能源价格对工业投资地点的影响：来自全球企业层面数据的证据

IF 5.5 3区经济学 Q1 BUSINESS Journal of Environmental Economics and Management Pub Date : 2024-06-28 DOI:10.1016/j.jeem.2024.102992

Aurélien Saussay , Misato Sato

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引用次数: 0

摘要

本研究探讨了相对能源价格对 41 个国家工业投资地理分布的影响。我们采用引力模型框架来分析企业的投资选址决策，并利用企业层面的并购数据得出的全球双边投资流量对模型进行了估算。我们的研究结果表明，两国之间能源价格差每增加 10%，跨国并购就会增加 3.2%。这种效应在能源密集型产业和针对新兴经济体的交易中最为明显。此外，政策模拟表明，单边碳定价对跨境投资的影响不大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The impact of energy prices on industrial investment location: Evidence from global firm level data

This study examines the influence of relative energy prices on the geographical distribution of industrial investments across 41 countries. Employing a gravity model framework to analyse firms’ investment location decisions, we estimate the model using global bilateral investment flows derived from firm-level M&A data. Our findings reveal that a 10% increase in the energy price differential between two countries results in a 3.2% rise in cross-border acquisitions. This effect is most pronounced in energy-intensive industries and transactions targeting emerging economies. Furthermore, policy simulations suggest that the impact of unilateral carbon pricing on cross-border investments is modest.

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来源期刊

Journal of Environmental Economics and Management Multiple-

CiteScore

8.00

自引率

4.30%

发文量

期刊介绍： The Journal of Environmental Economics and Management publishes theoretical and empirical papers devoted to specific natural resources and environmental issues. For consideration, papers should (1) contain a substantial element embodying the linkage between economic systems and environmental and natural resources systems or (2) be of substantial importance in understanding the management and/or social control of the economy in its relations with the natural environment. Although the general orientation of the journal is toward economics, interdisciplinary papers by researchers in other fields of interest to resource and environmental economists will be welcomed.