企业升级对能源强度的异质性影响（英）2024

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The paper examines the relationship between export activity and a firm's energy intensity, highlighting the role of firm upgrading in reducing energy intensity. It introduces a firm-level complexity index that considers both the complexity of traded goods and market destinations. Increased external demand encourages firms to upgrade, leading to lower energy intensity, although financial constraints can limit these gains, particularly for small firms. Larger firms benefit from higher markups post-upgrading, while small firms face tougher competition and lower markups after upgrading [4][7][13][16]. Summary by Sections Introduction - The introduction emphasizes the importance of energy intensity in the context of the green transition and its interplay with international trade. It discusses the complexities arising from globalization trends and regulatory changes, which impact energy efficiency and trade competitiveness [7][8]. Data and Measurements - The study utilizes three primary datasets: an annual firm-level survey from Statistics Lithuania, product-level customs data, and global trade data from CEPII's BACI database. The analysis focuses on the period from 2000 to 2015, capturing Lithuania's economic transitions, including its EU accession [23][25][30]. Empirical Strategy - The empirical strategy involves constructing firm-level external demand shocks and employing a shift-share design to identify the causal effects of external demand on firm upgrading and energy intensity. The analysis accounts for firm-specific characteristics and industry trends [62][74][78]. Results - The findings indicate that increased external demand leads to greater firm-level complexity, with small firms experiencing significant reductions in energy intensity as complexity grows. In contrast, large firms do not show significant improvements in energy efficiency. The results suggest that Lithuania's EU accession facilitated energy efficiency improvements through regulatory standards and competitive pressures [13][16][47][49]. Conclusion - The conclusion highlights the necessity of targeted support for small firms to enhance their energy efficiency and the importance of maintaining open trade policies in a fragmented global landscape. The study underscores the heterogeneous impacts of firm upgrading on energy intensity across different firm sizes [4][16][19].