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Energy transition and corporate debt: Evidence from Chinese listed companies

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  • Xie, Li
  • Su, Zhou

Abstract

Energy transition plays a crucial role in alleviating corporate debt burdens. In this paper, we analyze the relationship between energy transition and corporate debt using provincial energy data and financial data of listed companies in China from 2000 to 2022, employing a fixed-effects model. The results show that energy transition significantly reduces corporate debt ratios, with a strong impact on long-term debt, bank loans, and long-term bank loans. Mechanism analysis reveals that energy transition alleviates corporate debt burdens by lowering energy costs and improving profitability. However, it can increase debt burdens by encouraging firms to expand their research and development (R&D) investments. Heterogeneity analysis further demonstrates that the ownership structure, firm size, and city-level electricity consumption substantially moderate the debt-reducing effects of energy transition. This study provides robust empirical evidence and valuable insights into understanding the microeconomic effects of energy transition in the context of green development.

Suggested Citation

  • Xie, Li & Su, Zhou, 2025. "Energy transition and corporate debt: Evidence from Chinese listed companies," Energy Economics, Elsevier, vol. 151(C).
    • Handle: RePEc:eee:eneeco:v:151:y:2025:i:c:s0140988325007716
    DOI: 10.1016/j.eneco.2025.108944
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