ORIGINAL RESEARCH
The Impact of China’s Carbon Emission Trading
Policy on Green Total Factor Productivity
– Influence Analysis Based on Super-EBM
and Multiple Mediators
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Business School, Hohai University, Nanjing, China, 211100
Submission date: 2022-04-13
Final revision date: 2022-05-24
Acceptance date: 2022-06-22
Online publication date: 2022-09-12
Publication date: 2022-11-03
Corresponding author
Xiaoqing Wu
Business School, Hohai University, Nanjing, China
Pol. J. Environ. Stud. 2022;31(6):5107-5123
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ABSTRACT
Can China's carbon trading policy promote regional green total factor productivity? What are the
specific influencing processes and mechanisms between the two? In this paper, we construct an indicator
framework for China's green total factor productivity from the perspective of green development, which
comprehensively considers various inputs and outputs. This paper uses a more scientific Super-EBM
model considering the mixed distance to accurately measure the regional green total factor productivity
in China. The static and dynamic effects and multiple mediating effects of carbon trading policy
on green total factor productivity were studied by using DID model combined with stepwise regression
method. The robustness of the results was tested by parallel trend test and placebo test. The mediating
effects of total energy consumption, energy consumption structure, technological innovation
and the moderating effects of financial development level and intellectual property protection degree
are studied. The results show that carbon trading policy significantly improves China's regional green
total factor productivity. The effect of carbon trading policy on green total factor productivity in
pilot areas increased to decreased; Total energy consumption and energy consumption structure have
a partial intermediary effect on the relationship between carbon emission trading policy and regional
green total factor productivity in China, while technological innovation has a masking effect. Regional
financial development level and intellectual property protection intensity play a moderating role
in the relationship between carbon emission trading policy and regional total factor productivity. Based
on the above conclusions, some suggestions are put forward for the improvement of China's carbon
trading policy system.