Energy transition and corporate debt: Evidence from Chinese listed companies

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-09-23 DOI:10.1016/j.eneco.2025.108944

Li Xie , Zhou Su

引用次数: 0

Abstract

Energy transition plays a crucial role in alleviating corporate debt burdens. In this paper, we analyze the relationship between energy transition and corporate debt using provincial energy data and financial data of listed companies in China from 2000 to 2022, employing a fixed-effects model. The results show that energy transition significantly reduces corporate debt ratios, with a strong impact on long-term debt, bank loans, and long-term bank loans. Mechanism analysis reveals that energy transition alleviates corporate debt burdens by lowering energy costs and improving profitability. However, it can increase debt burdens by encouraging firms to expand their research and development (R&D) investments. Heterogeneity analysis further demonstrates that the ownership structure, firm size, and city-level electricity consumption substantially moderate the debt-reducing effects of energy transition. This study provides robust empirical evidence and valuable insights into understanding the microeconomic effects of energy transition in the context of green development.

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能源转型与企业债务：来自中国上市公司的证据

能源转型在减轻企业债务负担方面发挥着至关重要的作用。本文利用2000 - 2022年中国省级能源数据和上市公司财务数据，采用固定效应模型分析了能源转型与企业债务的关系。结果表明，能源转型显著降低了企业负债率，对长期债务、银行贷款和长期银行贷款均有较强的影响。机制分析表明，能源转型通过降低能源成本和提高盈利能力来缓解企业债务负担。然而，它可以通过鼓励企业扩大研究和开发（R&；D）投资来增加债务负担。异质性分析进一步表明，股权结构、企业规模和城市用电量显著调节了能源转型的减债效应。本研究为理解绿色发展背景下能源转型的微观经济效应提供了有力的实证证据和有价值的见解。

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

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.