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Realizing energy conservation and emission reduction, promoting green development, and realizing the harmonious coexistence of human and nature are the major themes of today's social and economic development and corporate environmental management. This project intends to select China's most representative carbon trading system as the research object, and empirically examine the effect and mechanism of carbon trading system on the enhancement of enterprises' green innovation ability by establishing a double-difference model and adopting the panel data of A-share listed companies in Shanghai and Shenzhen during the period of 2007-2021. The results of the study show that: (1) the implementation of the carbon emissions trading policy effectively promotes the green innovation behavior of enterprises; (2) in the heterogeneity analysis, the policy has a more significant impact on the green innovation of the enterprises in the eastern region, state-owned enterprises, and enterprises in high-technology industries; (3) in the process of carbon emissions piloting, the R&D investment of the enterprises plays the role of policy substitution for the green innovation, and the public's concern for the environmental issues degree has a positive moderating effect on enterprises' green innovation. This study reveals the influence mechanism of carbon emissions trading policy on enterprises' green innovation, provides theoretical support and practical reference for sustainable development, and helps the government to formulate policies, enterprises to respond to policies, and guides enterprises to achieve better results in environmental aspects. The results of the study have a positive effect on advancing enterprise environmental protection, promoting green transformation, and realizing the harmonious coexistence of man and nature.
Huang et al. (Thu,) studied this question.