气候变化领域集成服务门户(CCPortal): Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises

CCPortal

DOI	10.5547/01956574.44.2.hwen
	Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises
	Wen, Huwei; Chen, Shuai; Lee, Chien-Chiang
发表日期	2023
ISSN	0195-6574
EISSN	1944-9089
起始页码	79
结束页码	101
卷号	44 期号:2
英文摘要	Faced with the global climate change, as a major greenhouse gas emitter, China launched a pilot policy on low-carbon city construction since 2010. Few studies have discussed how climate policies affect the investment and financing behavior of energy-intensive enterprises. Based on the micro data of A-share listed enterprises in China's energy-intensive industries, this study aims to assess the productivity effect of low-carbon city pilot (LCCP) policy and investigates the mechanism of financing and investment using the difference-in-difference method. Empirical results provide evidence that the LCCP policy has significantly improved the total factor productivity of energy-intensive enterprises. In terms of the mechanisms, the LCCP policy has increased the supply of bank credit to enterprises and encouraged their long-term investment in fixed assets and R&D activities. The productivity effect of the LCCP policy is greater for state-owned enterprises and enterprises with political connection. Urban human capital, industrial agglomeration, and resource endowment contribute to the productivity effect of LCCP policy for enterprises in the energy-intensive industries. The findings show that the LCCP is an effective comprehensive policy to promote the high-quality development of energy-intensive industries, and the findings also provide enlightenment for enacting better climate transition policies.
英文关键词	Low-carbon city pilot; Financing and investment; Productivity effect; Energy-intensive enterprises
语种	英语
WOS研究方向	Economics ; Energy & Fuels ; Environmental Studies
WOS类目	Science Citation Index Expanded (SCI-EXPANDED) ; Social Science Citation Index (SSCI)
WOS记录号	WOS:001075011500004
来源期刊	ENERGY JOURNAL
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/281284
作者单位	Nanchang University; Nanchang University
推荐引用方式 GB/T 7714	Wen, Huwei,Chen, Shuai,Lee, Chien-Chiang. Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises[J],2023,44(2).
APA	Wen, Huwei,Chen, Shuai,&Lee, Chien-Chiang.(2023).Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises.ENERGY JOURNAL,44(2).
MLA	Wen, Huwei,et al."Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises".ENERGY JOURNAL 44.2(2023).