题目：China’s ETS Improves Firms’ Competitiveness

主讲人：崔静波，昆山杜克大学

时间：2019年10月18日，10:30-12:00

地点：暨南大学中惠楼106B室

主讲人简介:

崔静波，昆山杜克大学社会科学部和环境研究中心应用经济学副教授。曾担任武汉大学经济与管理学院副教授，数理经济与数理金融系副主任，湖北省楚天学子人才计划，美国爱荷华州立大学经济学系博士后、访问助理教授。他博士毕业于美国爱荷华州立大学获经济学博士学位，硕士和本科分别毕业于武汉大学和华中科技大学。研究方向：环境经济学、专利创新、国际贸易。研究成果已发表在经济学国内顶级期刊《经济研究》以及国际权威期刊American Economic Review Papers and Proceedings, American Journal of Agricultural Economics, Energy Economics, Energy Policy等。主持国家自然科学基金青年项目和国家自然科学基金应急项目。长期担任环境经济学国际顶级学术期刊Journal of Environmental Economics and Management, Journal of the Association of Environmental and Resource Economists, Environmental and Resource Economics，能源经济学国际学术期刊Energy Policy, Journal of Cleaner Production以及国内权威学术期刊《中国工业经济》《经济学（季刊）》等匿名审稿人。

Abstract:

Under the Paris Agreement, China has pledged to tackle climate change by resorting to a market-based instrument - regional emission trading scheme (ETS) pilots - to limit its carbon emissions. At the crossroad of stepping towards national ETS from regional pilots, it is pivotal to assess the economic impacts of regional ETS pilots on firm competitiveness. With this objective, we assemble a unique firm-level dataset during the 2003-2016 period. Controlling for a series of firm attributes, regional and industrial factors affecting firms’ competitiveness, we employ the state-of-the art regression model, featured by a difference-in-difference-in-differences (DDD) approach, to evaluate the effects of ETS on firm competitiveness measured by low-carbon innovation and market values. We find that the ETS pilots contribute to firms’ innovation transition towards low-carbon technologies. This policy-induced innovation effect is more pronounced in encouraging low-carbon technological changes into radical innovation relative to incremental innovation. Accounting for subsidiaries’ exposure to regional ETS pilots does not alter the main findings. The larger the shareholding ratios owned by parent companies, the stronger the policy-induced innovation effect would be. Moreover, ETS leads to gains in firm value, in particular to those firms with the relevant knowledge stock prior to the ETS period. Some heterogeneity across regional pilots are detected. The more active pilots—measured by carbon price and turnover rate of allowance trading—tend to have more intense low-carbon innovation and higher returns of market values both at the firm-level.