Heterogeneous Effect of Renewable Energy Policies on Resource Misallocation: Evidence From Chinese Zombie Firms
研究1995-2020年中国可再生能源上市公司数据，发现监管政策直接减少资源错配并抑制僵尸企业形成，而经济激励则加剧错配和僵尸企业滋生，效应因财务依赖、要素密集度和地区而异。
Renewable energy policies are recognized as the cornerstone of the low-carbon energy transition. However, they may cause resource misallocation between firms due to information asymmetries and differences in productivity, marginal costs, and revenues. This paper investigates the direct effects of heterogeneous renewable energy policies on resource misallocation and the mediating effects of zombie firms by using the Chinese renewable energy listed firms in the period 1995 to 2020. The empirical results show that the regulation policy not only significantly reduces resource misallocation directly but also indirectly decreases misallocation by inhibiting the formation of zombie firms, whereas economic incentives can significantly result in resource misallocation and exacerbate it by breeding zombie firms. Furthermore, heterogeneous policy effects and the mediating effects of zombie firms are found to be associated with financial dependence, factor intensity, and location. The results have profound policy implications, calling for reasonable regulations, efficient economic incentives, and scientifically targeted policies for renewable energy firms.