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The research on carbon emission reduction is relatively rich. This study establishes a framework for further study. Considering the variations in research contents and perspectives, there is still some research space. This study empirically investigated the effects of establishing NHTDZs on CO2 emissions in China, using a multitemporal asymptotic difference approach. This demonstrates that the establishment of NHTDZs clearly reduces CO2 emissions about 2.53% after controlling influence factors. This indicates that NHTDZs achieve the goal of decreasing CO2 emissions.
The rest of the paper is organized as follows: part two provides the policy background and theoretical analysis; part three presents the research data and econometric modeling setup; part four reports the empirical results and robustness tests; part five conducts the mechanism test; part six conducts the heterogeneity analysis; and part seven presents the conclusions and policy recommendations.
After that, in 1991 and 1992, the State Council approved the construction of 51 NHTDZs in two stages, which formed the preliminary scale of construction of NHTDZs. After 2007, the State Council approved the construction of new NHTDZs at different stages. Especially after 2012, the speed of construction of NHTDZs further accelerated. By the end of 2022, the number of NHTDZs will reach 173. The time of establishment are shown in Fig. 1.
Number of NHTDZs number.
For example, Xiamen Torch NHTDZ focuses on the development of strategic emerging industries; Jining NHTDZ focuses on the allocation of human resources and innovation platform resources; and Suzhou NHTDZ focuses on incubating environmentally friendly innovative enterprises.
During this period, NHTDZs achieved significant results in terms of innovation, talent introduction, and the transformation of scientific and technological fruits. Figures2, 3, 4 present the NHTDZs in terms of innovation, talent accumulation and R&D expenditures.
In view of this, the authors used the establishment of NHTDZs as a natural experiment and selected samples collected between 2003 and 2019 to explore carbon emission reduction effects. After 2019, due to the new coronavirus epidemic, restrictions on economic activity and production resulted in reduced CO2 emissions50,51,52, which need to be excluded from this shock.
NHTDZs, as entrepreneurial highlands, talent highlands and science technology bases, are important for China''s strategic development. Its core competitiveness is innovation capacity. NHTDZs can improve the environment by combining human capital with innovation53, reducing carbon emissions54. Human capital has a positive moderating effect on the environmental impact of green innovation53.
Human capital stimulates society''s willingness to use energy saving and environmental technologies. It increases individual productivity to achieve emission reductions55. The improvement in China''s human capital is largely attributable to increased educational attainment56. The education level of practitioners in China''s NHTDZs is international first-class and team structure is constantly optimized (see Fig. 4). NHTDZs drive regional transformation and upgrading through the improvement of the human capital structure and industrial structure from labor-intensive and low-value-added industries to capital-intensive and high-value-added industries, realizing green development.
NHTDZs have attracted ample HNTEs and innovative talent through preferential policies. Through financial incentives, loan interest subsidies, project grants, the transfer of rights and interests and risk compensation, NHTDZs are growing quickly. For example, the Changsha NHTDZ arranges 500 million yuan annually as a science technology innovation and industrial development fund. In addition, government subsidies are considered labels that increase companies'' recognition of capital markets, and enterprises will go further into green development planning57. The following hypothesis is proposed.
H1: The establishment of NHTDZs can reduce CO2 emissions.
From the perspective of technological innovation, through the implementation of green innovation strategy, enterprises carry out comprehensive greening. They reduced carbon emissions through end-of-pipe technologies, cleaner production technologies, carbon capture and other "negative emission" technologies64,65. The application of clean energy decreases public health risks66,67 and the consumption of solid fuel and improves air and water quality66,67, thereby reducing air pollution68. The distributed photovoltaic power generation project promoted by the Zhaoqing NHTDZ optimized the energy structure. The annual power generation will reach 21.33 million kWh, which will reduce CO2 emissions by 17,512 tons of annually. The following hypothesis is proposed.
H2: The establishment of NHTDZs facilitates CO2 reduction by enhancing innovation levels.
Human capital, as a country''s soft power, can also reduce CO2 emissions69,70. Human capital theory suggests that the evolution of factor endowment structure changes regional production patterns and development trends. Endogenous growth theory suggests that knowledge spillovers can generate innovations that promote economic development71.
The most intuitive manifestation of human capital is investment in higher education10. Formal education is the main way of acquiring knowledge, skills and abilities. It also affects people''s attitudes and behaviors toward environmental ecology72. An increased education level produces income effects and changes cognitive abilities. The Energy consumption structure changes, which reduces the use of nonrenewable energy sources73,74. The inputs of energy can decrease with increasing human resources, while the total output remains constant75.
Human resources improve industrial structure, shifting from primary industry senior human capital and industrial primary technology to secondary and tertiary senior human capital and new cutting-edge technology, optimizing the allocation of production factors and promoting energy conservation77. The knowledge spillover effect and teamwork effect of human capital enhance the knowledge stock of enterprises and promote the absorption of foreign pollution control and clean technology. According to Nelson and Phelps, a country''s ability to introduce and use new technology comes from its domestic human capital stock. A high level of human resources can drive the realization of emission reduction targets78. The following hypothesis is proposed.
H3: The establishment of NHTDZs contributes to carbon emission reduction by increasing the level of human capital.
A green low-carbon transition is a continuous process that requires substantial financial support, active policy support, adequate subsidized funding and diversified financing channels. Government spending on R&D reduces the CO2 emissions of countries79 and decreases the CO2 emissions of other countries80.
First, R&D is costly, long and risky. Most enterprises do not have enough capital to invest and have excessive concerns81. The government not only provides public services, but also provides policies that promote enterprises to expand strategic investment82. For example, Hefei city has taken the lead in taking the green low-carbon industry as the new growth momentum of the NHTDZ, skillfully handling the relationship between carbon emission reduction and economic development.
Second, the government fosters the development of new energy and low-carbon industries through industrial policies, in which enterprises establish positive linkages with energy and technology industries and promote green consumption3. This further provides reliable sources of funding for clean, energy-efficient and low-carbon technologies83 which enhances environmental quality and combats climate change.
Once again, financial technology spending improves the regional digital economy, facilitating regional greening84. Monitoring environmental change by reducing energy usage and carbon pollution85. Improving the efficiency of energy use in other sectors and reducing the burden of natural resource use86.
Finally, there is a relationship between external investment and CO254. According to opportunity cost theory, R&D investment is generally countercyclical87. Because of financing constraints, R&D investment increases with the prosperity of business operations88. External investment can transform from theory into profitable projects that generate profits and are supported by sustaining capital. The environmental quality will improve when commerce operations prosper 89,90. The following hypothesis is proposed.
H4: The establishment of NHTDZs can promote carbon emission reduction by increasing investment in scientific research.
This paper adopts an asymptotic double difference model to measure the emission reduction function of NHTDZs and the model is set as follows:
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