Impact of government subsidies on the innovation performance of the photovoltaic industry: Based on the moderating effect of carbon trading prices

Xu, Xiaofeng; Cui, Xiaodan; Chen, Xiangyu; Zhou, Yichen

doi:10.1016/j.enpol.2022.113216

Cited by 31 publications

(11 citation statements)

References 69 publications

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“…This outcome can be further specified through operating subsidies and demand subsidies. Operating subsidies refer to payments made to the project company following the terms outlined in the PPP project contract once the project has entered its operational phase [55]. Generally, the operating income of PPP projects may not be adequate for the private partner, particularly when the project employs government-regulated low ticket prices.…”

Section: Resultsmentioning

confidence: 99%

Policy Perspective on Governmental Implicit Debt Risks of Urban Rail Transit PPP Projects in China: A Grounded Theory Approach

Zhang,

Jin,

Yuan

2023

Sustainability

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Public–private partnership (PPP) projects have the features of extended investment cycles, diminished returns, and high demand for technology. Inadequate utilization of these projects may result in an accumulation of new implicit debt for the government. Consequently, it becomes imperative for the government to manage and mitigate implicit debt risks associated with urban rail transit PPP projects, which is a crucial prerequisite for ensuring the progression of such projects and the unhindered functioning of the financial system. The objective of this study is to investigate the factors that influence government implicit debt risks in urban rail transit PPP projects from the perspective of policy. This study employs the grounded theory method to develop a comprehensive framework model that identifies the influencing factors of government implicit debt risk in urban rail transit public–private partnership (PPP) projects. The contributions of this study are twofold: (1) it highlights the role of policy as a significant determinant of implicit debt risks of urban rail PPP projects, which contain governmental subsidies, external environmental risk sharing, and supporting measures. Specifically, government subsidies directly contribute to the government’s implicit expenses, thereby impacting the level of implicit debt risks associated with urban rail transit PPP projects. Supporting measures exert an indirect influence on the implicit debt risks of the government, thereby imposing a significant burden on local fiscal expenditure. External environmental risk sharing, as an external factor, leads to an increase in fiscal expenditure due to the government’s social responsibility; and (2) it provides a qualitative method that examines the government implicit risk factors associated with urban rail trait PPP projects based on grounded theory. The model that examines the influencing factors of government implicit debt risk in urban rail transit PPP projects adopts a policy perspective, which can inform policymakers on a heretofore unexplored adverse effect of guarantee policy.

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Section: Resultsmentioning

confidence: 99%

Policy Perspective on Governmental Implicit Debt Risks of Urban Rail Transit PPP Projects in China: A Grounded Theory Approach

Zhang,

Jin,

Yuan

2023

Sustainability

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“…Eventually, our study extends the literature on how government subsidies affect enterprise innovation. Extensive literature has focused on the direct impact of government subsidies on enterprise innovation [ 57 , 67 , 68 , 69 , 70 ]. However, little attention has been paid to whether government subsidies play an essential role in the relationship between CPU and enterprise GI.…”

Section: Discussionmentioning

confidence: 99%

“…For Hypothesis 3, we chose government subsidies as the moderating variable. Referring to the literature of Xu et al (2018) [ 57 ], we measured the natural logarithm of government subsidies, denoted as Subsidies.…”

Section: Definitions Of Variable and Data Sourcesmentioning

confidence: 99%

How Does Climate Policy Uncertainty Affect Green Innovation? Evidence from China

Mao

Huang

2022

IJERPH

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In response to climate change, governments have adopted various climate policies. However, climate policy uncertainty (CPU) may have important implications for the business sector. Is enterprise green innovation (GI) affected by CPU? This study investigates the impact of CPU on enterprise GI. The China CPU index is created first in this study. It uses panel data from Chinese A-share listed companies in China from 2010 to 2021 to explore the impact of CPU on GI through the fixed effects model, the mediating effects model, and the moderating effects model. The results show that: (1) CPU significantly suppresses GI, according to the findings. (2) CPU inhibits enterprise GI by exacerbating enterprise financing constraints. (3) Government subsidies can mitigate the inhibiting effect of CPU on GI. (4) There is heterogeneity in the negative impact of CPU on enterprise GI, mainly on non-state-owned enterprises. This study suggests several recommendations for coping with CPU in China.

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“…Li et al (2009) found that state ownership is positively correlated with leverage and access to long-term debt by firms. Besides that, Xu et al (2022b) found that government subsidies have a catalytic effect on innovation performance and are more pronounced in carbon trading pilot regions. Wang.…”

Section: Heterogeneity Testingmentioning

confidence: 98%

Impact of carbon trading policy on corporate capital structure: Empirical evidence from China

Zhang

Liao

et al. 2023

Front. Environ. Sci.

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Introduction: The Chinese government has taken the lead in proposing a carbon trading market policy to address the negative impact of excessive carbon emissions on global climate change. Since this policy’s implementation in 2011, it has had a profound impact on economic development and the structure of the national economy. In this context, we aim to study how environmental regulation and transition risks associated with climate change affect corporate capital structure.Methods: Based on data provided by listed companies in China’s energy-intensive sector, this study uses a Difference-in-Difference (DID) model to examine the effect of the carbon trading policy on corporate capital structure.Results: According to our results, we predict that the carbon trading policy will significantly reduce the corporate debt ratio, which remains true even when an instrumental variables approach is used to account for endogeneity and after robustness tests are conducted. This study also shows that the negative effect of the carbon trading policy on corporate capital structure is mainly a product of internal capital demand and external capital supply. In addition, the reduction effect that the carbon trading policy has on the corporate debt ratio is more significant among firms with lower government subsidies and among nonstate-owned firms.Discussion: These findings imply that under the implementation of a carbon trading market policy, firms’ financial decision-making will change significantly in response to the policy-induced shocks of elevated corporate risk behaviour.

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Impact of government subsidies on the innovation performance of the photovoltaic industry: Based on the moderating effect of carbon trading prices

Cited by 31 publications

References 69 publications

Policy Perspective on Governmental Implicit Debt Risks of Urban Rail Transit PPP Projects in China: A Grounded Theory Approach

Policy Perspective on Governmental Implicit Debt Risks of Urban Rail Transit PPP Projects in China: A Grounded Theory Approach

How Does Climate Policy Uncertainty Affect Green Innovation? Evidence from China

Impact of carbon trading policy on corporate capital structure: Empirical evidence from China

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