Guo Lin, Liu Ying, Jiang Zeqing, Yuan Xiaoping, Jing Qi
School of Management, Shandong Second Medical University, No. 7166, Baotong West Street, Weifang, 261053, Shandong, China.
School of Humanities and Management, Zhejiang Chinese Medical University, No. 260 Baichuan Street, Fuyang District, Hangzhou, 311402, Zhejiang, China.
Sci Rep. 2025 Jan 29;15(1):3632. doi: 10.1038/s41598-025-86102-y.
This study examines the impact of micro-level land prices on corporate carbon emission intensity and identifies the underlying mechanisms. Using a unique dataset of Chinese industrial enterprises from 2000 to 2014, we employ a two-way fixed effects econometric model, alongside instrumental variable and Difference-in-Differences (DID) techniques, to address endogeneity concerns. Our findings reveal that a 1% increase in land prices leads to a 0.253% rise in carbon emission intensity, driven by heightened financing constraints and reduced innovation. The effects are most pronounced in central and western regions, among non-state-owned enterprises, and in industries with stricter environmental regulations or firms acquiring land through public bidding. These findings highlight critical policy implications: land market reforms to curb speculative price inflation, enhanced access to financing, and targeted support for innovation in high-impact regions and industries. By providing novel insights into the environmental impact of land price dynamics, this research offers practical guidance for balancing economic development and carbon reduction efforts.
本研究考察了微观层面土地价格对企业碳排放强度的影响，并确定了其潜在机制。利用2000年至2014年中国工业企业的独特数据集，我们采用双向固定效应计量模型，结合工具变量法和双重差分（DID）技术，以解决内生性问题。我们的研究结果表明，土地价格每上涨1%，碳排放强度就会上升0.253%，这是由融资约束加剧和创新减少所致。这些影响在中西部地区、非国有企业以及环境法规更严格或通过公开招标获取土地的行业中最为明显。这些发现凸显了关键的政策含义：进行土地市场改革以抑制投机性价格上涨、增加融资渠道，并对高影响地区和行业的创新提供针对性支持。通过提供关于土地价格动态对环境影响的新颖见解，本研究为平衡经济发展和碳减排努力提供了实际指导。
