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学者姓名：龙厚印
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Abstract ：
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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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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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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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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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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China's living arrangement has changed as the economy grows and society makes progress. More and more people prefer to live alone. In 2018, a total of 240 million people chose to live alone in China, with an annual growth of 0.53% per year. How will the growing number of people living alone affect the resources consumption and the ecological environment? Based on the data from 1998 to 2017 at provincial level, this paper selects domestic water and electricity consumption to represent resources consumption, and household garbage generation to represent ecological environment, taking the proportion of single-person households in the total households as the explanatory variable and age, education, and household appliances as the control variables. This paper aims to apply dynamic panel models to analyze the impact of solitary population on resources consumption (water and electricity resources as representatives) and on waste generation. The results show that (1) people living alone consume more resources and generate more garbage, while household waste is influenced most, followed by household electricity consumption and household water consumption, (2) positive relations between age and resources consumption and waste generation have been identified, and (3) the energy-saving technology of home appliances is conducive to resources conservation and emission reduction.
Keyword ：
Domestic electricity consumption Domestic electricity consumption Domestic water consumption Domestic water consumption Dynamic panel Dynamic panel Household waste generation Household waste generation Living alone Living alone
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| GB/T 7714 | Long, Houyin , Shi, Susu , Tang, Zhenpeng et al. Does living alone increase the consumption of social resources? [J]. | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH , 2022 , 29 (47) : 71911-71922 . |
| MLA | Long, Houyin et al. "Does living alone increase the consumption of social resources?" . | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH 29 . 47 (2022) : 71911-71922 . |
| APA | Long, Houyin , Shi, Susu , Tang, Zhenpeng , Zhang, Shunming . Does living alone increase the consumption of social resources? . | ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH , 2022 , 29 (47) , 71911-71922 . |
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Strategic petroleum reserve (SPR) plays an vital role in ensuring energy security. China initiated the strategic petroleum reserve in 2004. The optimal scale of SPR has become a concern to policymakers. The paper adopts a computable general equilibrium (CGE) model to examine the influence of oil shortages on the economy. It is revealed that when the shortage rate reaches 25%, the price of domestic crude oil will rise by 121.2%, the price of refined petroleum products will rise by 67.8%, and the GDP will decline by 0.7%. The GDP loss is accelerated with the shortage rate rises. The output of coal, electricity and other energy will increase, and most non-energy sectors will decline. There is an inverse U-shaped curve between net export and oil shortage. Based on the result of CGE, we further develop a framework to determine the optimal SPR. The results indicate that the optimal stockpile is 389 million barrels, which is higher than the current reserve scale. At least an additional 198 million barrels of reserves are required. In addition, a sensitivity analysis is conducted to quantify the impact of exogenous variables. The findings of this paper can provide reference information for the policy maker to formulate SPR planning.(c) 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Keyword ：
Computable general equilibrium Computable general equilibrium Energy security Energy security Optimal stockpile Optimal stockpile Strategic petroleum reserve Strategic petroleum reserve
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| GB/T 7714 | Long, Houyin , Wang, Shitong , Wu, Wei et al. The economic influence of oil shortage and the optimal strategic petroleum reserve in China [J]. | ENERGY REPORTS , 2022 , 8 : 9858-9870 . |
| MLA | Long, Houyin et al. "The economic influence of oil shortage and the optimal strategic petroleum reserve in China" . | ENERGY REPORTS 8 (2022) : 9858-9870 . |
| APA | Long, Houyin , Wang, Shitong , Wu, Wei , Zhang, Guanglu . The economic influence of oil shortage and the optimal strategic petroleum reserve in China . | ENERGY REPORTS , 2022 , 8 , 9858-9870 . |
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For economic activities, energy is a necessary component of production. As the world's largest energy consumer and carbon emitter, China faces greater resource constraints and environmental pressure in the background of global climate change, improving energy efficiency is the inevitable path for long-term development. However, the energy efficiency in China at this stage is relatively low, thus improving energy efficiency is urgent. Based on the panel data from the database of Chinese industrial enterprises and the database of Chinese industrial enterprises' pollutant emissions between 2003 and 2012, this paper empirically conducts a thorough investigation on the nonlinear impact of spatial agglomeration and enterprises' energy efficiency, and further examine its heterogeneity and mechanisms. The results show that: (1) There is a significant U-shaped link between spatial agglomeration and enterprises' energy efficiency. (2) Based on agglomeration externalities, scale effect, learning effect, competition effect, and policy effect are the internal mechanisms through which spatial agglomeration impacts on enterprises' energy efficiency. (3) The effects of spatial agglomeration on enterprises' energy efficiency are influenced by technology level, energy consumption level, agglomeration patterns, and enterprise characteristics. Based on the empirical findings, we suggest that enterprises take full advantage of the benefits brought by spatial agglomeration, and that the government encourage the growth period of spatial agglomeration to become more profound, more synergetic, and more diverse.
Keyword ：
Agglomeration externalities Agglomeration externalities Enterprises? energy efficiency Enterprises? energy efficiency Geographic coordinates Geographic coordinates Spatial agglomeration Spatial agglomeration
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| GB/T 7714 | Liu, Kui , Liu, Xinyan , Long, Houyin et al. Spatial agglomeration and energy efficiency: Evidence from China?s manufacturing enterprises [J]. | JOURNAL OF CLEANER PRODUCTION , 2022 , 380 . |
| MLA | Liu, Kui et al. "Spatial agglomeration and energy efficiency: Evidence from China?s manufacturing enterprises" . | JOURNAL OF CLEANER PRODUCTION 380 (2022) . |
| APA | Liu, Kui , Liu, Xinyan , Long, Houyin , Wang, Dexiang , Zhang, Guanglu . Spatial agglomeration and energy efficiency: Evidence from China?s manufacturing enterprises . | JOURNAL OF CLEANER PRODUCTION , 2022 , 380 . |
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The Chinese government has adopted many policies to save energy and electricity in the chemical industry by improving technology and reforming its electricity market. The improved electricity efficiency and the electricity reform may indirectly reduce expected energy and electricity savings by decreasing the effective electricity price and the marginal cost of electricity services. To analyze the above issues, this paper employs the Morishima Elasticity of Substitution of the electricity cost share equation which is estimated by the DOLS method. The results show that: 1) There exists a rebound effect in the Chinese chemical industry, but it is quite large because the electricity price is being controlled by the government; 2) the reform of the electricity market reduces the rebound effect to 73.85%, as electricity price begins to reflect cost information to some extent; 3) there is still a lot of space for the reform to improve, and the rebound effect could be reduced further once the electricity price is adjusted to transfer the market information more correctly. In order to succeed in saving electricity and decreasing the rebound effect in the chemical industry, the policy implications are provided from perspectives of the improved energy efficiency and electricity pricing mechanism.
Keyword ：
chemical industry chemical industry electricity efficiency electricity efficiency electricity price elasticity electricity price elasticity electricity rebound effect electricity rebound effect the morishima elasticity of substitution the morishima elasticity of substitution
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| GB/T 7714 | Long, Houyin , Zeng, Hong , Lin, Xinyi . The Electricity Rebound Effect: Empirical Evidence From the Chinese Chemical Industry [J]. | FRONTIERS IN ENERGY RESEARCH , 2022 , 9 . |
| MLA | Long, Houyin et al. "The Electricity Rebound Effect: Empirical Evidence From the Chinese Chemical Industry" . | FRONTIERS IN ENERGY RESEARCH 9 (2022) . |
| APA | Long, Houyin , Zeng, Hong , Lin, Xinyi . The Electricity Rebound Effect: Empirical Evidence From the Chinese Chemical Industry . | FRONTIERS IN ENERGY RESEARCH , 2022 , 9 . |
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Scientific measurement of energy efficiency is the cornerstone of improving energy efficiency and realizing energy transition. Considering that the production technology of each region is restrained by factors including economic development and natural resource endowment, this paper first uses the emergy theory to measure the ecological carrying capacity of each region, and then selects other representative data to construct the "Ecology-Economy-Geography" heterogeneous framework. From the perspective of energy input minimization, the spatial and temporal features of China's ecological total factor energy efficiency (ETFEE) from 2006 to 2019 have been discussed by employing the sequential directional SBM model and Luenberger productivity index. After robustness tests, we conclude that: (a) The grouping results under multidimensional variables are different from the traditional grouping of "East-Central-West"; (b) The meta-frontier Ecological Total Factor Energy Efficiency (METFEE) and group frontier Ecological Total Factor Energy Efficiency (GETFEE) vary in spatial distribution and temporal change; (c) Technological progress is the key to improving METFEE, but part of the improvement will be offset by diminishing returns of "catch-up effect". Finally, policy recommendations to promote the ecological total factor energy efficiency in China are put forward.
Keyword ：
Ecological total factor energy efficiency Ecological total factor energy efficiency Emergy analysis Emergy analysis function function Luenberger productivity indicator Luenberger productivity indicator Meta-frontier Meta-frontier Sequential directional SBM energy Distance Sequential directional SBM energy Distance
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| GB/T 7714 | Lin, Xinyi , Tang, Zhenpeng , Long, Houyin . Spatial and temporal research on ecological total factor energy efficiency in China: Based on "Ecology-Economy-Geography" heterogeneity framework [J]. | JOURNAL OF CLEANER PRODUCTION , 2022 , 377 . |
| MLA | Lin, Xinyi et al. "Spatial and temporal research on ecological total factor energy efficiency in China: Based on "Ecology-Economy-Geography" heterogeneity framework" . | JOURNAL OF CLEANER PRODUCTION 377 (2022) . |
| APA | Lin, Xinyi , Tang, Zhenpeng , Long, Houyin . Spatial and temporal research on ecological total factor energy efficiency in China: Based on "Ecology-Economy-Geography" heterogeneity framework . | JOURNAL OF CLEANER PRODUCTION , 2022 , 377 . |
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