Investment efficiency of the new energy industry in China

Shihong Zeng (Corresponding Author), Chunxia Jiang (Corresponding Author), Chen Ma, Bin Su (Corresponding Author)

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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 languageEnglish
Pages (from-to)536-544
Number of pages9
JournalEnergy Economics
Early online date23 Dec 2017
Publication statusPublished - Feb 2018



  • New energy industry
  • Semi-parametric DEA analysis
  • Investment efficiency
  • China

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