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中国能源行业不仅是国民经济的支柱产业,而且与环境保护密切相关。在经济下行与环境恶化的大背景之下,为推动经济转型国家出台了一系列针对能源行业的政策。新的政策环境对能源行业起到什么作用?本文以能源上市公司为样本,在控制了经济影响和企业自身的特征因素以后,考察中国经济转型前后政策环境对能源上市公司经营表现的影响。实证结果表明,尽管整体均呈现下滑趋势,但是不论是投资效率、市场表现,还是股票收益,我国油气和新能源上市公司的经营表现在经济转轨以后都显著好于煤炭上市公司的经营表现,而且能源主营上市公司、国营能源上市公司样本中这种差异的表现更为显著。这些实证发现说明行业政策环境的不同对能源子行业的经营表现产生了显著性不同的作用。本文研究的政策含义是,在当前能源行业处境艰难的状况之下,一方面国家仍然需要加大政策力度,助推能源行业走出困境;另一方面,能源企业也需要及时调整经营和投资策略,降低对政策的依赖度。
China’s energy industry is not only a pillar industry of the national economy, but also closely related to environmental protection. Against the background of the economic downturn and the deteriorating environment, a series of policies targeting the energy industry have been promulgated for countries with economies in transition. What role does the new policy environment play for the energy industry? This paper examines the impact of the policy environment on the performance of energy-listed companies before and after the economic transition, after taking control of the economic impact and the characteristics of the enterprises themselves. The empirical results show that despite the declining trend as a whole, the performance of listed companies in China’s oil and gas and new energy markets is significantly better than the operating performance of coal-listed companies after economic transition, both in terms of investment efficiency, market performance and stock returns. Moreover, This difference is even more pronounced in the sample of energy listed companies and state-owned listed energy companies. These empirical findings show that the different industrial policy environments have had a significant and different effect on the performance of the energy subsector. The policy implications of this study are that while the current energy industry is in a difficult situation, on the one hand countries still need to step up their efforts in policies to boost the energy industry out of the woods; on the other hand, energy companies also need to adjust their operating and investment strategies in a timely manner, Reduce the dependence on the policy.