Regulatory policy and misallocation: A new perspective based on the productivity effect of cleaner production standards in China's energy firms
Regulatory policy and misallocation: A new perspective based on the productivity effect of cleaner production standards in China's energy firms
复制标题
监管政策与错配：基于中国能源企业清洁生产标准生产率效应的新视角
DOI：
10.1016/j.enpol.2021.112231
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发表时间：
2021-03-11
期刊：
影响因子：
9
通讯作者：
Li, Ke
中科院分区：
文献类型：
--
作者：
Cao, Hongjian;Wang, Bizhe;Li, Ke
基于一个理论模型，本研究发现，监管政策会在企业和行业层面影响两种不同类型的全要素生产率(TFP)，即由观察到的和扭曲的数据计算的真实/扭曲的全要素生产率，以及修正扭曲后的反事实/非扭曲的全要素生产率。然后，利用差异法考察了2000-2007年间清洁生产标准对我国能源企业全要素生产率和资源配置效率的影响。实证结果表明，当资源得到充分有效配置时，中国能源行业扭曲的全要素生产率可以提高117%-491.6%。虽然清洁生产的规定降低了能源行业的资源配置效率，但它提高了企业TFP的两个层面。异质性分析表明，这些政策对小企业和国有企业的影响更大。本研究建议政策评估应结合全要素生产率和资源配置两个层面的变化。
Based on a theoretical model, this study reveals that regulatory policy can impact two different types of total factor productivity (TFP) at both the firm and industry levels, namely the true/distorted TFP, calculated by the observed and distorted data, and the counterfactual/undistorted TFP, after correcting distortions. Then, using the difference-in-differences method, we investigate the impact of cleaner production standards on Chinese energy firms' TFP and resource allocation efficiency over the period of 2000-2007. The empirical results show that when resources are fully and effectively allocated, the distorted TFP of China's energy industry can be increased by 117%-491.6%. Although the regulations of cleaner production reduce the efficiency of resource allocation in the energy industry, it enhances two levels of firms' TFP. Heterogeneity analysis shows that these policies have a stronger impact on small and state-owned firms. This study suggests that policy evaluation should combine the changes in two levels of TFP and resource allocation.