Abstract
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.
| Original language | English |
|---|---|
| Pages (from-to) | 536-544 |
| Number of pages | 9 |
| Journal | Energy Economics |
| Volume | 70 |
| Early online date | 23 Dec 2017 |
| DOIs | |
| Publication status | Published - Feb 2018 |
Bibliographical note
The authors acknowledge the valuable comments and suggestions of our colleagues. The authors are grateful to the anonymous reviewers whose comments have helped to improve the manuscript. This research is funded jointly by the National Natural Science Foundation of China (71473010; 71363014; 71573186); the Chinese Philosophy & Social Science Research Program (12BJY060) and the humanities and social science fund of Beijing university of technology (No. 25, 2018). Beijing modern manufacturing development research base.Keywords
- New energy industry
- Semi-parametric DEA analysis
- Investment efficiency
- China
