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August 28, 2026Policy Design and PracticeOpen Access

Marketization without mitigation? Designing mixed-ownership reform under decarbonization constraints

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Authors

YQYuan QiuYBYuhao Ba

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Overview

Empirical analysis reveals mixed-ownership reform increases carbon intensity in industrial state-owned enterprises, suggesting ownership diversification alone risks environmental backsliding.

Key Points

  • To evaluate whether introducing non-state ownership into state-owned enterprises promotes or undermines decarbonization goals.
  • Analyzed matched firm-level production and fuel-use records from Chinese industrial state-owned enterprises.
  • Estimated the causal impact of mixed-ownership reform on carbon intensity alongside operational mechanism analyses.
  • Mixed-ownership reform increases carbon intensity by approximately 1.2%.
  • Mechanism analyses demonstrate that reform strengthens profit motives, reduces pollution-control facilities, shifts marginal fuel use toward coal, and decreases total employment.

Cite This Study

Qiu et al. (2026) studied this question.

synapsesocial.com/papers/6a91469ad15324a1df3aa586https://doi.org/10.1080/25741292.2026.2721771
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