IDEAS home Printed from https://ideas.repec.org/a/spr/nathaz/v95y2019i1d10.1007_s11069-019-03579-3.html
   My bibliography  Save this article

Energy policy, market environment and the economic benefits of enterprises: evidence from China’s petrochemical enterprises

Author

Listed:
  • Liangfeng Zhu

    (Changzhou University)

  • Xueyi Zhu

    (Nantong Institute of Technology)

Abstract

This paper studies the external impact of China’s energy policy and market environment changes and the internal impact of internal control and management on the economic benefits of petrochemical enterprises. From 2011 to 2015, China’s energy and economic policies were adjusted, and the market environment underwent major changes. This paper quantifies these two factors into indexes and combines them with the enterprise internal control index to apply them to the economic benefit model of petrochemical enterprises. Regression analysis has been used for positive analysis. The study finds that changes in China’s energy policy have played a guiding, regulating and promoting role in the development of petrochemical enterprises; the more restrictions the market environment imposes on petrochemical enterprises, the fewer economic benefits the petrochemical enterprises receive. Strengthening internal control in petrochemical enterprises can offset some unfavorable factors, and the economic benefits for downstream petrochemical enterprises are better than those for upstream ones. This paper reveals the effects of the energy policy action index, the market environment restriction index and the internal control index on the economic benefits of petrochemical enterprises. The policy recommendations are as follows: governments should improve the market environment and formulate policies that will benefit upstream petrochemical enterprises, especially oil and gas extraction enterprises, by raising product prices and increasing profit margins.

Suggested Citation

  • Liangfeng Zhu & Xueyi Zhu, 2019. "Energy policy, market environment and the economic benefits of enterprises: evidence from China’s petrochemical enterprises," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 95(1), pages 113-127, January.
    • Handle: RePEc:spr:nathaz:v:95:y:2019:i:1:d:10.1007_s11069-019-03579-3
    DOI: 10.1007/s11069-019-03579-3
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11069-019-03579-3
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s11069-019-03579-3?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), 2011. "Improving Energy Efficiency through Technology," Books, Edward Elgar Publishing, number 3830.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tang Meirun & Lahcene Makhloufi & Mohamad Ghozali Hassan, 2020. "Environmental Outcomes of Green Entrepreneurship Harmonization," Sustainability, MDPI, vol. 12(24), pages 1-26, December.
    2. Lu, Hao & Fan, Yiwei & Jiao, Liudan & Wu, Ya, 2024. "Assessment and spatial effect of urban agglomeration business environments: A case study of two urban agglomerations in China," Socio-Economic Planning Sciences, Elsevier, vol. 92(C).
    3. Zhihua Ding & Jy S. Wu & Xunpeng Shi & Qunwei Wang, 2019. "Energy economy system and risk management: a contribution toward China meeting its goals for the Paris climate accord," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 95(1), pages 1-5, January.
    4. Zhou, Wei & Chen, Jin, 2021. "Is R&D helpful for China’s energy technology and engineering industry to respond to external uncertainties?," Energy, Elsevier, vol. 226(C).
    5. Hu, Hui & Xiong, Shuaizhou & Wang, Zeyu & Wang, Zishuo & Zhou, Xiang, 2023. "Green financial regulation and shale gas resources management," Resources Policy, Elsevier, vol. 85(PB).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Taran Faehn and Elisabeth T. Isaksen, 2016. "Diffusion of Climate Technologies in the Presence of Commitment Problems," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
    2. Ajayi, V. & Reiner, D., 2018. "European Industrial Energy Intensity: The Role of Innovation 1995-2009," Cambridge Working Papers in Economics 1835, Faculty of Economics, University of Cambridge.
    3. Savona, Maria & Ciarli, Tommaso, 2019. "Structural Changes and Sustainability. A Selected Review of the Empirical Evidence," Ecological Economics, Elsevier, vol. 159(C), pages 244-260.
    4. Mark J. Koetse & Henri L.F. de Groot & Raymond J.G.M. Florax, 2011. "A Meta-Regression Analysis of the Investment–Uncertainty Relationship," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 7, Edward Elgar Publishing.
    5. Dmitry Burakov, 2016. "Elasticity of Energy Intensity on a Regional Scale: An Empirical Study of International Trade Channel," International Journal of Energy Economics and Policy, Econjournals, vol. 6(1), pages 65-75.
    6. Giovanni Marin & Alessandro Palma, 2015. "Technology invention and diffusion in residential energy consumption. A stochastic frontier approach," SEEDS Working Papers 1415, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Sep 2015.
    7. Wan, Jun & Baylis, Kathy & Mulder, Peter, 2015. "Trade-facilitated technology spillovers in energy productivity convergence processes across EU countries," Energy Economics, Elsevier, vol. 48(C), pages 253-264.
    8. Andrea Ramírez & Martin K. Patel & Kornelis Blok, 2011. "Monitoring Energy Use and Energy Efficiency in the Dutch Service Sector," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 5, Edward Elgar Publishing.
    9. Mark J. Koetse & Raymond J.G.M. Florax & Henri L.F. de Groot, 2005. "Correcting for Primary Study Misspecifications in Meta-Analysis," Tinbergen Institute Discussion Papers 05-029/3, Tinbergen Institute, revised 31 Jan 2013.
    10. Mulder, Peter & de Groot, Henri L.F., 2012. "Structural change and convergence of energy intensity across OECD countries, 1970–2005," Energy Economics, Elsevier, vol. 34(6), pages 1910-1921.
    11. Peter Mulder & Raymond J.G.M. Florax & Henri L.F. de Groot, 2011. "A Spatial Perspective on Global Energy Productivity Trends," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 2, Edward Elgar Publishing.
    12. Mulder, Peter & de Groot, Henri L.F., 2013. "Dutch sectoral energy intensity developments in international perspective, 1987–2005," Energy Policy, Elsevier, vol. 52(C), pages 501-512.
    13. Kornelis Blok & Suzanne Joosen & Mirjam Harmelink, 2011. "Effectiveness of Energy Policies in the Service Sector," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 10, Edward Elgar Publishing.
    14. Taran Fæhn & Elisabeth Thuestad Isaksen, 2014. "Diffusion of climate technologies in the presence of commitment problems," Discussion Papers 768, Statistics Norway, Research Department.
    15. Mulder, Peter & de Groot, Henri L.F. & Pfeiffer, Birte, 2014. "Dynamics and determinants of energy intensity in the service sector: A cross-country analysis, 1980–2005," Ecological Economics, Elsevier, vol. 100(C), pages 1-15.
    16. Ruijs, Arjan & Vollebergh, Herman, 2013. "Lessons from 15 Years of Experience with the Dutch Tax Allowance for Energy Investments for Firms," Energy: Resources and Markets 151533, Fondazione Eni Enrico Mattei (FEEM).
    17. Andrea Ramírez & Martin K. Patel & Kornelis Blok, 2011. "Using Physical Indicators to Monitor Energy Efficiency in Energy-Extensive Sectors," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 4, Edward Elgar Publishing.
    18. Valeria Costantini & Francesco Crespi & Alessandro Palma, 2015. "Characterizing the policy mix and its impact on eco-innovation in energy-efficient technologies," SEEDS Working Papers 1115, SEEDS, Sustainability Environmental Economics and Dynamics Studies, revised Jun 2015.
    19. Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder, 2011. "Energy Efficiency and Technological Change," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 1, Edward Elgar Publishing.
    20. Daan P. van Soest & Henri L.F. de Groot, 2011. "The Effects of Uncertainty on Investments: Analysing the Environmental Impact of Energy Market Liberalization," Chapters, in: Raymond J.G.M. Florax & Henri L.F. de Groot & Peter Mulder (ed.), Improving Energy Efficiency through Technology, chapter 8, Edward Elgar Publishing.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:nathaz:v:95:y:2019:i:1:d:10.1007_s11069-019-03579-3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.