Abstract
Carbon trading policy is important for addressing climate change and reducing carbon emissions. Reducing carbon emissions could further affect energy efficiency (EE). Based on the data of 30 provinces in China from 2006 to 2017, we first calculated the EE by the super-slack-based model (Super-SBM). We then analyzed the theoretical mechanism of the impact of carbon trading policies on EE. We also established a difference-in-difference model and mediation effect model for empirical analysis. Finally, we used the spatial difference-in-difference (SDID) model to test the policy spillover effect of carbon trading policies. The results showed that the high energy efficiency areas gradually shifted to the central and eastern regions with the change of time in space. At the same time, the energy efficiency value in the pilot area of carbon trading policy is obviously higher than that in the non-pilot area. Carbon trading policy had a significant positive effect on improving EE. Among them, green technology innovation and energy structure both had positive mediation effects on carbon trading policies affecting EE. Additionally, the industrial structuring adjustment had no significant mediation effect in its influencing mechanism. Finally, the spatial spillover effect test results show that the carbon trading policy has a positive effect on the energy efficiency of the pilot areas, but has a negative spillover effect on the energy efficiency of the non-pilot areas. That is, the policy may improve the energy efficiency of the pilot areas and reduce the energy efficiency of the non-pilot areas at the same time.
The impact of carbon trading policy on the economic performance of highly polluting industrial enterprises：Empirical analysis based on multiple mediating effect model
