能源供给与企业生产绩效:来自特高压输电工程的证据

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。

Analysis of the Relationship between Ultimate Controlling Shareholders and Private Enterprises＇ Business Performance

In China, major shareholders of private listed enterprise could control its production and operation by virtue of few resources which makes it possible for ultimate controlling shareholders to expropriate minority shareholders＇ rights and interests.In this paper, we studied the relationship between ultimate controlling shareholders and business performance of private enterprises based on the theory of ultimate controlling shareholders and made relevant conclusions and recommendations.