Impact of energy technology patents in China: Evidence from a panel cointegration and error correction model |
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| Affiliation: | 1. School of Government, Central University of Finance and Economics, Beijing, 100081, China;2. State Environmental Protection Key Laboratory of Environmental Planning and Policy Simulation, Chinese Academy of Environmental Planning, Beijing, 100012, China;3. Science Policy Research Unit, University of Sussex, Brighton, BN1 9RH, Britain;4. School of Management and Economics, Beijing Institute of Technology, Beijing, 100081, China;5. Institute of Science and Development, Chinese Academy of Sciences, Beijing, 100190, China;6. School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing, 100049, China;7. School of Management, Qingdao University of Technology, Qingdao, Shandong, 266520, China;1. Economic Analysis Department, Facultad de CC. Económicas y Empresariales, University of Seville, Ramon y Cajal 1, 41018 Seville, Spain;2. Economic Analysis Department, Facultad de CC. Económicas y Empresariales, University of Seville, Ramon y Cajal 1, 41018 Seville, Spain;1. China Center for Energy Economics Research, School of Economics, Xiamen University, Xiamen, Fujian 361005, PR China;2. School of Management, China Institute for Studies in Energy Policy, Collaborative Innovation Center for Energy Economics and Energy Policy, Xiamen University, Fujian 361005, PR China;1. School of Business, SIM University, Singapore 599491, Singapore;2. School of Humanities and Social Sciences, Nanyang Technological University, Singapore 637332, Singapore |
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| Abstract: | Enhancing energy technology innovation performance, which is widely measured by energy technology patents through energy technology research and development (R&D) activities, is a fundamental way to implement energy conservation and emission abatement. This study analyzes the effects of R&D investment activities, economic growth, and energy price on energy technology patents in 30 provinces of China over the period 1999–2013. Several unit root tests indicate that all the above variables are generated by panel unit root processes, and a panel cointegration model is confirmed among the variables. In order to ensure the consistency of the estimators, the Fully-Modified OLS (FMOLS) method is adopted, and the results indicate that R&D investment activities and economic growth have positive effects on energy technology patents while energy price has a negative effect. However, the panel error correction models indicate that the cointegration relationship helps to promote economic growth, but it reduces R&D investment and energy price in the short term. Therefore, market-oriented measures including financial support and technical transformation policies for the development of low-carbon energy technologies, an effective energy price mechanism, especially the targeted fossil-fuel subsidies and their die away mode are vital in promoting China's energy technology innovation. |
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| Keywords: | Energy technology patents R&D activities Energy price Panel cointegration model China |
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