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ID:
183581
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| Summary/Abstract |
The effective government mandatory energy-biased technological progress and its transition to price-induced or R&D-induced technological progress is critical to achieving sustainable development in developing countries such as China. Based on a quasi-natural experiment of cleaner production standards in China, this study investigated the impact of government mandatory energy-biased technological progress on enterprises' environmental performance using the difference-in-differences method. Highly robust benchmark results indicated that the implementation of cleaner production standards effectively reduced the SO2 emissions intensity of enterprises, but failed to reduce the aggregate SO2 emissions. Mechanism analysis showed that the SO2 emissions intensity reduction effect is achieved by introducing advanced production process and desulfurization equipment and thus increasing fixed investment. Nevertheless, it “squeezes out” enterprises' R&D expenditures and increases the amount of coal consumption. Moreover, it can improve the degree of resource misallocation through affecting the entry and exit decisions of companies with heterogeneous productivity. Heterogeneity analysis revealed that the implementation of cleaner production standards is affected by enterprise ownership, industry characteristics, etc. This study suggests that the government should develop a market-oriented energy price regime, optimize the energy factor market, and improve the dual control system of energy consumption intensity and aggregate energy consumption.
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| 2 |
ID:
180851
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| Summary/Abstract |
Based on a theoretical model, this study reveals that regulatory policy can impact two different types of total factor productivity (TFP) at both the firm and industry levels, namely the true/distorted TFP, calculated by the observed and distorted data, and the counterfactual/undistorted TFP, after correcting distortions. Then, using the difference-in-differences method, we investigate the impact of cleaner production standards on Chinese energy firms' TFP and resource allocation efficiency over the period of 2000–2007. The empirical results show that when resources are fully and effectively allocated, the distorted TFP of China's energy industry can be increased by 117%–491.6%. Although the regulations of cleaner production reduce the efficiency of resource allocation in the energy industry, it enhances two levels of firms' TFP. Heterogeneity analysis shows that these policies have a stronger impact on small and state-owned firms. This study suggests that policy evaluation should combine the changes in two levels of TFP and resource allocation.
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