Investment efficiency of the new energy industry in China

Shihong Zeng; Chunxia Jiang; Chen Ma; Bin Su

doi:10.1016/j.eneco.2017.12.023

Investment efficiency of the new energy industry in China

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

Accountancy & Finance, Finance

Research output: Contribution to journal › Article › peer-review

106 Citations (Scopus)

16 Downloads (Pure)

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	https://doi.org/10.1016/j.eneco.2017.12.023
Publication status	Published - Feb 2018

Keywords

New energy industry
Semi-parametric DEA analysis
Investment efficiency
China

Access to Document

10.1016/j.eneco.2017.12.023Licence: Unspecified

Accepted Manuscript
© 2018. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
Accepted author manuscript, 568 KBLicence: CC BY-NC-ND

Cite this

@article{21704cdaec284c78a73bed942590fa3f,

title = "Investment efficiency of the new energy industry in China",

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.",

keywords = "New energy industry, Semi-parametric DEA analysis, Investment efficiency, China",

author = "Shihong Zeng and Chunxia Jiang and Chen Ma and Bin Su",

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.",

year = "2018",

month = feb,

doi = "10.1016/j.eneco.2017.12.023",

language = "English",

volume = "70",

pages = "536--544",

journal = "Energy Economics",

issn = "0140-9883",

publisher = "Elsevier",

}

TY - JOUR

T1 - Investment efficiency of the new energy industry in China

AU - Zeng, Shihong

AU - Jiang, Chunxia

AU - Ma, Chen

AU - Su, Bin

N1 - 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.

PY - 2018/2

Y1 - 2018/2

N2 - 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.

AB - 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.

KW - New energy industry

KW - Semi-parametric DEA analysis

KW - Investment efficiency

KW - China

UR - https://eprints.mdx.ac.uk/id/eprint/23268

U2 - 10.1016/j.eneco.2017.12.023

DO - 10.1016/j.eneco.2017.12.023

M3 - Article

VL - 70

SP - 536

EP - 544

JO - Energy Economics

JF - Energy Economics

SN - 0140-9883

ER -

Investment efficiency of the new energy industry in China

Abstract

Keywords

Access to Document

Other files and links

Fingerprint

Chunxia Jiang

Cite this

Investment efficiency of the new energy industry in China

Abstract

Keywords

Access to Document

Other files and links

Fingerprint

Profiles

Chunxia Jiang

Cite this