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<p>Environmental regulations have been widely recognized for their environmental benefits, yet their role in shaping entrepreneurial dynamics remains underexplored. This paper aims to investigate the theoretical and empirical impact of Energy Quota Trading (EQT), a market-based environmental regulation, on regional green entrepreneurship in China. Drawing on a quasi-natural experiment of EQT pilot programs and using panel data from 269 Chinese cities (2010–2020), we apply a difference-in-differences (DID) model, supplemented by propensity score matching (PSM-DID), 2SLS and spatial econometric techniques, to identify the causal effects and related heterogeneous contingency. The results demonstrate that EQT significantly stimulates green entrepreneurship and generates spatial spillovers to neighboring cities. Mechanism analyses reveal that EQT enhances green entrepreneurship through fostering green innovation and expanding green market demand. Further heterogeneity analyses highlight the amplifying roles of entrepreneurial traits (risk-taking, altruism, human capital) and contextual conditions (marketization, digitization, financial development, and institutional environment) . This study contributes to the literature by shifting the focus from incumbent firms to entrepreneurial dynamics in assessing effects of environmental regulation, by uncovering the mechanisms and boundary conditions of EQT’s impact, and by offering policy insights into how market-based instruments can simultaneously promote sustainable development and entrepreneurial growth.</p>

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New effects of environmental policy: does energy quota trading policy affect green entrepreneurship?

  • 期刊论文

  • 发表日期：

    2025年11月24日

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  • Tianyi Zheng,
  • Ge Li

摘要

Environmental regulations have been widely recognized for their environmental benefits, yet their role in shaping entrepreneurial dynamics remains underexplored. This paper aims to investigate the theoretical and empirical impact of Energy Quota Trading (EQT), a market-based environmental regulation, on regional green entrepreneurship in China. Drawing on a quasi-natural experiment of EQT pilot programs and using panel data from 269 Chinese cities (2010–2020), we apply a difference-in-differences (DID) model, supplemented by propensity score matching (PSM-DID), 2SLS and spatial econometric techniques, to identify the causal effects and related heterogeneous contingency. The results demonstrate that EQT significantly stimulates green entrepreneurship and generates spatial spillovers to neighboring cities. Mechanism analyses reveal that EQT enhances green entrepreneurship through fostering green innovation and expanding green market demand. Further heterogeneity analyses highlight the amplifying roles of entrepreneurial traits (risk-taking, altruism, human capital) and contextual conditions (marketization, digitization, financial development, and institutional environment) . This study contributes to the literature by shifting the focus from incumbent firms to entrepreneurial dynamics in assessing effects of environmental regulation, by uncovering the mechanisms and boundary conditions of EQT’s impact, and by offering policy insights into how market-based instruments can simultaneously promote sustainable development and entrepreneurial growth.