Econ Papers Daily / 期刊论文
清洁钢铁，更高价格：超低排放改造与中国地方住房市场
Clean steel, higher prices: Ultra-low emission upgrades and local housing markets in China
摘要
To curb industrial air pollution, China introduced a major ultra-low emission upgrading program for the steel industry in 2019. While these upgrades are intended to improve environmental quality, less is known about their associated local economic benefits. Using housing transaction data matched with plant-level information, we find that upgrade completion is capitalized into nearby property values, increasing housing prices by about 6%. The absence of a detectable response to the policy announcement alone suggests that completed upgrades provide more concrete and verifiable information, reducing implementation uncertainty and information frictions. Further analysis suggests that the price effect reflects both improvements in local environmental quality and subsequent updates in residents' beliefs. These findings highlight the broader economic value of environmental upgrading in the steel industry and the importance of credible policy implementation.
中文摘要
为遏制工业空气污染，中国于2019年推出了钢铁行业超低排放升级改造重大计划。尽管这些升级旨在改善环境质量，但其相关的本地经济效益尚不为人所知。利用与工厂层面信息相匹配的住房交易数据，我们发现升级改造的完成会资本化到附近房产价值中，使房价上涨约6%。仅政策公告本身未引起可检测的反应，这表明已完成的升级改造提供了更具体、可验证的信息，减少了实施不确定性和信息摩擦。进一步分析表明，价格效应既反映了本地环境质量的改善，也反映了居民信念的后续更新。这些发现凸显了钢铁行业环境升级改造的更广泛经济价值以及可信政策实施的重要性。