| Summary: | To achieve the high-quality economic development, China implemented the energy-consuming right trading system, aiming to leverage market-oriented environmental regulations to drive enterprises’ green transformation. The purpose of this paper is to figure out whether the energy-consuming right trading system has promoted the green technology innovation of enterprises. Using the empirical analysis method, the paper samples 718 listed industrial enterprises from 2014 to 2019 and constructs a DID model to assess the impact. The results indicate a significant promotion of green technology innovation by the trading system. Non-state-owned and non-high-energy-consuming enterprises exhibit greater sensitivity to the energy-consuming right trading system. Additionally, the institutional environment plays a regulatory role in promoting green innovation of enterprises. Furthermore, it is found that the energy-consuming right trading system influences enterprises by enhancing capital allocation efficiency. The findings are valuable for the government in shaping energy policies and fostering the green transformation of enterprises.
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