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ID:
169867
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| Summary/Abstract |
The issue of whether there is a fossil energy subsidy in China's modern coal chemical (MCC) sector remains controversial, although domestic coal prices have been liberalized since 2013. To identify potential fossil energy subsidies in the MCC industry, an inventory approach is used in subsidy measurement. Three representative forms of coal consumption subsidization are identified and measured in this paper: feed coal supply at a preferential price, prior access to coal mining rights, and privilege in coalmine M&A (mergers and acquisitions) cases. Using China's coal-to-liquids (CTL) industry as a case study, we find that the current subsidy helps save 50% of the coal consumption cost of a typical plant, and the total amount of subsidy in the CTL industry will reach 16.4 billion Yuan in 2022. However, according to the results of efficiency, wastefulness and effectiveness tests, 47.03% of the current subsidy in the industry is excessive, leading to overinvestment and energy waste. To compensate for the deficiency of the subsidizing mechanism, we suggest replacing subsidizing channels that rely on mining rights concessions or M&A cases with channels using long-term coal supply contracts that couple contract prices and oil prices.
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| 2 |
ID:
161779
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| Summary/Abstract |
This paper provides a theoretical and empirical analysis of the effects of R&D and financing constraints on the green-sophistication of Chinese firm exports. The theoretical model predicts that firms' R&D expenditure improves the level of green sophistication and financing constraints have moderating effects on firms' the export green-sophistication. The paper constructs an index of the export green-sophistication by incorporating green coefficient in traditional export sophistication. We use the data from the China industrial firm database and confirm our theoretical predictions. The financing constraints are found to have a significant moderating effects on the relationship between R&D and export green-sophistication in basic test and robustness check.
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