Effects of Deregulation and Vertical Unbundling on the Performance ofChina's Electricity Generation Sector
研究2002年中国电力行业重组（纵向拆分垄断企业、放开批发价格）对发电环节生产率的影响，发现改革后两年企业劳动和材料使用分别降低7%和5%。
The restructuring of the C hinese electricity sector in 2002 reshaped the market structure by vertically unbundling the dominant integrated firm and started the process of wholesale price liberalization. We estimate factor demands to study whether these reforms boosted productivity in the generation segment of the industry. Controlling explicitly for price‐heterogeneity across firms and unobservable productivity shocks, we find that the reforms are associated with reductions in labor and material use of 7 and 5 per cent, respectively. These effects only appear two years after the reforms and are robust to many specification checks. The absolute magnitudes of the estimated restructuring effects vary in intuitive ways by location, firm size or age, and for different definitions of restructured firms.