Energy prices and investment in energy efficiency: evidence from Chinese industry 1997–2004

作者：Le Tang · 发表于：Asian-Pacific Economic Literature · 年份：2020 · DOI：10.1111/apel.12301 · 被引用次数：10 · 研究领域：Energy Efficiency and Management、Energy, Environment, Economic Growth、Energy, Environment, and Transportation Policies

The paper develops and implements a methodology for assessing the role of energy prices and new investment in reducing energy intensity in Chinese industry. Analysing a unique panel data set which reports firm‐level energy consumption and price from 1997 to 2004, the paper finds: the energy prices, not only the current but also the past energy prices, are key factors that driving down firms' energy intensity for all three types of firms: state‐owned enterprises (SOEs), domestic non‐SOEs (NSOEs) and foreign‐funded firms (FFEs); furthermore, SOEs exhibit a robust price‐investment channel: responding to rising energy prices, SOEs tend to invest in new energy‐efficient capital, through which SOEs reduce energy intensity; the same price‐investment channels are less robust for non‐SOEs or foreign‐funded firms.