Investment efficiency of the new energy industry in China

Zeng, Shihong, Jiang, Chunxia, Ma, Chen and Su, Bin (2018) Investment efficiency of the new energy industry in China. Energy Economics, 70 . pp. 536-544. ISSN 0140-9883 (doi:https://doi.org/10.1016/j.eneco.2017.12.023)

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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.

Item Type: Article
Research Areas: A. > Business School > Economics
Item ID: 23268
Notes on copyright: © 2017 Elsevier B.V. This author's accepted manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
Depositing User: Chunxia Jiang
Date Deposited: 05 Jan 2018 14:02
Last Modified: 28 Aug 2019 19:53
URI: https://eprints.mdx.ac.uk/id/eprint/23268

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