Research Project on Renewable Energy Economics, Kyoto University

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京都大学経済学研究科

再生可能エネルギー経済学講座

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  • No.36 Impacts of Green Finance Policy in China:Does the Recentralization Approach Work?

    2021年6月
    京都大学大学院経済学研究科
    再生可能エネルギー経済学講座
    特定助教 張砣

    Abstract:
    “Collusions between local governments and firms” and its impacts on environmental governance have been paid a great of attention by scholars in China. The central government carried out a series of re-centralization measurements to deter the collusions. By using the National Private Firm Survey datasets, we employ the Tobit model and Propensity Score Matching approach to investigate the relationship between political connections and corporate mitigation investments, from the perspective of the re-centralization trend. We find that political connections have significantly improved corporate mitigation investments. Furthermore, through establishing the mediation effect model, we find that private entrepreneurs mainly use political connections to obtain bank loans with lower interest rates, while formal financial institutions such as banks have higher requirements according to the green finance policies. Therefore, the positive effects of political connections on mitigation investments are mainly mediated through formal finance. Our research thus has important policy implications on the ongoing re-centralization trends in environmental governance in China.

    Keywords:Political Connection; mitigation Investments; Green Finance Policy; Recentralization

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  • No.35 Industrial Ownership and Environmental Performance Revisited:Evidence from “the State Enterprises Advance, the Private Sectors Retreat” trends in China

    2021年6月
    京都大学大学院経済学研究科
    再生可能エネルギー経済学講座
    特定助教 張砣

    “The State Enterprises Advance, Private Firms Retreat” trends (simply referred to as “the re-centralization trends” hereafter) in China is always criticized for threatening the efficiency of the economy. However, few studies focus on its impacts on the environment. In this study we employ a panel dataset of 159 Chinese cities from 2003 to 2009, to explore its impacts on the industrial SO2 emission patterns. The findings are as follows: (1) State ownership is positively associated with the city-level SO2 emission according to the Fix-Effect model. Nevertheless, it also has a positive impact on SO2 removal rates. The dynamic panel model confirms the results of the Fix-Effect model. (2) Moreover, the outperformance of State-Owned Enterprises (SOEs) in desulfurization cannot be explained by the size effect and the profitability effect. (3) A further comparison between the effectiveness of the re-centralization trends and the desulfurization subsidy policy shows that the market-based subsidy policy has much larger impacts than re-centralization trends. More interestingly, compared with their private counterparts, SOEs respond significantly less to the subsidy policy. To sum up, our results suggest that desulfurization is to some extent a political mission for the SOEs, which is beyond the profit-seeking considerations, and may threaten the efficiency of mitigation activities.

    Keywords:State Ownership, Environmental Performance, the State Enterprises Advance, the Private Sectors Retreat trend

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