The low carbon transformation of cities and corporate investment efficiency: Evidence from a quasi-natural experiment

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2024-11-16 DOI:10.1016/j.asieco.2024.101843

Zixuan Zhang , Zhenyu Ge , Shuhan Liu

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Abstract

This paper studies the impact of low-carbon city pilot (LCCP) policy on corporate investment efficiency based on data from Chinese A-share companies from 2007 to 2019. Our results indicate that LCCP policy significantly reduces corporate investment efficiency by increasing the environmental uncertainty faced by corporations, our fundamental conclusion remains robust after a series of robustness tests. Through heterogeneous analysis, we find that LCCP policy has a more obvious negative impact on corporations with lower diversification levels, non-state-owned corporations within high-carbon emitting industries and those located in high-carbon emitting cities. Further analysis suggests that local governments can alleviate the policy's negative impact on local corporations by increasing their response to the LCCP policy. Overall, this study provides theoretical evidence for a comprehensive examination of the LCCP policy, contributing to China's early achievement of carbon peaking and carbon neutrality as well as providing theoretical guidance for other countries.

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城市的低碳转型与企业投资效率：来自准自然实验的证据

本文基于 2007 年至 2019 年中国 A 股公司的数据，研究了低碳城市试点（LCCP）政策对企业投资效率的影响。结果表明，低碳城市试点政策通过增加企业面临的环境不确定性，显著降低了企业的投资效率，经过一系列稳健性检验，我们的基本结论仍然是稳健的。通过异质性分析，我们发现 LCCP 政策对多元化水平较低的企业、高碳排放行业的非国有企业以及位于高碳排放城市的企业的负面影响更为明显。进一步分析表明，地方政府可以通过提高本地企业对 LCCP 政策的响应程度来减轻该政策对本地企业的负面影响。总之，本研究为全面考察 LCCP 政策提供了理论依据，为中国早日实现碳封顶和碳中和做出了贡献，也为其他国家提供了理论指导。

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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来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.