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学者姓名:龙厚印
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The energy sector is central to global decarbonization, and the effective allocation of financial resources is vital to its development. However, the impact of financial resources on energy development remains ambiguous in existing literature. This study bridges this gap by theoretically and empirically analyzing the role of the financial resources allocated to the energy industry. We develop a novel theoretical model that integrates the energy and financial sectors, subsequently deriving an inverted U-shaped relationship between financial resources and energy development. Empirically, we use an energy-related indicator to capture financial resources directed towards the energy sector and validate the hypothesis using panel data from 30 Chinese provinces from 2006 to 2019. The result remains robust after addressing endogeneity concerns and a series of robustness tests. Heterogeneity analysis further shows that the inverted U-shaped relationship is more pronounced in regions with abundant energy resources and high financial development, while the effect in those characterized by underdeveloped financial systems is insignificant. Mechanism analysis reveals that financial resources influence energy development through financing constraints and investment efficiency. This study advances our understanding of the role of finance in energy sector development, offering key policy implications for optimizing financial allocation. Financial institutions should establish appropriate support thresholds to ensure optimal financial resource allocation to the energy sector, while addressing financing constraints and improving investment efficiency. Support strategies should be tailored to regional conditions, such as energy endowments and financial development levels.
Keyword :
Energy industry Energy industry Financial resource allocation Financial resource allocation Inverted U -shape Inverted U -shape
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GB/T 7714 | Tang, Zhenpeng , Lin, Xinyi , Long, Houyin . The effectiveness of financial industry in promoting the high-quality development of energy industry [J]. | JOURNAL OF ASIAN ECONOMICS , 2025 , 99 . |
MLA | Tang, Zhenpeng 等. "The effectiveness of financial industry in promoting the high-quality development of energy industry" . | JOURNAL OF ASIAN ECONOMICS 99 (2025) . |
APA | Tang, Zhenpeng , Lin, Xinyi , Long, Houyin . The effectiveness of financial industry in promoting the high-quality development of energy industry . | JOURNAL OF ASIAN ECONOMICS , 2025 , 99 . |
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This paper investigates the impact of top-down amplification of economic growth targets on corporate social responsibility (CSR) performance. We find a significant negative relationship between the amplification and CSR performance. We further explore the underlying mechanisms for such an effect and find that top-down amplification of economic growth targets aggravates firms' operating risk and increases their financial constraints, thereby leading to a decline in CSR performance. Further analysis shows that the effect is more pronounced among firms with less economically important, inefficient external and internal monitoring, in non-state-owned enterprises (non-SOEs), and those with lower facilitation payments. Additionally, we also find that firms with lower CSR performance are more affected by the top-down amplification of economic growth targets in terms of worse operating performance and lower total factor productivity. Overall, our findings provide new insights into the consequences of the top-down amplification of economic growth targets in emerging markets, thus expanding and complementing the existing literature.
Keyword :
CSR performance CSR performance GDP targets GDP targets Top-down amplification Top-down amplification Total factor productivity Total factor productivity
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GB/T 7714 | Long, Houyin , Lai, Guansen , Jiang, Jiaoliang et al. The impact of top-down amplification of economic growth targets on CSR performance-evidence from China [J]. | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2025 , 101 . |
MLA | Long, Houyin et al. "The impact of top-down amplification of economic growth targets on CSR performance-evidence from China" . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 101 (2025) . |
APA | Long, Houyin , Lai, Guansen , Jiang, Jiaoliang , Liu, Ruonan . The impact of top-down amplification of economic growth targets on CSR performance-evidence from China . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2025 , 101 . |
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While China's current energy policies predominantly adopt single-factor energy efficiency (SFEE) as the benchmark, academic research increasingly advocates total-factor energy efficiency (TFEE) assessments. This study examines the differences between these two energy efficiency evaluation paradigms in the context of sustainable development goals, particularly exploring the extent of such divergences. Guided by the "energy input minimization" principle, we construct a time-series dynamic analytical framework to systematically compare the impact of SFEE and TFEE on regional energy efficiency rankings from a sustainable development perspective. Specifically, this paper innovatively incorporates "new driving forces" into the production function, establishing a green development-oriented evaluation system that reveals the measurement bias of traditional production frameworks on energy efficiency and its influence on regional rankings. The results demonstrate: (1) China's regional energy efficiency rankings remain largely consistent under both evaluation systems, with only minor adjustments for individual provinces, confirming the feasibility of adopting SFEE in policy formulation as an effective method for evaluating and comparing regional energy efficiency; (2) For most provinces under the "new normal" economic development context, continued use of traditional production frameworks would lead to underestimation of TFEE. After introducing factors such as human capital, intangible capital, technological innovation, and business environments, China's energy efficiency polarization gap widens. The evaluation of efficiency indicators provides theoretical foundations and micro-level evidence for energy policy formulation under the "dual-carbon" goals.
Keyword :
energy efficiency gap energy efficiency gap new driving forces new driving forces single-factor energy efficiency single-factor energy efficiency total-factor energy efficiency total-factor energy efficiency
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GB/T 7714 | Long, Houyin , Ding, Xiaoran , Xue, Jingyu et al. Sustainability-Driven Energy Efficiency Assessment: Divergent Policy Impacts of Single Factor Limits Versus Total Factor Coordination [J]. | SUSTAINABILITY , 2025 , 17 (11) . |
MLA | Long, Houyin et al. "Sustainability-Driven Energy Efficiency Assessment: Divergent Policy Impacts of Single Factor Limits Versus Total Factor Coordination" . | SUSTAINABILITY 17 . 11 (2025) . |
APA | Long, Houyin , Ding, Xiaoran , Xue, Jingyu , Lai, Guansen . Sustainability-Driven Energy Efficiency Assessment: Divergent Policy Impacts of Single Factor Limits Versus Total Factor Coordination . | SUSTAINABILITY , 2025 , 17 (11) . |
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Fujian Province launched a talent recruitment policy in 2012 to integrate top university graduates into grassroots government roles, aiming to support green development. This study investigates the impact of recruiting "three-high" talents-those who are highly educated, skilled, and specialized-on reducing county-level carbon emissions. Using panel data from 134 counties between 2007 and 2021, we apply a time-varying difference-in-differences model. Robustness checks, including propensity score matching estimation, placebo tests, and fixed-effect controls, confirm the reliability of our results. We find that the policy significantly reduces carbon emission intensity, primarily by enhancing green technological innovation. The effect is more pronounced in urban, economically developed, and non-resource-based regions, especially where public awareness of green practices is higher. These findings suggest that localized talent policies can play a critical role in advancing low-carbon development. Our results offer new evidence for integrating human capital strategies into environmental policy design and highlight the importance of aligning recruitment efforts with regional development needs to support China's carbon neutrality goals.
Keyword :
carbon emissions carbon emissions county-level China county-level China difference-in-differences difference-in-differences green development green development talent attraction talent attraction
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GB/T 7714 | Ou, Yangting , Li, Haixian , Long, Houyin . Carbon Emission Reduction Effects of Government Talent Attraction Policies: Evidence from Fujian Province, China [J]. | SUSTAINABILITY , 2025 , 17 (11) . |
MLA | Ou, Yangting et al. "Carbon Emission Reduction Effects of Government Talent Attraction Policies: Evidence from Fujian Province, China" . | SUSTAINABILITY 17 . 11 (2025) . |
APA | Ou, Yangting , Li, Haixian , Long, Houyin . Carbon Emission Reduction Effects of Government Talent Attraction Policies: Evidence from Fujian Province, China . | SUSTAINABILITY , 2025 , 17 (11) . |
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Electricity cross-subsidy poses a challenge to the reform of China's electricity system in terms of marketization. This paper measures the size of electricity cross-subsidy in China and examines the impact of eliminating it using the CGE model. In addition, we calculate a compensation variance so that household welfare is not affected. The results show the sum of cross-subsidy was 392.34 billion CNY, of which the subsidies from secondary and tertiary industries were 308.73 and 83.61 billion CNY. If the cross-subsidy were eliminated, GDP, exports, interest rates, and most sectors' output would increase, but the price level would also rise.
Keyword :
Compensation variance Compensation variance Cross-subsidy Cross-subsidy Electricity price Electricity price
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GB/T 7714 | Wu, Wei , Zhang, Naishan , Hu, Yingying et al. Crossing the cross-subsidy: Evidence from China's electricity sector [J]. | UTILITIES POLICY , 2023 , 84 . |
MLA | Wu, Wei et al. "Crossing the cross-subsidy: Evidence from China's electricity sector" . | UTILITIES POLICY 84 (2023) . |
APA | Wu, Wei , Zhang, Naishan , Hu, Yingying , Zhou, Dengli , Long, Houyin . Crossing the cross-subsidy: Evidence from China's electricity sector . | UTILITIES POLICY , 2023 , 84 . |
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Investment opportunity shocks may either force firms to reduce financial leverage to alleviate external debt constraints and maintain a flexible financial structure, or increase financial leverage due to the need to send positive signals to the market. We analyze this deleveraging puzzle using the reform of the Drug Marketing Authorization Holder (DMAH) in China as an exogenous shock. We find that DMAH has a deleveraging effect on drug firms, and that the agency cost and the market competition are the two key paths through which DMAH affects firms' financial leverage. Further tests show that the deleveraging effect mainly exists in non-SOEs, firms with higher financing constraints and stronger R&D willingness. Finally, drug firms have a better future performance by reducing their financial leverage. This paper provides insights for understanding corporate capital structure decisions under investment opportunity shocks.
Keyword :
Agency costs Agency costs Drug marketing authorization holder (DMAH) Drug marketing authorization holder (DMAH) Financial leverage Financial leverage Investment opportunity shocks Investment opportunity shocks Market competition Market competition
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GB/T 7714 | Long, Houyin , Wu, Zhifeng , Huang, Xiang et al. The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder [J]. | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2023 , 90 . |
MLA | Long, Houyin et al. "The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder" . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 90 (2023) . |
APA | Long, Houyin , Wu, Zhifeng , Huang, Xiang , Wang, Jiaxin , Zhang, Qihao . The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2023 , 90 . |
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We examine the energy transition effect of Shanghai crude oil futures (SC). Using Chinese renewable energy firmlevel data between 2014q1 and 2021q3, we show that SC can alleviate the inhibitory effect of global oil price fluctuations on energy transition. We further explore three potential underlying mechanisms through which the energy transition effect of SC: reducing the impact of global oil price volatility on firms' business risk, financialized investment, and debt cost. We find the energy transition effect of SC is more pronounced in samples with low-risk resistance. Our paper sheds new light on the real effects of SC on energy transition.
Keyword :
Global oil price volatility Global oil price volatility Renewable energy investment Renewable energy investment Shanghai crude oil futures (SC) Shanghai crude oil futures (SC)
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GB/T 7714 | Long, Houyin , Huang, Xiang , Wang, Jiaxin . How does energy finance promote energy transition? Evidence from Shanghai crude oil futures [J]. | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2023 , 90 . |
MLA | Long, Houyin et al. "How does energy finance promote energy transition? Evidence from Shanghai crude oil futures" . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 90 (2023) . |
APA | Long, Houyin , Huang, Xiang , Wang, Jiaxin . How does energy finance promote energy transition? Evidence from Shanghai crude oil futures . | INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS , 2023 , 90 . |
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This paper develops an index to measure the job policy uncertainty (JPU) of Chinese high-tech talents in the US, and investigates the impact of the U.S. JPU on the competitive environment of scientific and technological manufacturing firms (STMs) in China. The result shows that the U.S. JPU leads to a more intensified competitive environment for Chinese STMs. We further show the promotional effect of U.S. JPU is due to its role in promoting investment expenditure and capital agglomeration in STMs. We also find that this effect is more pronounced in samples that are more likely to attract talent inflows, such as areas with low levels of environmental pollution and STMs with high levels of high-tech talent demand. Our paper provides evidence that U.S. employment policies have significant spillover effects on the competitive environment of Chinese STMs.
Keyword :
Competition environment Competition environment firms (STMs) firms (STMs) Job policy uncertainty (JPU) Job policy uncertainty (JPU) Scientific and technological manufacturing Scientific and technological manufacturing
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GB/T 7714 | Long, Houyin , Wu, Guilin , Wang, Jiaxin et al. How US job policy affects China's scientific and technological manufacturing firms? A perspective based on the competitive environment [J]. | ENERGY ECONOMICS , 2023 , 126 . |
MLA | Long, Houyin et al. "How US job policy affects China's scientific and technological manufacturing firms? A perspective based on the competitive environment" . | ENERGY ECONOMICS 126 (2023) . |
APA | Long, Houyin , Wu, Guilin , Wang, Jiaxin , Zhang, Pengdong . How US job policy affects China's scientific and technological manufacturing firms? A perspective based on the competitive environment . | ENERGY ECONOMICS , 2023 , 126 . |
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The share of electricity consumption by urban and rural residents in China's overall electricity consumption is very close to that of the tertiary sector, which has become an important driver of China's electricity consumption growth. At the same time, due to the mismatch between China's regional resource endowments and the level of regional development, the regional supply and demand situation for electricity varies. Therefore, it is urgent to clarify the regional differences in residential electricity consumption and the factors affecting it, and accordingly adopt targeted and feasible measures to regulate residential electricity consumption. This article includes data from 285 Chinese prefecture-level cities from 2006 to 2019, and adopts a "three lines" method of region-partitioning (Qinling-Huaihe line, Huhuanyong line, and Shanhaiguan line) to divide four regions. We used spatial econometric models to examine residential electricity consumption and its influencing factors in China from the standpoint of regional heterogeneity. The results show that there is significant regional heterogeneity in residential electricity consumption in China, and the difference between the north of the Shanhaiguan line and other areas is significant. Moreover, there is a positive spatial correlation in the per capita domestic electricity consumption of urban residents, and each influencing factor has obvious regional heterogeneity, among which household appliances are the significant influencing factor. Based on the regional heterogeneity of residential electricity consumption, management measures should be formulated according to local conditions, and the supply of electricity should be ensured by strengthening multidimensional initiatives.
Keyword :
heterogeneity heterogeneity residential electricity consumption residential electricity consumption spatial econometric models spatial econometric models
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GB/T 7714 | Sun, Zhenhua , Du, Lingjun , Long, Houyin . Regional Heterogeneity Analysis of Residential Electricity Consumption in Chinese Cities: Based on Spatial Measurement Models [J]. | ENERGIES , 2023 , 16 (23) . |
MLA | Sun, Zhenhua et al. "Regional Heterogeneity Analysis of Residential Electricity Consumption in Chinese Cities: Based on Spatial Measurement Models" . | ENERGIES 16 . 23 (2023) . |
APA | Sun, Zhenhua , Du, Lingjun , Long, Houyin . Regional Heterogeneity Analysis of Residential Electricity Consumption in Chinese Cities: Based on Spatial Measurement Models . | ENERGIES , 2023 , 16 (23) . |
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科学、合理、准确地预测地震应急物资需求,能够为物资的筹集和调度提供快速决策的依据,从而提高地震灾害的应急救援效率.基于中国2008-2020年具有破坏性的地震灾害数据,运用回归分析研究与地震受灾人数相关的典型应急物资的需求量预测问题.通过假设检验和模型修正后,采用差值度量结果的四分位法对受灾人数预测结果进行调整,最后计算应急物资饮用水和衣服的需求量.实证结果表明,预测模型及结果具有一定的合理性和实用性.
Keyword :
受灾人口 受灾人口 回归分析 回归分析 地震 地震 应急物资 应急物资 需求预测 需求预测
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GB/T 7714 | 陈涛 , 许燕蓉 , 龙厚印 . 面向地震灾害的应急物资需求预测 [J]. | 上海大学学报(自然科学版) , 2022 , 28 (6) : 946-956 . |
MLA | 陈涛 et al. "面向地震灾害的应急物资需求预测" . | 上海大学学报(自然科学版) 28 . 6 (2022) : 946-956 . |
APA | 陈涛 , 许燕蓉 , 龙厚印 . 面向地震灾害的应急物资需求预测 . | 上海大学学报(自然科学版) , 2022 , 28 (6) , 946-956 . |
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