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<p>The energy-consuming rights trading policy is a source-controlled environmental regulation policy in China aimed at controlling total energy consumption and energy intensity. This research evaluates the effect of the energy-consuming rights trading policy on green innovation. Analyzing data from Chinese energy firms from 2012 to 2019, the study finds that the policy significantly positively affects green innovation in the pilot areas. A possible explanation is that the implementation the energy-consuming rights trading policy lessens energy firms’ financing constraints and management myopia, fosters R&amp;D investment. The positive relationship is robust in state-owned enterprises, firms with fewer agent problems, and firms located in areas with weaker rule of law. Finally, this study delves into the practical implications of promoting green innovation and attaining sustainable development through the lens of the energy-consuming rights trading policy.</p>

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How does energy-consuming rights trading policy affect green innovation: evidence from Chinese energy firms

  • 期刊论文

  • 发表日期：

    2025年1月9日

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  • Zongtao Tian,
  • Weiwei Zhang,
  • Zhibin Chen

摘要

The energy-consuming rights trading policy is a source-controlled environmental regulation policy in China aimed at controlling total energy consumption and energy intensity. This research evaluates the effect of the energy-consuming rights trading policy on green innovation. Analyzing data from Chinese energy firms from 2012 to 2019, the study finds that the policy significantly positively affects green innovation in the pilot areas. A possible explanation is that the implementation the energy-consuming rights trading policy lessens energy firms’ financing constraints and management myopia, fosters R&D investment. The positive relationship is robust in state-owned enterprises, firms with fewer agent problems, and firms located in areas with weaker rule of law. Finally, this study delves into the practical implications of promoting green innovation and attaining sustainable development through the lens of the energy-consuming rights trading policy.