensity.Against the backdrop of China’s efforts to achieve its carbon peak and neutrality goals,this paper offers valuable insights for the design of effective climate policies.
