文献类型：期刊文献

英文题名：The impact of energy infrastructure on corporate upgrading and transformation

作者：Min, Tian[1];Wang, Donghua[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China

年份：2025

外文期刊名：APPLIED ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:001477911600001)】；

语种：英文

外文关键词：Energy infrastructure; manufacturing enterprises; value chain upgrading; green transformation; ultra-high voltage transmission projects; D21; H54; L6; M11

摘要：Energy infrastructure can break the manufacturing industry's predicament of both rapidly diminishing low-cost advantages and raw new competitive advantages, providing new opportunities for transformation and upgrading. This study investigates the impact of ultra-high voltage (UHV) transmission projects on manufacturing corporate upgrading and transformation in China. Employing a staggered difference-in-difference approach on a large sample of Chinese firms, we find that UHV transmission projects positively contribute to value chain upgrading and green transformation of manufacturing firms. Robustness tests confirm this relationship and further mechanism exploration reveals that UHV transmission projects significantly improve capacity utilization rate, industry development and technological innovation. We also confirm that the effects are more pronounced for state-owned enterprises, firms with higher profit growth or more cash flows as well as manufacturing firms on both ends of input and out regions or highly-energy dependent enterprises. Our findings highlight the critical role of energy infrastructure in accelerating transformative and upgraded corporate manufacturing, underscoring the interconnectedness between energy systems and the corporate industrial economy in the pursuit of sustainable growth.