How do renewable energy policies affect energy green development? Evidence from Chinese listed energy firms

IF 14.2 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2025-02-01 Epub Date: 2024-12-25 DOI:10.1016/j.eneco.2024.108154

Jingxue Zhang , Shiwei Yu , Yue-Jun Zhang , Bin Su , Ya-Fang Sun

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Abstract

To advance energy green development, the Chinese government attaches great importance to renewable energy policies (REP). Green technological innovation (GTI) by energy firms is a critical driver of energy green development; however, how city-level REP affect the GTI of energy firms remains unresolved. To this end, using the panel data from 821 A-share listed energy firms in China covering 2004–2021, this study adopts a staggered difference-in-differences model and the number of green patent applications to proxy for GTI to investigate this issue. The relevant results are threefold. (1) REP significantly increase the GTI of Chinese energy firms by 23.9 % during the research period. Compared with state-owned, small-scale, and high-tech energy firms, REP can better improve the GTI of non-state-owned, large-scale, and non-high-tech energy firms. (2) Regarding the influence mechanisms of REP on GTI, the mediating effects of financing constraints, corporate green governance, and information asymmetry are all significant, accounting for 1.065 %, 1.974 %, and 1.406 % of the total REP effect, respectively. Nevertheless, the three mediating effects are not all significant for heterogeneous energy firms. (3) As for the moderating effects, economic policy uncertainty and CEO green experience both significantly facilitate the REP effect on the GTI of Chinese energy firms, except for non-high-tech energy firms.

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可再生能源政策如何影响能源绿色发展？来自中国上市能源公司的证据

为推进能源绿色发展，中国政府高度重视可再生能源政策。能源企业绿色技术创新是推动能源绿色发展的重要动力；然而，城市层面的REP如何影响能源公司的GTI仍未得到解决。为此，本研究采用2004-2021年821家中国a股能源上市公司的面板数据，采用交错差中差模型，绿色专利申请量代表GTI来研究这一问题。相关的结果有三个方面。(1)在研究期内，REP显著提高了中国能源企业的GTI，增幅达23.9%。与国有、小型和高新技术能源企业相比，REP能更好地提高非国有、大型和非高新技术能源企业的GTI。(2)在REP对GTI的影响机制中，融资约束、公司绿色治理和信息不对称的中介作用均显著，分别占总REP效应的1.065%、1.974%和1.406%。然而，这三种中介效应对异质性能源企业并不都是显著的。(3)在调节效应方面，除非高新技术能源企业外，经济政策不确定性和CEO绿色经验均显著促进了REP对中国能源企业GTI的影响。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.