驾驭可持续金融：考察可持续信贷政策对能源消耗强度的影响

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-09-16 DOI:10.1016/j.ribaf.2024.102594

Can Zhang , Jingyi Liu , Mohammad Zoynul Abedin , Brian Lucey

{"title":"驾驭可持续金融：考察可持续信贷政策对能源消耗强度的影响","authors":"Can Zhang , Jingyi Liu , Mohammad Zoynul Abedin , Brian Lucey","doi":"10.1016/j.ribaf.2024.102594","DOIUrl":null,"url":null,"abstract":"<div><div>By using microeconomic database, this paper aims to examine the impact of sustainable credit policy (SCP) on energy consumption intensity (ECI) with difference-in-differences (DID). According to the overall result, SCP significantly inhibits ECI of high-polluting industrial companies. Based on the result of mechanism analysis, SCP influences ECI through factor substitution and energy technology innovation. Furthermore, compared with factor substitution, energy technology innovation plays a more remarkable role in reducing ECI. As distinguished from the available literature, we discover that energy technology innovation has a greater impact on the decline of ECI only within enterprise samples in the mature stage of technology, while factor substitution is more obvious among the resource-intensive enterprises. Theoretical and empirical support for the effective formulation of policies is provided herein to accelerate energy transition and sustainable industrial growth.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102594"},"PeriodicalIF":6.3000,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Navigating sustainable finance: Examining the impact of sustainable credit policy on energy consumption intensity\",\"authors\":\"Can Zhang , Jingyi Liu , Mohammad Zoynul Abedin , Brian Lucey\",\"doi\":\"10.1016/j.ribaf.2024.102594\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>By using microeconomic database, this paper aims to examine the impact of sustainable credit policy (SCP) on energy consumption intensity (ECI) with difference-in-differences (DID). According to the overall result, SCP significantly inhibits ECI of high-polluting industrial companies. Based on the result of mechanism analysis, SCP influences ECI through factor substitution and energy technology innovation. Furthermore, compared with factor substitution, energy technology innovation plays a more remarkable role in reducing ECI. As distinguished from the available literature, we discover that energy technology innovation has a greater impact on the decline of ECI only within enterprise samples in the mature stage of technology, while factor substitution is more obvious among the resource-intensive enterprises. Theoretical and empirical support for the effective formulation of policies is provided herein to accelerate energy transition and sustainable industrial growth.</div></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":\"73 \",\"pages\":\"Article 102594\"},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-09-16\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924003878\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924003878","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文利用微观经济数据库，采用差分法（DID）研究了可持续信贷政策（SCP）对能源消耗强度（ECI）的影响。总体结果表明，可持续信贷政策显著抑制了高污染工业企业的能源消耗强度（ECI）。根据机理分析结果，SCP 通过要素替代和能源技术创新对 ECI 产生影响。此外，与要素替代相比，能源技术创新在降低 ECI 方面的作用更为显著。区别于现有文献，我们发现只有在技术成熟阶段的企业样本中，能源技术创新对 ECI 下降的影响更大，而要素替代在资源密集型企业中更为明显。本文为有效制定政策，加快能源转型和工业可持续增长提供了理论和实证支持。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Navigating sustainable finance: Examining the impact of sustainable credit policy on energy consumption intensity

By using microeconomic database, this paper aims to examine the impact of sustainable credit policy (SCP) on energy consumption intensity (ECI) with difference-in-differences (DID). According to the overall result, SCP significantly inhibits ECI of high-polluting industrial companies. Based on the result of mechanism analysis, SCP influences ECI through factor substitution and energy technology innovation. Furthermore, compared with factor substitution, energy technology innovation plays a more remarkable role in reducing ECI. As distinguished from the available literature, we discover that energy technology innovation has a greater impact on the decline of ECI only within enterprise samples in the mature stage of technology, while factor substitution is more obvious among the resource-intensive enterprises. Theoretical and empirical support for the effective formulation of policies is provided herein to accelerate energy transition and sustainable industrial growth.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance