Emission Reduction Benefits and Economic Benefits of China’s Pilot Policy on Carbon Emission Trading System

Table 11

Results of mechanism test.

	(1)	(2)	(3)	(4)	(5)	(6)
	TI	CO2	TFP	EE	CO2	TFP
TIME × TREAT	4.018	−0.090	0.103	0.331	−0.022	0.062
	(0.528)	(0.030)	(0.053)	(0.039)	(0.027)	(0.048)
EE					−0.390	0.704
					(0.038)	(0.066)
TI		−0.015	0.027
		(0.003)	(0.006)
OIS	0.095	−0.001	0.000	0.002	−0.002	0.001
	(0.011)	(0.001)	(0.001)	(0.001)	(0.001)	(0.001)
SI	−0.506	0.002	−0.006	−0.031	−0.003	0.002
	(0.066)	(0.004)	(0.007)	(0.005)	(0.003)	(0.006)
FDI	0.538	−0.037	0.042	0.090	−0.010	−0.006
	(0.274)	(0.014)	(0.025)	(0.020)	(0.013)	(0.022)
OPEN	−0.004	−0.003	−0.015	−0.004	−0.005	−0.013
	(0.029)	(0.001)	(0.003)	(0.002)	(0.001)	(0.002)
EDU	0.598	0.059	−0.079	−0.049	0.031	−0.029
	(0.246)	(0.013)	(0.022)	(0.018)	(0.011)	(0.020)
CONS	25.549	8.454	2.248	3.611	9.472	0.403
	(3.461)	(0.194)	(0.343)	(0.256)	(0.206)	(0.361)
PROV	YES	YES	YES	YES	YES	YES
YEAR	YES	YES	YES	YES	YES	YES
N	300	300	300	300	300	300
R^2	0.912	0.989	0.840	0.964	0.991	0.879