2025-03-02-世界银行-能源价格_能源强度和企业绩效（英）_37页_1mb

Energy Prices, Energy Intensity, and Firm Performance
Authors: Reyes Aterido, Mariana Iootty, Martin Melec
Institution: World Bank
Date: February 2025

This paper examines the impact of energy price fluctuations on firm performance in emerging economies. Using data from the World Bank Business Pulse Survey for 16 countries (with original data from 24) between 2019 and 2023, the study focuses on electricity and oil price changes, energy intensity, and firm-level energy efficiency measures.

Key findings:

• A 1% increase in electricity prices reduces employment by about 1.5% in energy-intensive firms lacking energy efficiency measures.
• Such firms benefit from energy-saving strategies through increased sales and productivity.
• Energy subsidies can delay structural adjustments and reduce employment opportunities.
• Energy-intensive sectors in emerging markets are particularly vulnerable to price shocks, highlighting the role of efficiency measures in mitigating negative effects.

Methodology: The analysis uses ordinary least squares (OLS) regression with robust standard errors, controlling for firm characteristics and country-specific factors. The study employs instrumental variables to address endogeneity issues related to energy efficiency measures.

Conclusions: Promoting energy efficiency is crucial for firms to adapt to energy price volatility, supporting job protection and economic growth in developing economies. This research underscores the need for policies encouraging energy-efficient practices to foster sustainable development amidst energy market shifts.