Table 3 Results of the benchmark regression

Carbon emission trading pilot policy (Policy)

1.685**

1.670**

11.628**

11.725**

Population density

0.099

0.873**

The level of economic development

− 1.434**

− 7.645***

Human capital

− 1.124**

− 4.242*

Infrastructure

− 0.416

− 0.470

Government expenditure on science and technology

0.134

0.624

Cons

3.363***

20.330**

2.249**

83.978**

Year

Yes

Yes

Yes

Yes

City

Yes

Yes

Yes

Yes

R-squared

0.159

0.168

0.027

0.032

N

3288

3288

3288

3288