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Can the carbon emissions trading policy promote the development of new quality productive forces in manufacturing enterprises?

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  • Zhang, Jianhua
  • Wang, Xiaodi
  • Zhang, Weihua
  • Wang, Lizhi

Abstract

Employing panel data from Chinese manufacturing enterprises spanning 2011–2022 and a multi-period difference-in-differences (DID) framework, this study reveals the causal effects of China’s carbon emissions trading policy. Specifically, the policy significantly enhances the development of new quality productive forces within manufacturing enterprises by boosting green technology innovation. The main effect is more pronounced in enterprises with low pollution levels and those located in eastern China. Clearly, the carbon emissions trading policy functions as a pivotal instrument for fostering structural transformation toward advanced productivity systems in the manufacturing sector.

Suggested Citation

  • Zhang, Jianhua & Wang, Xiaodi & Zhang, Weihua & Wang, Lizhi, 2025. "Can the carbon emissions trading policy promote the development of new quality productive forces in manufacturing enterprises?," Finance Research Letters, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:finlet:v:83:y:2025:i:c:s1544612325008761
    DOI: 10.1016/j.frl.2025.107617
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    1. Li, Zhuan & Liu, Jie, 2025. "Low-carbon transition, financial constraints and enterprises' new quality productive forces," Finance Research Letters, Elsevier, vol. 85(PC).

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