Has the carbon emission trading scheme induced investment leakage in China? Firm-level evidence from China's stock market

被引：2

作者：

Huang, Ying ^{[1
]}

Fang, Kai ^{[1
]}

Liu, Gengyuan ^{[2
]}

Guo, Sujian ^{[1
,3
]}

机构：

[1] Zhejiang Univ, Sch Publ Affairs, Hangzhou 310058, Peoples R China

[2] Beijing Normal Univ, Sch Environm, State Key Joint Lab Environm Simulat & Pollut Cont, Beijing 100875, Peoples R China

[3] Fudan Univ, Fudan Inst Adv Study Social Sci, Shanghai 200433, Peoples R China

来源：

ENERGY ECONOMICS | 2025年 / 141卷

基金：

中国国家自然科学基金;

关键词：

Investment leakage; Difference-in-differences under staggered; treatment adoption; Emission trading scheme; China; INTERNATIONAL RELOCATION; CLIMATE POLICY;

D O I：

10.1016/j.eneco.2024.108091

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the causal relationship between the Emission Trading Scheme (ETS) and investment leakage in China, using firm-level subsidiary data for 4480 A-share listed companies with the Two-Way Fixed Effects (TWFE) Difference-in-Differences (DID) method under staggered treatment adoption. The results indicate that the ETS has significantly induced regulated firms to increase the share of investment in the non-pilot area by 2.5%, and the number of subsidiaries in the non-pilot by 2.035, suggesting that the policy has caused investment leakage. The rising operating cost due to ETS compliance may explain why regulated firms expand their outward investment. Furthermore, regulation intensity and social responsibility moderate the investment leakage effect. This study provides the first direct empirical evidence on the domestic investment leakage associated with the gradual ETS rollout in China and enriches the theory of the pollution haven effect by illuminating how the policy drives investment from the pilot area towards the non-pilot area.

引用

页数：15