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Carbon Trading Policy,Institutional Pressure Heterogeneity,and Enterprise Total Factor Productivity:Empirical Evidence from a Multi-Period Difference-in-Differences Approach 认领 引用
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作者 Yunshan Xie 《Proceedings of Business and Economic Studies》 2026年第6期1-13,共13页
As China advances its green transition,increasing attention has been paid to whether carbon emissions trading policies can improve both environmental performance and economic efficiency.Using panel data for Chinese li... As China advances its green transition,increasing attention has been paid to whether carbon emissions trading policies can improve both environmental performance and economic efficiency.Using panel data for Chinese listed companies from 2010 to 2024,this study applies a multi-period difference-in-differences(DID)model to examine the effect of the carbon emissions trading system on firms’total factor productivity(TFP).The results indicate that the carbon trading policy is associated with a significant increase in enterprise TFP.Further analysis shows that different policy arrangements during quota accounting,quota allocation,and quota trading affect firms in different ways.In particular,baseline-based accounting methods,paid quota allocation,and higher carbon prices are found to have positive effects on TFP.The heterogeneity analysis further suggests that the positive effect of the carbon trading policy is more evident among non-state-owned enterprises and firms outside high-carbon and heavily polluting industries. 展开更多
关键词 Carbon emissions trading mechanism Carbon quotas Total factor productivity High-quality development
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Construction of legal system of carbon emissions trading in China 认领 引用
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作者 ZHANG Lu 《Ecological Economy》 2010年第4期342-348,共7页
Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nati... Countries in the world have taken a variety of means to control carbon emissions based on the serious situation of global warming,the concept of low-carbon economy and the provisions about emissions in the United Nations Framework Convention on Climate Change(UNFCCC) and the Kyoto Protocol.With the measures of emissions reductions,the system of carbon emissions trading is taking shape.It is necessary for China as the big natural resources consumption country to establish its own carbon emissions trading system.By introducing the carbon emissions trading system of the European Union,America and Japan,and analyzing the market and policies been formed,the carbon emissions trading system in China can be established from the initial configuration of the emissions rights,the subject and object of carbon emissions trading,establishing the carbon emissions trading exchange and supervising and regulating the carbon emissions trading. 展开更多
关键词 Carbon emissions trading Legal system China
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Spatial emission reduction effects of China’s carbon emissions trading:quasi-natural experiments and policy spillovers 认领 引用 被引量:2
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作者 Zhiguo Li Jie Wang 《Chinese Journal of Population,Resources and Environment》 2021年第3期246-255,共10页
Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot coverin... Insufficient assessment of emission reduction effects still exists in the carbon emission rights trading system,a major environmental regulation measure in China.Based on the data from the carbon trading pilot covering the years from 2007 to 2017,this study combined the synthetic control method with dynamic spatial Durbin model to comprehensively evaluate the spatial emission reduction effects of carbon trading policies.The results showed that:①The carbon trading policies promoted carbon emission reductions in the pilot regions,among which Tianjin and Hubei responded significantly,and also helped to suppress carbon emissions in the neighboring areas.②Long-term emission reduction effect from carbon emissions trading became gradually significant,while the indirect emission reduction effect was relatively weaker.③In term of reducing carbon emissions,the economic development channel played a key role,but it had a threat to the promotion of carbon emissions in the surrounding areas.Energy consumption was the main obstacle to the growth of carbon emissions.④In the long run,technological progress tended to become the key to the effective implementation of potential emission reduction effects of carbon trading policies.Based on the above findings,we suggest that the construction of a national carbon trading market should be promoted,the balanced development and orderly advancement of regional carbon trading markets should be paid attention to,the coordinated development of green economy as well as knowledge and technology exchange and cooperation among regions should be strengthened to form a low carbon development model among regions. 展开更多
关键词 Carbon emissions trading Eemission reduction effect Synthetic control method Policy spillover
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Game analysis on constructing the model of an international carbon emissions trading model 认领 引用 被引量:2
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作者 Ming Ji 《Chinese Journal of Population,Resources and Environment》 2021年第1期82-87,共6页
Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits... Constructing a model for international carbon emissions trading is an effective method to curb global warming through a market mechanism.Although the international carbon emissions market generates substantial profits,the relevant trading mechanism has been far from perfect.The perfect mechanism for international carbon emissions trading should be a revealing preference game.In other words,only if all players in this game truly show their information and preferences can the Nash outcome be Pareto efficient and fair.China should actively participate in the international carbon emissions trading game;promote efficiency,justice,rationality,and the quality of being manipulation-free in the carbon emissions market;and play a more important role in perfecting the international carbon emissions trading mechanism. 展开更多
关键词 International carbon emissions trading Revealing preference game Pareto efficiency
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Carbon emission trading system and stock price crash risk of heavily polluting listed companies in China:based on analyst coverage mechanism 认领 引用
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作者 Zeyu Xie Mian Yang Fei Xu 《Financial Innovation》 2023年第1期1877-1906,共30页
This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in Chi... This study reveals the inconsistencies between the negative externalities of carbon emissions and the recognition condition of accounting statements.Hence,the study identifies that heavily polluting enterprises in China have severe off-balance sheet carbon reduction risks before implementing the carbon emission trading system(CETS).Through the staggered difference-in-difference(DID)model and the propen-sity score matching-DID model,the impact of CETS on reducing the risk of stock price crashes is examined using data from China’s A-share heavily polluting listed companies from 2007 to 2019.The results of this study are as follows:(1)CETS can significantly reduce the risk of stock price crashes for heavily polluting companies in the pilot areas.Specifically,CETS reduces the skewness(negative conditional skewness)and down-to-up volatility of the firm-specific weekly returns by 8.7%and 7.6%,respectively.(2)Heterogeneity analysis further shows that the impacts of CETS on the risk of stock price crashes are more significant for heavily polluting enterprises with the bear market condition,short-sighted management,and intensive air pollution.(3)Mechanism tests show that CETS can reduce analysts’coverage of heavy polluters,reducing the risk of stock price crashes.This study reveals the role of CETS from the stock price crash risk perspective and helps to clarify the relationship between climatic risk and corporate financial risk. 展开更多
关键词 Carbon emission trading system Stock price crash risk Off-balance sheet carbon reduction risks Analyst coverage
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Review of Carbon Emissions Trading Production Model and Research on Its Applications in China 认领 引用
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作者 Men Ming Zhang Qiuli 《Chinese Journal of Population,Resources and Environment》 2011年第4期49-58,共10页
With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such tra... With the Kyoto Protocol entering into effect in many countries one after another,carbon trading has come into being and developed quickly.China is the main supplier of carbon emissions rights in the world,but such transactions are still in the stage of Clean Development Mechanism(CDM)projects without its own trading system,which is not conducive for China to win the rights of carbon pricing in the international market.Low-carbon and emissions reduction is the international trend nowadays,and therefore,it is particularly necessary and urgent to investigate the issue of carbon trading in China.In this paper,the authors have reviewed Putty-Clay Vintage,which is a model of production function for carbon trading,revealing the main points,contributions and shortcomings of the model.Combined with China's national conditions,the authors have investigated the application of this model in China's carbon trading from four different angles,including enterprise production optimization,financial market development,national macro-economy,and the allocation of emission quota.This study aims to provide China's enterprises with an analytical framework when participating in carbon trading in the future and it is beneficial for them to make optimal production planning when considering the cost of carbon emissions reduction. 展开更多
关键词 carbon emissions trading CDM Putty-Clay model vintage production function optimal production planning
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Factors affecting the pilot trading market of carbon emissions in China 认领 引用 被引量:6
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作者 Yong Jiang Ya-Lin Lei +1 位作者 Yong-Zhi Yang Fang Wang 《Petroleum Science》 SCIE CAS CSCD 2018年第2期412-420,共9页
Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emis... Climate change and carbon emissions are major problems which are attracting worldwide attention. China has had its pilot carbon emission trading markets in seven regions for more than 3 years. What affects carbon emission trading market in China is a big question. More attention is paid to how China promotes the carbon emission trading schemes in the whole country. This paper addresses concerns about the functioning of carbon emission trading schemes in seven pilot regions and takes the weekly data from November 25, 2013, to March 19, 2017. We employ a vector autoregressive model to study how coal price, oil price and stock index have affected the carbon price in China. The results indicate that carbon price is mainly affected by its own historical price; coal price and stock index have negative effects on carbon price, while oil price has a negative effect on carbon price during the first 3 weeks and then has a positive effect on carbon price. More regulatory attention and economic measures are needed to improve market efficiency, and the mechanisms of carbon emission trading schemes should be improved. 展开更多
关键词 Carbon emission trading market Carbon price VAR model China
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Spatial Effects of Carbon Emission Trading Policy on Energy Efficiency in China:Mediating Role of Financial Efficiency and Industrial Structure 认领 引用
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作者 LÜ Zehua WANG Bin 《Wuhan University Journal of Natural Sciences》 CAS CSCD 2025年第5期508-522,共15页
China has implemented Carbon Emission Trading Policy(CETP)to address climate change and the energy crisis since 2013.However,the spatial spillover effects of CETP on energy efficiency have received limited attention.T... China has implemented Carbon Emission Trading Policy(CETP)to address climate change and the energy crisis since 2013.However,the spatial spillover effects of CETP on energy efficiency have received limited attention.This study addresses this deficiency by applying the spatial difference-in-differences(SDID)model to assess the impact of CETP on energy efficiency and its spillover effects across a balanced panel dataset covering 30 provinces and province-level municipalities of China from 2008 to 2020.The results reveal that CETP has significantly improved regional energy efficiency,with positive spatial spillovers observed across provincial boundaries,im-plying that CETP's benefits extend beyond geographical borders.Notably,although the spatial correlation of energy efficiency has re-mained positive,it has shown a gradual weakening trend since 2013.Further mechanistic analysis reveals that CETP improves energy effi-ciency by optimizing industrial structures and restricting financial efficiency.Finally,the policy has been particularly effective in the west-ern regions of China and in areas with high pollution and stringent environmental law enforcement.This study provides a valuable refer-ence for policymakers on integrating financial and industrial strategies with energy policies and offers a scientific foundation for the poten-tial nationwide expansion of CETP. 展开更多
关键词 energy efficiency carbon emission trading policy spatial effects industrial structure financial efficiency spatial differencein-differences model
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Research on Coordination Model of Pharmaceutical Supply Chain under Carbon Emission Trading Policy 认领 引用
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作者 Zhang Minghe Huang Zhe 《Asian Journal of Social Pharmacy》 CAS 2025年第3期199-211,共13页
Objective To provide effective decision making for the subsidy policies given by the government to pharmaceutical enterprises and the coordination model adopted by pharmaceutical stakeholders under the carbon emission... Objective To provide effective decision making for the subsidy policies given by the government to pharmaceutical enterprises and the coordination model adopted by pharmaceutical stakeholders under the carbon emission trading policy.Methods The Stackelberg model was used to discuss the optimal profits of each member and the whole supply chain under different decision-making models while considering the technical capacity of emission reduction and cost sharing contract.Based on this,the impact of the combined contract decisionmaking model on the technical efforts of drug manufacturers to reduce carbon emission,the profits of supply chain members and the overall profits of supply chain was investigated.Results and Conclusion Research has found that improving the research and development efforts of emission reduction technologies by pharmaceutical enterprises can increase drug sales and enhance the expected profits of pharmaceutical supply chain members.The members of the secondary pharmaceutical supply chain can achieve the optimal expected profit when reaching cooperation.Besides,when the cost sharing contract and quantity discount contract meet the constraint conditions,the combined contract decision model can perfectly coordinate the pharmaceutical supply chain,enabling supply chain members to achieve Pareto improvement and gradually reach Pareto optimum. 展开更多
关键词 carbon emission trading policy pharmaceutical supply chain R&D of emission reduction technology contract model
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Localization Reform of Carbon Emissions Trading Mechanism in China 认领 引用
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作者 Zhao Xikang Zeng Yunmin +3 位作者 Wang Lijuan Shi Baoya Wu Dalei Long Hui 《Meteorological and Environmental Research》 2014年第6期35-40,共6页
Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in th... Based on the practical experiences of Guangdong carbon emissions trading pilot, the key issues such as cap setting, allowance alloca- tion, system defects, regulatory integration and MRV mechanisms were analyzed in this paper from the localization perspective. A number of solu- tions and policy recommendations were also proposed in this study in order to solve these barriers. 展开更多
关键词 Carbon emissions trading System design Localization reform ~ China
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China’s Pilot Carbon Market:Institutional Design for Industrial Low-Carbon Transition 认领 引用
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作者 Wang Wenju Qian Xinxin 《中国经济学人(中英文)》 2025年第5期46-67,共22页
This study explores the mechanisms by which China’s pilot carbon emissions trading schemes(ETS)facilitate industrial low-carbon transitions.We construct a theoretical model and conduct an empirical analysis using pro... This study explores the mechanisms by which China’s pilot carbon emissions trading schemes(ETS)facilitate industrial low-carbon transitions.We construct a theoretical model and conduct an empirical analysis using provincial panel data from seven pilot provinces spanning 2006-2021.Applying a multi-period difference-in-differences(DID)approach,we evaluate the environmental and economic impacts of the pilot ETS policies.The findings yield three key insights:(1)The pilot ETS significantly reduces carbon emission intensity and improves low-carbon total factor productivity(TFP),thereby promoting China’s industrial low-carbon transition.(2)Mechanism analysis indicates that the ETS primarily operates through cost constraints and industrial structural upgrading,while the effect of technological progress has yet to fully materialize.(3)Heterogeneity analysis reveals that the policy’s effects are more significant in regions with higher levels of economic development and R&D investment,leading to greater carbon intensity reductions and productivity gains.In addition,regions with higher foreign direct investment(FDI)experience more substantial improvements in low-carbon TFP,possibly reflecting technology spillover effects. 展开更多
关键词 Pilot carbon emissions trading scheme Industrial low-carbon transition National unified carbon market Carbon emission intensity Low-carbon total factor productivity
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Does the carbon emission trading pilot policy promote green innovation cooperation?Evidence from a quasi-natural experiment in China 认领 引用 被引量:3
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作者 Peng Xiaobao Wu Jian +2 位作者 Chen Yuhui Sumran Ali Xie Qijun 《Financial Innovation》 2024年第1期3779-3802,共24页
Green and low carbon transition is a broad and profound economic and social systematic change.Green innovation is a critical way to promote energy saving and emission reduction.Has China continuously promoted a carbon... Green and low carbon transition is a broad and profound economic and social systematic change.Green innovation is a critical way to promote energy saving and emission reduction.Has China continuously promoted a carbon emission trading policy to significantly promote green innovation cooperation?Taking the implementation of the carbon emission trading pilot policy as a“quasi-natural experiment,”this study answers this question by exploring the impact of the policy on green innovation cooperation.Based on data on 274 cities from 2008 to 2020,the multi-time difference-in-differences model is used to evaluate the impact of the policy on green innovation cooperation.The results reveal that the carbon emission trading pilot policy significantly improved inter-and intra-city green innovation cooperation through the upgrading effect of industrial structure and the coverage effect of digital finance compared with the non-pilot cities at the city level.In addition,there are significant differences in the policy effects among cities with different degrees of openness to the outside world and command-and-control environmental regulation. 展开更多
关键词 Carbon emission trading Digital finance coverage effect Green innovation cooperation Industrial structure upgrading effect
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Carbon emission reduction effect and mechanism test of carbon emission trading pilot 认领 引用 被引量:2
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作者 YANG Xiao-xuan ZHANG Yan-wei 《Ecological Economy》 2023年第4期302-316,共15页
Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green ... Carbon emission trading pilot policies were launched in seven provinces and cities,including Beijing,Shanghai,Tianjin and Chongqing in 2013.Carbon emission trading is of great significance to the development of green economy.Taking China’s carbon emission trading pilot as a natural experiment,the dual difference method was used to explore the carbon emission reduction effect of the pilot carbon emission trading policy on the pilot areas in China based on the panel data of 30 provinces,autonomous regions and municipalities in China from 2000 to 2019.Propensity score matching,parallel trend test and placebo test were conducted to improve the robustness of the empirical results.It is found that carbon emission trading pilot policies significantly promote carbon emission reduction in pilot areas compared with non-pilot areas.This conclusion from the benchmark regression passed the robustness test,and the carbon reduction effect showed an increasing trend year by year.With the mediation effect test,the carbon emission reduction mechanism of the pilot policy was studied.The results show that the carbon trading pilot policy reduces the carbon dioxide emission in the pilot area by promoting the upgrading of industrial structure and technological progress. 展开更多
关键词 carbon emission trading carbon emission DID model
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Carbon emissions of China's industrial sectors based on input-output analysis 认领 引用 被引量:1
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作者 Xiaohong Yu Miao Xu Yumeng Ding 《Chinese Journal of Population,Resources and Environment》 2017年第2期147-156,共10页
This study uses an input-output model presenting the embodied carbon emission in the importexport procedure, as well as the responsibility allocation between China's 35 sectors and 7 main trade partners from 1995 ... This study uses an input-output model presenting the embodied carbon emission in the importexport procedure, as well as the responsibility allocation between China's 35 sectors and 7 main trade partners from 1995 to 2011. Results indicate that the amount of carbon emissions in China's industrial sectors is immense and that the industrial sectors are in serious imbalance. Such imbalance exists mainly in textiles, basic and fabricated metal, electrical and optical equipment,and machinery, among others. Based on the consumer-responsibility principle, the responsibility of 29 departments is reduced. Correspondingly, foreign sectors become more responsible.America, as China's largest trading partner, should account for most of the total responsibility,followed by developed countries such as Japan, South Korea, and Germany. 展开更多
关键词 Consumer-responsibility principle industrial sectors trade carbon emission
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Research on China’s Carbon Market Development Path and Policy Strategies 认领 引用 被引量:2
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作者 Zhou Xinyuan Xu Dong 《China Oil & Gas》 CAS 2025年第5期26-32,共7页
With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains... With the in-depth advancement of China’s dual carbon goals,the national carbon emissions trading market has become a core policy tool for achieving emission reduction targets.However,the current carbon market remains predominantly spot-based,facing challenges such as limited financial products,restricted market participants,immature carbon pricing mechanisms,and insufficient liquidity,which constrain its resource allocation and risk management functions.Based on the spirit of the“Opinions on Promoting Green Low-Carbon Transformation and Strengthening National Carbon Market Construction”issued by the General Office of the CPC Central Committee and the General Office of the State Council,this paper focuses on the challenges faced during the implementation of the dual control system for carbon emissions in the“Fifteenth Five-Year Plan”period,with emphasis on analyzing the development bottlenecks of the carbon market.It proposes accelerating the launch of carbon futures,carbon options and other derivatives,expanding the scope of financial institution participation,improving carbon market infrastructure,and establishing a cross-departmental coordinated policy framework.By drawing on international experience and combining domestic pilot practices,this aims to provide an operational and implementable pathway for the development of China’s carbon market,further enhancing the supporting role of the carbon market in green low-carbon transformation. 展开更多
关键词 financial products dual carbon goals national carbon emissions trading market liquidity financial productsrestricted carbon pricing mechanisms carbon market market participants
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Empirical Analysis of Carbon Trading Policy Applicability in Transportation 认领 引用
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作者 CAI Jing ZHANG Ming-hui BAO Cha-na 《Journal of Highway and Transportation Research and Development(English Edition)》 2018年第1期97-104,共8页
Carbon trading policy,as an important1 approach to energy conservation and emission reduction,is being applied by an increasing number of cities at home and abroad with a certain effect.Meanwhile,traffic is a major so... Carbon trading policy,as an important1 approach to energy conservation and emission reduction,is being applied by an increasing number of cities at home and abroad with a certain effect.Meanwhile,traffic is a major source of energy consumption and carbon emission in cities and thus a main field of energy conservation and carbon emission and a carbon emission trading object in cities.Globally,the carbon trading policy is rarely adopted in the traffic sector.Emission monitoring and quota allocation are challenging tasks due to several characteristics,such as the mobility and dispersibility of vehicles and non-profitability of certain sectors.Therefore,the inclusion of the transportation sector in the carbon emission trading policy framework remains an issue.On the basis of the definition of the carbon emission trading policy framework,this study draws certain elements of applicability of carbon emission trading policy and conducts an empirical analysis of the applicability of the participation of the transportation sector in carbon emission trading. 展开更多
关键词 environmental engineering carbon emission trading case study transportation energy conservation carbon emission reduction
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Study on carbon intensity trading market based on carbon finance mechanism 认领 引用
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作者 Zhen-WEI 《International Journal of Technology Management》 2015年第9期110-112,共3页
As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the (〈Kyoto Protocol)) . But it has become the largest CO2 emissions countries in the world. Th... As the largest developing country in the world, China has not be involved in the obligation of emissions reduction in the (〈Kyoto Protocol)) . But it has become the largest CO2 emissions countries in the world. This makes China confronted with more pressure of carbon emissions reduction in the post-Kyoto era, and face great challenges in response to climate change issues. On one hand, China' s economic growth stage has decided that the situation of more energy consumption and increased carbon emissions is diffficult to reverse in the short term; On the other hand, the traditional policy under the control of total amount of carbon emission has largely restricted economic development. If a developing country in economic transition is carried out compulsory absolute amount of carbon reduction policies, its economic activity and social consumption will be imposed additional constraints inevitably, which will eventually lead to lower economic competitiveness and decline in social standards of living. Ultimately it will affect the good effects of carbon emissions reduction, so the policy can not achieve a satisfactory result. This paper introduces the financial mechanism into the carbon market model, extends the time of model from one phase to multi-phase. And this paper tries to establish a cross-time carbon credits trade system, and the current strength of the traditional carbon emission market trade model is extended. The paper designs two type of option mechanism model--call options trade carbon emissions model and put options carbon emissions model. Models' results show that choosing options tool to extend our traditional carbon market model can bring following impacts on carbon market development: trade costs have fallen, the carbon intensity also has descended, and has realized the flow of carbon intensity in diffident time; it enables manufacturers to effectively avoid the risk of carbon emissions trade; it increases the flexibility and maneuverability of the carbon trade market. Finally, the policy recommendations in the financial mechanisms carbon market trade are put forward. 展开更多
关键词 Climate change Carbon intensity Emission permits trade of carbon Market mechanism Carbon finance
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Research on Carbon Governance Mechanisms in the Petroleum Industry amid China’s Carbon Market Expansion 认领 引用
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作者 Guo Xiaoxian 《China Oil & Gas》 CAS 2025年第5期39-46,共8页
As the national carbon emission trading system extends to high energy-consuming industries,the petroleum exploration&development and refining&chemical engineering sectors face the dual challenges of rigid carb... As the national carbon emission trading system extends to high energy-consuming industries,the petroleum exploration&development and refining&chemical engineering sectors face the dual challenges of rigid carbon constraints and energy structure restructuring.This study innovatively proposes the“dual inflection point theory”,which reveals that the transformation window requires the industry to overcome composite pressures including regional energy imbalances,international carbon tariff barriers,and technological substitution bottlenecks.This paper constructs a five-in-one governance framework encompassing“policy coordination,market circulation,intelligent regulation,energy substitution,energy efficiency innovation”. 展开更多
关键词 carbon governance mechanisms rigid carbon constraints national carbon emission trading system petroleum industry energy structure restructuringthis regional energy imbalancesinternational transformation window Chinas carbon market
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Evaluating Carbon Emission Reduction Effect,Transmission Mechanism,and Carbon Market Efficiency of Carbon Emission Trading Policy:Evidence from China 认领 引用
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作者 Xinyue Dong Ying Wang +2 位作者 Siyue Zhu Jinliang Zhang Zhongfu Tan 《CSEE Journal of Power and Energy Systems》 SCIE EI CSCD 2026年第1期424-436,共13页
The carbon emission trading policy is a key policy for China to achieve its dual carbon goals.This paper aims to examine the emission-reduction effects,transmission mechanisms,and carbon-market efficiency of China’s ... The carbon emission trading policy is a key policy for China to achieve its dual carbon goals.This paper aims to examine the emission-reduction effects,transmission mechanisms,and carbon-market efficiency of China’s carbon-emission trading policy from 2012 to 2023.We adopt the difference-in-differences(DID)model to analyze the effects of policy on emissions,and the empirical results from the DID model confirm that the pilot carbon emission trading policy has significantly reduced carbon emission intensity in pilot areas.Then we use the mediation model to study the transmission mechanism of the pilot carbon emission trading policy,and the mediation analysis demonstrates that the pilot carbon emission trading policy achieves emission abatement through four parallel transmission channels:scientific innovation,energy conservation,clean energy substitution,and industrial structure upgrading.Data envelopment analysis evaluates the carbon market efficiency of China.The result shows that the average carbon market efficiency of pilot areas has improved steadily,particularly from 2012 to 2023,especially in Beijing,Hubei,and Guangdong.Moreover,the efficiency of the national carbon market has shown an upward trend since its 2021 launch;it remains lower than the pilot average,constrained primarily by limited sectoral coverage,which impacts scale efficiency. 展开更多
关键词 Data envelopment analysis difference-in-differences model emission reduction effect mediation model pilot carbon emission trading policy
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Can the Carbon Emission Trading System Improve the Environmental,Social,and Governance Performance of High–Carbon Emission Enterprises?Evidence from Chinese Listed Companies 认领 引用
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作者 Zhuoqun Zhang Nianxin Sun +1 位作者 Xiao Feng Sunfan Liang 《China Finance and Economic Review》 2025年第4期85-106,共22页
This study examined the impact of China’s carbon emission trading system(ETS)pilot program(2007–2021)on the environmental,social,and governance(ESG)performance of listed companies in high–carbon emission industries... This study examined the impact of China’s carbon emission trading system(ETS)pilot program(2007–2021)on the environmental,social,and governance(ESG)performance of listed companies in high–carbon emission industries using a difference-in-differences model.Benchmark regression results show that ETS significantly enhances corporate ESG performance,supported by robustness tests including parallel trends,individualime placebo tests,and omitted variable analysis.The effect is stronger for non-state-owned enterprises,manufacturing companies,and those in central or western China.ETS improves ESG performance by reducing industry concentration(external driver)and alleviating financing constraints while boosting carbon performance(internal drivers),although social attention shows limited influence.The findings provide empirical evidence for refining the ETS policies in China and globally to aid sustainable transitions in high–carbon emission industries through market-driven environmental governance and corporate accountability. 展开更多
关键词 carbon emission trading environmental social and governance high-carbon emission industries
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