Evaluating the Effect of China’s Carbon Emission Trading Policy on Energy Efficiency of the Construction Industry Based on a Difference-in-Differences Method

Table 7

The estimation results of mechanism analysis.

Explained variable	(1) Machinery	(2).Lnee	(3).Rdratio	(4).Lnee	(5).Lnee	(6).Lnee
treatipostt	−1.628^∗∗∗	0.226^∗∗∗	0.002^∗∗∗	0.226^∗∗∗	1.386^∗∗∗	1.542^∗∗
	(−2.91)	(2.92)	(3.22)	(2.92)	(3.55)	(2.74)
Productivity	0.001	0.007^∗∗∗	0.000^∗	0.007^∗∗∗		0.007^∗∗∗
	(0.03)	(3.11)	(1.86)	(3.11)		(2.96)
Urbanratio	13.857^∗	3.659^∗∗	−0.012	3.659^∗∗		3.676^∗∗
	(1.72)	(2.28)	(−0.72)	(2.28)		(2.45)
Lnesratio	−1.488^∗	0.467^∗∗∗	0.000	0.467^∗∗∗		0.469^∗∗∗
	(−1.99)	(5.50)	(0.21)	(5.50)		(5.69)
Rdratio	215.803	29.223^∗∗		29.223^∗∗		31.863^∗∗
	(1.35)	(2.16)		(2.16)		(2.48)
Machinery		−0.017^∗∗	0.000^∗∗	−0.017^∗∗		−0.017^∗∗
		(−2.31)	(2.29)	(−2.31)		(−2.24)
Lneninratio					−0.065	0.021
					(−0.36)	(0.17)
treatipostt×lneninratio					0.320^∗∗∗	0.366^∗∗
					(2.95)	(2.34)
_Cons	−6.950	1.455	0.020^∗	1.455	2.922^∗∗∗	1.493^∗
	(−1.04)	(1.45)	(1.99)	(1.45)	(4.48)	(1.72)
Province FE	Yes	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Adj. R^2	0.571	0.941	0.984	0.941	0.892	0.943
N	270	270	270	270	270	270

Standard errors are clustered at the provincial level. t statistics in parentheses. ^∗p < 0.10, ^∗∗p < 0.05, ^∗∗∗p < 0.01.