Has the Low-carbon City Pilot Improved the Total Factor Productivity of Manufacturing Enterprises?——Empirical Evidence from Quasi-natural Experiments
Guo Bingnan ;Feng Yu ;Zhang Hao;
Low-carbon city pilot is an important environmental system to achieve the goals of “Carbon Peak” and “Carbon Neutral”, but whether this policy can balance economic performance and environmental performance, promote the improvement of total factor productivity of enterprises, and then achieve high-quality economic development, needs to be answered urgently. Based on the data of manufacturing enterprises listed on Shanghai and Shenzhen stock Exchanges from 2007 to 2020, this paper considers the pilot construction of low-carbon cities as a quasi-natural experiment, and uses a multi-stage differential-difference model to investigate the role of low-carbon cities in promoting the total factor productivity of manufacturing enterprises. The results show that :(1) low-carbon city pilot policy can significantly improve the total factor productivity of manufacturing enterprises, after a series of robustness tests, the conclusion is still valid, and the effect of low-carbon city pilot on the total factor productivity of manufacturing enterprises is diminishing marginal returns;(2) Heterogeneity analysis shows that low-carbon city pilot can significantly improve the total factor productivity of state-owned manufacturing enterprises, and has a more stronger effect on the total factor productivity of heavily pollution manufacturing enterprises;(3) The mechanism test shows that the low-carbon city pilot mainly promotes the total factor productivity by promoting enterprises' technological innovation and alleviating enterprises' financing constraints. This study is a discussion on the applicability of “Porter Hypothesis” in China, and puts forward targeted policy suggestions for the promotion of low-carbon city pilot construction and the improvement of enterprises' total factor productivity.