The Impact of Electricity Price Distortion on Household Consumption
Xie Li, Wu Ting and An Lili
摘要：中国电力价格存在一定程度的扭曲，深入探究居民电力价格扭曲对居民消费的影响，对于电力价格市场化改革、合理引导居民消费具有重要现实意义。本文选取了2006年-2018年中国30个省、直辖市、自治区为样本，不仅测度了居民电力价格扭曲程度，还运用工具变量法系统考察了居民电价扭曲对居民消费水平及消费结构的影响。结果稳健表明，中国各地区居民电力价格普遍存在负向扭曲，这一扭曲显著提高了居民消费水平，特别是提高了居民电力消费以及食品、衣着、生活用品及服务、交通通信、医疗保健五类非电力消费。与西部地区相比，东中部地区居民电价扭曲对居民消费水平及消费结构的影响效应更为显著。调节作用检验进一步表明，地区燃料要素价格与一般物价水平会对电价扭曲影响居民消费产生调节作用，高燃料要素价格与高物价水平将削弱居民电力价格扭曲对居民总体消费及分项消费的促进作用。
关键词：电力价格扭曲；Ramsey定价；电力消费；消费结构；调节作用
Abstract: There is a certain degree of electricity price distortion in China. It is of great practical significance for the reform of electricity price marketization and the reasonable guidance of residents' consumption to deeply explore the impact of household electricity price distortion on household consumption. Taking 30 provinces, municipalities and autonomous regions of China as samples from 2006 to 2018, this paper not only measures the degree of household electricity price distortion, but also uses instrumental variable method to systematically investigate the impact of household electricity price distortion on household consumption level and consumption structure. The results of the study steadily show that there is a widespread negative distortion in household electricity prices in China, and this distortion has a significant promoting effect on the level of household consumption, especially household electricity consumption and five types of non-electricity consumption, namely food, clothing, daily necessities and service, transportation and communication, medical and health care. Compared with the western region, the impact of electricity price distortion on the consumption level and consumption structure is more significant in the eastern and central regions. Furthermore, the adjustment effect shows that fuel price and general price level have an adjustment effect on the effect of household electricity price distortion on household consumption, high fuel price and high price level will weaken the promotion effect of household electricity price distortion on household consumption and various categories of consumption.
Keywords: Electricity Price Distortion; Ramsey Pricing; Household Consumption; Consumption Structure; Adjustment Effect
基金资助：国家自然科学基金面上项目“中国制造业协同集聚的生态环境效应：传导机制、实证检验与调控政策研究”（71573074）及国网湖南省电力有限公司管理咨询项目“2019年国网湖南电力电力用户接入价格问题研究”（SGHN0000CWWT1900553）。
