能源供给与企业生产绩效:来自特高压输电工程的证据

Energy Supply and Enterprise Production Performance:Evidence from UHV Transmission Projects

依托跨区域能源调度弥补区域性电力供给缺口,对企业生产稳定具有重要意义。本文以中国特高压输电工程的投入使用作为能源供给的准自然实验,采用PSM-DID方法检验电力能源供给对企业生产绩效的影响及作用机制。研究发现:特高压输电工程能显著提升企业生产绩效,该结论在考虑处理效应异质性等一系列稳健性检验后仍然成立。机制分析结果表明,特高压输电工程带来的地区电力供给能力提升,通过成本缩减、生产率改善和集聚效应提高企业生产绩效。进一步分析发现,特高压输电工程的绩效提升在特高压电力输入端、电力依赖程度高、中央重点扶持以及国有企业中更强。本文的研究结论能够为能源调度战略破解区域性“电荒”引致的停产风险提供经验依据。

Relying on cross-regional energy dispatch to bridge the regional power supply gap is of great significance to enterprise production stability.This paper takes the implementation of ultra-high voltage(UHV)transmission projects in China as a quasi-natural energy supply experiment and uses the PSM-DID method to empirically test the impact and mechanism of electric power supply on enterprise production performance.The study reveals that UHV transmission projects can significantly improve enterprise production performance.This conclusion still holds after considering a series of robustness tests such as that of heterogeneity of treatment effects.The results of the mechanism analysis indicate that the improvement of regional power supply capacity brought about by the construction of UHV transmission projects improves enterprise production performance through the effects of cost reduction,productivity enhancement and enterprise agglomeration.Further analysis reveals that the performanceenhancing effect of UHV transmission project constructions is strongest in state-owned enterprises,enterprises located at the UHV power input end,in those with high energy dependency and with key support from the central government.The conclusion of this paper presents empirical evidence on the energy endowment strategy to be followed to overcome the risk of production stoppage due to regional power shortages.