NO. 366 报告人：申培垚
Management Practices and Climate Policy in China
题目：Management Practices and Climate Policy in China
主持人：杜立民 教授 浙江大学民营经济研究中心
Cap-and-trade program for CO2 emissions are being considered by governments worldwide to address the climate change challenge. The success of such a market-based climate policy at minimizing overall abatement cost and fostering low-carbon investment and innovation depends on participants fully understanding the trade-offs between using, selling or banking a permit. This paper provides the first empirical evidence on how management quality moderates responses to carbon pricing, by focusing on firms that participated in two of China's regional pilot emissions trading schemes (ETS), located in the city of Beijing and Hubei province. We collect new data by interviewing plant managers or lead engineers at 216 randomly selected firms, and combine them with financial, patent and energy consumption data for each firm. First we find, as in similar studies for other countries, that well-managed firms have on average higher productivity. In addition, low-carbon innovation measures elicited from managers are strongly positively associated with green patenting. These results strengthen the credibility of our interview data. Second, we investigate whether carbon trading affects energy use of regulated firms. We estimate that the launch of the pilot ETS in Beijing has reduced consumption of coal and electricity by treated firms relative to control firms, but this effect is statistically significant only for well-managed firms. Our estimates imply that the overall reduction in coal use following the introduction of the pilot ETS would have been four times smaller if firms with above-median managers had been managed by below-median managers.
申培垚，上海科技大学助理教授，博士毕业于澳大利亚新南威尔士大学经济系，主要研究方向为环境经济学和实验经济学。她的工作探讨能源效率政策中的逆向选择问题，碳排放交易市场上信息审查机制的设计，以电力市场为例分析信息结构对多物品拍卖的影响，以及基于实地实验分析信息干预在清洁取暖方面如何帮助消费者做更好的决策。研究成果发表在《Environmental and Resource Economics》、《Economics Letters》等期刊。主持国家自然科学青年基金一项。