摘要：在联合国可持续发展目标与我国“双碳”战略的约束下，碳配额成为了企业发展过程中的关键因素，企业区位选择的动因正经历从交通需求、费用考量、供应链配套等基础条件逐步转向对清洁低碳的偏好。本文基于2011—2022年中国A股制造业上市公司设立生产型子公司地理区位的面板数据，采用高维固定效应泊松伪极大似然估计方法，系统检验绿电供给对企业区位选择的影响机制。研究发现：绿电供给水平与企业生产型子公司的选址显著正相关，绿电供给水平高的地区对企业布局表现出更强的吸引力；环境规制对绿电供给与企业区位选择之间的关系存在负向调节作用，即较强的环境规制会削弱绿电供给对企业区位选择的影响；路径检验结果表明，绿电供给可能通过影响区域开放程度作用于企业区位选择；进一步分析发现，绿电供给对企业区位选择的影响在不同企业治理结构、行业特征及区域属性下存在明显差异。绿电的区位吸引力主要体现为本地效应，尚未观察到邻近地区绿电供给存在空间溢出效应。本文将绿电供给纳入企业区位选择分析框架，拓展了绿色低碳转型背景下企业区位决策研究，并为优化区域绿色能源配置与引导产业合理布局提供了经验证据。
关键词：绿电供给；企业区位选择；环境规制；区域开放程度
How does Green Electricity Supply Influence Enterprise Location Selection?
——Evidence from A-share Listed Manufacturing Enterprises
Li Qianwen, Huang Liling, Long Ruyin
Abstract：Under the constraints of the United Nations Sustainable Development Goals and China’s dual-carbon strategy, carbon emission quotas have become a critical factor shaping corporate development. Accordingly, the determinants of enterprise location selection are gradually shifting away from traditional considerations such as transportation accessibility, cost minimization, and supply-chain support toward cleaner and lower-carbon production. This study employs a high-dimensional fixed-effects Poisson pseudo-maximum likelihood (PPML) estimation method, utilizing panel data on the geographical distribution of production-oriented subsidiaries established by Chinese A-share listed manufacturing firms between 2011 and 2022. It systematically examines the mechanisms through which green electricity supply affects firms’ location choices. Empirical findings reveal that: Green electricity supply is significantly and positively associated with the location choices of firms’ production-oriented subsidiaries, with regions characterised by higher levels of green electricity supply being more attractive to firms when making location decisions. Environmental regulation negatively moderates the relationship between green electricity supply and firms’ location choices; that is, stricter environmental regulation weakens the positive effect of green electricity supply on firms’ location choices. Path analysis suggests that regional openness may constitute an important channel through which green electricity supply influences firms’ location choices. Further heterogeneity analysis reveals that the relationship between green electricity supply and firms’ location choices varies across corporate governance structures, industry characteristics, and regional attributes. Spatial analysis further indicates that the locational attractiveness of green electricity is primarily local, with no statistically significant spillover effects detected from green electricity supply in neighbouring regions. By incorporating green electricity supply into the analytical framework of firms’ location choices, this study extends the literature on corporate location decisions in the context of the green and low-carbon transition and provides empirical evidence for optimising the regional allocation of green energy resources and promoting a more efficient spatial distribution of industrial activity.
Keywords：Green Electricity Supply; Enterprise Location Selection; Environmental Regulation; Openness
全文：
绿电供给如何影响企业区位选择？——来自A股制造业上市公司的证据.pdf