Linking ecological rights trading to ecological product value: A 280-city panel study in China

The realization of ecological product value is an important component of ecological civilization construction and sustainable development, as well as a key pathway for transforming ecological resources into economic value. Taking 280 prefecture-level cities in China as the research sample, this study uses panel data from 2010 to 2023 to measure city-level ecological product value and construct an index of ecological resource rights trading. It then systematically examines the impact of ecological resource rights trading on ecological product value realization. The results show that ecological resource rights trading significantly promotes ecological product value realization, and this conclusion remains robust after replacing variables, adjusting the sample, and addressing potential endogeneity. Mechanism analysis indicates that ecological resource rights trading promotes ecological product value realization mainly by upgrading industrial structure and improving resource allocation efficiency. The moderation analysis further shows that the development of the digital economy strengthens the positive effect of ecological resource rights trading. In addition, policy evaluation suggests that typical ecological resource rights trading pilots significantly improve ecological product value overall, although their effects vary across policy types. This study provides empirical evidence and policy implications for improving ecological resource rights trading systems, expanding pathways for ecological product value realization, and advancing ecological civilization construction.