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发布日期：2021/05/15 来源： 北京大学中国农业政策研究中心
Regulating Conglomerates: Evidence from an Energy Conservation Program in China
【主讲人】Prof. Daniel Yi Xu, Duke University
How does energy regulation affect production and energy use within conglomerates? We study the effects of a prominent program aimed at reducing the energy use of large Chinese companies. Difference-in-differences analyses show that regulated firms significantly reduced their energy consumption and output but did not increase their energy efficiency. Using detailed business registration data, we link regulated firms to non-regulated firms that are part of the same conglomerate. We estimate large spillovers on cross-owned non-regulated firms, which increased both output and energy use. We then specify and estimate a model of conglomerate production that fits our setting and the estimated effects of the regulation. The model quantifies the importance of conglomerate reallocation for aggregate outcomes and for the shadow cost of the regulation. Using our model, we evaluate the welfare effects of existing, recently enacted, and alternative policies, and we quantify the welfare gains from using public information on business networks to improve the design of energy regulation.
Daniel Yi Xu is a Professor of Economics at Duke University and a faculty research associate of the National Bureau of Economic Research. Professor Xu’s research lies at the intersection of Productivity, International Trade, and Industrial Organization. His current research agenda is concentrated on using large-scale microdata to model and estimate a rich set of individual firm decisions, often dynamic, and to investigate how these decisions affect resource allocation, industry performance, and economic growth especially in developing and emerging economies. Professor Xu’s most recent work has been published in leading economic journals, including the American Economic Review, the Rand Journal of Economics, the Review of Economic Studies, the Review of Economic Dynamics, and the Management Science. He is currently the co-editor of the Review of Economics and Statistics and an associate editor of the Rand Journal of Economics and AEJ: Applied. He previously served as the co-editor of the Journal of Development Economics, and associate editor for the Economic Journal, the Journal of Industrial Economics, the Journal of International Economics, Quantitative Economics, and the Review of Economics and Statistics.