As a market-based environmental regulation, whether carbon emissions trading can trigger the innovative compensation effect of the "Porter Hypothesis" to improve the capacity utilization rate of enterprises and achieve "economic dividends", there is still a lack of practical experience and evidence. Therefore, this paper uses the quasi-natural experiment of the opening of the carbon market in the pilot provinces and cities in 2013, based on the panel data of A-share listed companies from 2008 to 2020, and uses the double-difference method to examine the capacity of carbon emissions trading on listed companies in the pilot provinces and cities. The effect of utilization, the mechanism of action, and the heterogeneity of the effect on enterprise capacity utilization in different situations. The research found that: first, carbon emission rights trading can significantly improve the capacity utilization rate of listed companies in pilot provinces and cities, and resolve excess capacity; second, carbon emission rights trading forces companies to innovate in technology, and achieve their own capacity utilization through technological innovation Third, through the analysis of heterogeneity, carbon emission trading has a significant role in promoting the capacity utilization rate of non-state-owned enterprises, central and inland areas, and areas with strong law enforcement.