Back to Search
Start Over
Impact of Low-carbon City Construction on Financing, Investment, and Total Factor Productivity of Energy-intensive Enterprises
- Source :
- The Energy Journal. March, 2023, Vol. 44 Issue 2, p79, 23 p.
- Publication Year :
- 2023
-
Abstract
- 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. Keywords: Low-carbon city pilot, Financing and investment, Productivity effect, Energy-intensive enterprises<br />1. INTRODUCTION Climate change is a major global challenge, and the transition of industrial development to a low-carbon economy is the only way to promote global sustainable development. China is [...]
- Subjects :
- Pesticides industry -- Environmental aspects -- Finance
Electric utilities -- Environmental aspects -- Finance
Herbicides -- Environmental aspects -- Finance
Global warming -- Laws, regulations and rules -- Control
Petroleum industry -- Environmental aspects -- Finance
Air quality management -- Laws, regulations and rules -- Influence
Emissions (Pollution) -- Control -- Laws, regulations and rules
Chemical industry -- Environmental aspects -- Finance
Metal industry -- Environmental aspects -- Finance
Government regulation
Company financing
Business
Economics
Petroleum, energy and mining industries
Subjects
Details
- Language :
- English
- ISSN :
- 01956574
- Volume :
- 44
- Issue :
- 2
- Database :
- Gale General OneFile
- Journal :
- The Energy Journal
- Publication Type :
- Academic Journal
- Accession number :
- edsgcl.743793272
- Full Text :
- https://doi.org/10.5547/01956574.44.2.hwen