Do Market-Based Environmental Regulations Promote Green Development? A Quasi-Natural Experiment Based on Carbon Emissions Trading Pilot of China

Jian Liu, Ziwen Yuan, Lizhao Yan and Wanling Zhou

Emerging Markets Finance and Trade, 2025, vol. 61, issue 3, 595-611

Abstract: Using panel data of 30 Chinese provinces from 2008 to 2019, we utilized the Super-efficiency SBM-DEA model to estimate green development efficiency (GDE) and analyzed the impact of carbon emissions trading scheme (ETS) on GDE via the DID model. Our findings indicate that ETS significantly reduces carbon emissions and enhances GDE. Further analysis reveals a time lag and regional heterogeneity, with effects becoming more pronounced three years later, particularly in the developed eastern regions. Additionally, the mediating effect test suggests that green technology innovation (GTI), notably green patents, serves as a vital conduit for ETS to bolster GDE.

Date: 2025
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DOI: 10.1080/1540496X.2024.2385543

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