Investment efficiency of the new energy industry in China
Investment efficiency of the new energy industry in China
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DOI：
10.1016/j.eneco.2017.12.023
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发表时间：
2017-12
期刊：
影响因子：
12.8
通讯作者：
Shihong Zeng;Chunxia Jiang;Chen Ma;B. Su
中科院分区：
文献类型：
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作者：
Shihong Zeng;Chunxia Jiang;Chen Ma;B. Su
本文对中国新能源产业的投资效率进行了评估，并对不同企业和不同时期的投资效率差异的原因进行了分析。运用四阶段半参数DEA分析框架，以2012-2015年新能源上市公司为样本，发现新能源行业的整体投资效率较低，平均总技术效率为44%，纯技术效率为48%，规模效率为90%。研究还发现，新能源企业的投资效率受到宏观经济条件和企业特征的双重影响。我们的研究结果是强大的，并有重大影响的政策制定者和企业管理者。
This paper evaluates the investment efficiency of the new energy industry in China and investigates factors that explain variations in investment efficiency across firms and over time. Applying a four-stage semi-parametric DEA analysis framework to a sample of listed new energy firms over the period 2012–2015, we find that the overall investment efficiency of the new energy industry is relatively low, with an average total technical efficiency of 44%, pure technical efficiency of 48%, and scale efficiency of 90%. We also find that new energy firms' investment efficiency is affected by both macroeconomic conditions and firm-specific characteristics. Our results are robust and have significant implications for policy makers and firm managers.