新エネルギー実証都市と低炭素都市パイロットが製造企業のグリーン総要素生産性に与える共同効果：供給革新か、コスト圧力か？

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Demonstrates a rigorous quasi-experimental design for evaluating joint policy effects on green productivity, useful for environmental economics and innovation studies.

🏢実務担当者:Manufacturing firms can learn that participating in both renewable energy and carbon reduction programs may enhance green productivity through innovation and easier access to financing.

🏛政策担当者:Highlights the importance of policy sequencing and coordination between supply-side and demand-side instruments to maximize productivity gains.

全球气候治理正经历快速转型，能源系统日益向低碳发展迈进。在此背景下，提升制造业企业绿色全要素生产率（MFGTFP）对于实现可持续工业发展至关重要。中国推出了两大政策工具：新能源示范城市（NEDCs）和低碳城市试点（LCCPs）。NEDCs 侧重于优化能源供给结构，而 LCCPs 则旨在通过需求侧监管约束来减少碳排放。本研究将 NEDCs 和 LCCPs 的联合实施视为一项准自然实验，并采用2007年至2024年中国A股上市制造业企业的面板数据。通过使用多期双重差分模型和机制检验，我们考察了这些政策联合实施对 MFGTFP 的影响。实证结果表明，NEDCs 和 LCCPs 的联合实施显著提升了 MFGTFP。当 NEDCs 先于 LCCPs 引入时，这种效应更为显著，尤其是在政府生态治理能力（GEGC）较高的城市以及碳排放强度（CEI）较低的地区。机制分析揭示，NEDCs 和 LCCPs 的联合效应通过供给侧创新和部分通过需求侧成本压力渠道发挥作用。在供给侧，NEDCs 促进绿色创新（GI），从而增强企业的供给创新能力。在需求侧，证据主要反映的是融资约束（FC）的缓解，而非积极的生产能力利用率（CU）渠道。综合来看，这些发现表明 MFGTFP 的提升是由供给侧创新激励以及部分通过缓解融资约束带来的需求侧成本压力效应所驱动的。这些发现为能源与碳政策联合实施如何促进绿色生产率提升提供了企业层面的证据。

AI 翻訳（deepseek-v4-flash）。 正確を期す場合は下の原文を参照してください。

Global climate governance is undergoing a rapid transformation, and energy systems are increasingly shifting toward low-carbon development. Against this background, improving manufacturing firms’ green total factor productivity (MFGTFP) is essential for achieving sustainable industrial development. China has introduced two major policy instruments: new energy demonstration cities (NEDCs) and low-carbon city pilots (LCCPs). NEDCs focus on optimizing the energy supply structure, whereas LCCPs seek to reduce carbon emissions through demand-side regulatory constraints. This study treated the joint implementation of NEDCs and LCCPs as a quasi-natural experiment and employed panel data from Chinese A-share listed manufacturing firms from 2007 to 2024. Using a multi-period difference-in-differences model and mechanism tests, we examined the effect of the joint implementation of these policies on MFGTFP. The empirical results show that the joint implementation of NEDCs and LCCPs significantly improves MFGTFP. This effect is more pronounced when NEDCs are introduced prior to LCCPs, particularly in cities with a higher government ecological governance capacity (GEGC) and in regions characterized by a lower carbon emission intensity (CEI). Mechanism analysis revealed that the joint effects of NEDCs and LCCPs operate through supply-side innovation and partially through demand-side cost-pressure channels. On the supply side, NEDCs promote green innovation (GI), thereby enhancing firms’ supply innovation. On the demand side, the evidence mainly reflects financing constraint (FC) alleviation rather than a positive capacity utilization (CU) channel. Together, these findings suggest that improvements in MFGTFP are driven by supply-side innovation incentives and partially by demand-side cost-pressure effects through FC alleviation. These findings provide firm-level evidence on how the joint implementation of energy and carbon policies promotes green productivity improvement.

• openalex https://doi.org/10.3390/su18125948first seen 2026-06-12 05:15:33 · last seen 2026-06-17 07:12:43