Abstract
Fixed-asset investment directly affects energy consumption through purchasing and upgrading energy-saving equipment on the one hand, and indirectly affects energy consumption by expanding output scale on the other hand. This paper analyzes the multiple effects of fixed-asset investment on energy consumption by three strata of industry in China during 1991–2017. The econometric methods based on VAR model such as Johansen co-integration test and Granger causality test (linear Granger causality test and non-linear Granger causality test) are utilized to explore the long-run stable equilibrium relationships and causal interactions between fixed-asset investment and energy consumption. And the mediation test is performed by employing the bias-corrected non-parametric percentile bootstrap method combined with causal steps approach to obtain the direct and indirect effects of fixed-asset investment on energy consumption. Our study indicates that there are long-run stable equilibrium relationships between fixed-asset investment and energy consumption by three strata of industry. Bidirectional causalities exist in secondary and tertiary industries between fixed-asset investment and their respective energy consumption, and a unidirectional causality exists in primary industry from fixed-asset investment to energy consumption. The fixed-asset investment in primary industry directly suppresses its energy consumption, while indirectly promotes its energy consumption through its value added. And the fixed-asset investment in secondary industry not only directly promotes its energy consumption but also indirectly promotes its energy consumption through its value added.
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This study was funded by National Natural Science Foundation of China (grant number 71673067).
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Conceptualization: Rui Wang, Zhongying Qi. Methodology: Rui Wang, Zhongying Qi. Formal analysis and investigation: Rui Wang. Software: Rui Wang. Data curation: Rui Wang. Resources: Rui Wang, Yumin Shu. Validation: Rui Wang, Yumin Shu. Visualization: Rui Wang, Zhongying Qi. Writing of original draft: Rui Wang. Writing of review and editing: Rui Wang. Funding acquisition: Zhongying Qi. Project administration: Zhongying Qi. Supervision: Zhongying Qi.
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Wang, R., Qi, Z. & Shu, Y. Research on multiple effects of fixed-asset investment on energy consumption——by three strata of industry in China. Environ Sci Pollut Res 27, 41299–41313 (2020). https://doi.org/10.1007/s11356-020-10094-7
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DOI: https://doi.org/10.1007/s11356-020-10094-7