贸易政策不确定性、环境规制与企业能源消耗强度

Trade Policy Uncertainty,Environmental Regulation and Firms’Energy Consumption Intensity

以中国加入世界贸易组织为准自然实验,采用1999-2010年中国企业层面数据利用双重差分法研究了贸易政策不确定性的降低以及环境规制对企业能源消耗强度的影响。结果显示,贸易政策不确定的下降对企业能源消耗强度的降低具有显著的促进作用。机制分析表明,贸易政策不确定性的下降通过技术进步和出口两个渠道使企业能源消耗强度降低。异质性分析发现,贸易政策不确定性与环境规制的交互作用对于国有企业能源消耗强度下降的影响高于私营企业和外资企业,内陆地区企业高于沿海地区企业,非高科技行业企业高于高科技行业企业。文章揭示了贸易政策不确定性下降对企业能源消耗强度减少的微观机制,强调了环境规制对节能的重要性,旨在为相关部门更好地实施环境监管政策提供一些建设性意见。

Employing China’s accession to the World Trade Organization(WTO)as a quasi-natural experiment,this study utilizes Chinese firm-level data spanning the years 1999 to 2010 and applies the difference-in-differences(DID)method to investigate the influence of the reduction in trade policy uncertainty(TPU)and environmental regulations on the energy consumption intensity of firms.The findings demonstrate that a decrease in TPU has a significant positive effect on reducing firms’energy consumption intensity.Mechanism analysis indicates that the reduction in TPU facilitates a decrease in firms’energy consumption intensity through the pathways of technological advancement and exports.Heterogeneity analysis discloses that the interactive effect of TPU and environmental regulations on the decline of energy consumption intensity is more pronounced in state-owned firms than in private and foreign-owned firms,in firms in inland regions compared to those in coastal regions,and in non-high-tech firms relative to high-tech firms.This research delineates the microeconomic mechanisms through which a reduction in TPU can lead to a decrease in energy consumption intensity at the firm level.It also underscores the pivotal role of environmental regulations in promoting energy conservation.The findings offer constructive suggestions for relevant departments aiming to enhance the effectiveness of environmental regulatory policies.