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

Table 3

Results of benchmark regression.

VAR	(1)	(2)	(3)	(4)
	CO2	TFP	CO2	TFP
TIME × TREAT	−0.189	0.346	−0.151	0.213
	(0.028)	(0.051)	(0.028)	(0.050)
OIS			−0.003	0.003
			(0.001)	(0.001)
SI			0.009	−0.020
			(0.004)	(0.006)
FDI			−0.045	0.057
			(0.015)	(0.026)
OPEN			−0.003	−0.016
			(0.002)	(0.003)
EDU			0.050	−0.063
			(0.013)	(0.023)
CONS	7.790	2.164	8.063	2.945
	(0.037)	(0.066)	(0.184)	(0.325)
PROV	YES	YES	YES	YES
YEAR	YES	YES	YES	YES
N	300	300	300	300
R^2	0.985	0.783	0.988	0.826