Carbon Trading Mechanism and Corporate Green Technology Innovation: A Theoretical Framework of Resource Allocation Efficiency

Abstract

Against the backdrop of advancing "dual carbon" goals and improving the national carbon market, carbon trading has become a key external driver for corporate low-carbon transformation. Unlike traditional command-and-control environmental regulations, carbon trading transforms carbon emissions into measurable, tradable, and manageable operational costs through quota allocation, carbon price formation, and compliance obligations. These market-based mechanisms further influence enterprises' investment strategies, production plans, and R&D decisions. This paper analyzes the logical chain linking carbon trading mechanisms, resource allocation efficiency, and corporate green technological innovation. The study finds that carbon trading can boost enterprises' willingness to pursue green innovation through price signals and quota constraints. However, this effect does not occur automatically; it relies on resource allocation efficiency as a core channel. Only when enterprises redirect capital, R&D personnel, equipment, and management resources from energy-intensive, low-efficiency processes to energy-saving, low-carbon and green technologies can carbon constraints effectively drive substantive innovation. Accordingly, the paper proposes two key recommendations: further improving carbon price discovery mechanisms and quota allocation systems; and guiding enterprises to build carbon-cost-oriented resource allocation frameworks, to maximize the incentive effect of carbon trading policies on green technological innovation.