Energy transition policy, cash flow uncertainty and R&D expenditures of energy enterprises

IF 4.7 3区 环境科学与生态学 Q2 ENVIRONMENTAL SCIENCES Environment, Development and Sustainability Pub Date : 2024-09-18 DOI:10.1007/s10668-024-05402-x
Yuyin Ma, Shuai Lu, Shouwei Li
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Abstract

To cope with risks of increasing climate changes and curb carbon emission, various policies have been implemented to facilitate energy transition in China. However, it remains unclear that whether the cash flow of energy enterprises is affected by energy transition policy and whether they invest more on R&D activities to transition. To answer these questions, we utilize a difference-in-differences method to detect the impact of the Peaking-Carbon-Dioxide-Emissions policy on the cash flow uncertainty of the energy enterprises and examine the interaction between it and R&D expenditures by using the sample of listed energy enterprises in China during 2008–2021. We find that the energy transition policy has a positive effect on the cash flow uncertainty of the energy enterprises, and the higher cash flow uncertainty after the policy further decreases the R&D expenditure of the energy enterprises. We also find that this negative role of the cash flow uncertainty is partially conducted by the reduction proportion of the long-term loan. In addition, the over-valued enterprises have stronger incentives to squeeze the expenses of R&D activities. Last, we capture the heterogeneity that the energy enterprises with less political connections and in more developed areas prefer prudent strategy management to maintain their investments in R&D activities.

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能源转型政策、现金流不确定性和能源企业的研发支出
为应对日益加剧的气候变化风险,抑制碳排放,中国实施了各种政策促进能源转型。然而,能源企业的现金流是否会受到能源转型政策的影响,以及他们是否会为转型而加大研发投入,这些问题仍不明确。为了回答这些问题,我们以 2008-2021 年中国上市能源企业为样本,利用差分法检测了二氧化碳排放削峰填谷政策对能源企业现金流不确定性的影响,并考察了其与研发支出之间的互动关系。我们发现,能源转型政策对能源企业的现金流不确定性有正向影响,而政策实施后现金流不确定性的增加又进一步降低了能源企业的研发支出。我们还发现,现金流不确定性的负向作用部分是由长期贷款比例的降低传导的。此外,估值过高的企业有更强的动机压缩研发活动的支出。最后,我们捕捉到了一种异质性,即政治关系较少且位于较发达地区的能源企业更倾向于审慎的战略管理,以维持其在研发活动中的投资。
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来源期刊
Environment, Development and Sustainability
Environment, Development and Sustainability Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
10.20
自引率
6.10%
发文量
754
期刊介绍: Environment, Development and Sustainability is an international and multidisciplinary journal covering all aspects of the environmental impacts of socio-economic development. It is also concerned with the complex interactions which occur between development and environment, and its purpose is to seek ways and means for achieving sustainability in all human activities aimed at such development. The subject matter of the journal includes the following and related issues: -mutual interactions among society, development and environment, and their implications for sustainable development -technical, economic, ethical and philosophical aspects of sustainable development -global sustainability - the obstacles and ways in which they could be overcome -local and regional sustainability initiatives, their practical implementation, and relevance for use in a wider context -development and application of indicators of sustainability -development, verification, implementation and monitoring of policies for sustainable development -sustainable use of land, water, energy and biological resources in development -impacts of agriculture and forestry activities on soil and aquatic ecosystems and biodiversity -effects of energy use and global climate change on development and sustainability -impacts of population growth and human activities on food and other essential resources for development -role of national and international agencies, and of international aid and trade arrangements in sustainable development -social and cultural contexts of sustainable development -role of education and public awareness in sustainable development -role of political and economic instruments in sustainable development -shortcomings of sustainable development and its alternatives.
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