دانلود رایگان مقاله انگلیسی بازده سرمایه گذاری صنعت انرژی جدید در چین - الزویر 2017

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.

5. Conclusions

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 balanced sample of 74 listed new energy firms over the period 2012–2015, our main findings are as follows. First, the average total technical efficiency is 44%, pure technical efficiency is 48%, and scale efficiency is 90%, after controlling for the effects of the macroeconomic environment and random noise. Second, the investment efficiency of the new energy industry in China is influenced by both national and global macroeconomic factors via their impact on input slacks. Favorable regional economic growth and rapid growth in power consumption reduces wastes in investment input and improves investment efficiency, while a higher regional technological level tends to induce blind long-term investment and lead to inefficiencies. We fail to observe the expected significant positive impact of openness on investment efficiency, perhaps due to the unfavorable economic conditions of most advanced countries after the 2008 global financial crisis and resulting declines in exports. Third, about half of sample firms operate at constant returns to scale and the other half operate at increasing returns to scale with only 13 firms operating at decreasing returns to scale. Fourth, firm-specific characteristics have significant impacts on investment efficiency. Highly concentrated firms are more efficient, while state-owned firms underperform their (domestic and foreign) private counterparts. More profitable firms tend to invest more wisely with higher efficiency, while firms with higher long-term debts are less efficient. These results are robust to different model specifications and variable definitions.