Greening the energy industry: An efficiency analysis of China's listed new energy companies and its market spillovers

Xiaohang Ren, Shengxin Wang, Weifang Mao and Giray Gözgör

Energy Economics, 2025, vol. 145, issue C

Abstract: Governments around the world have increasingly focused on the advancement of the new energy sector as a pivotal component of the energy industry's green transformation. At the same time, scholars have begun to emphasize the operation and development level of new energy enterprises. However, there is little literature that provides in-depth analyses of the market performance of new energy enterprises from an efficiency perspective. Therefore, based on the shared data of 19 new energy-listed companies in China, this study calculates the market efficiency of the companies by using the Feasible Exact Local Whittle (FELW) estimator and analyses the efficiency spillover among the companies in the new energy industry via the quantile vector auto-regression (QVAR) model. The findings suggest that there are asymmetric spillovers in the efficiency of firms in the new energy industry and that they are closely related to the investment and financing conditions in the market. In most cases, firms in the cobalt and silicon metal industries show net efficiency spillovers, while firms in the photovoltaic and lithium battery industries show net efficiency receivers. These findings are critical for governmental entities, associated enterprises, and investors to arrive at judicious decisions, thereby facilitating the expeditious advancement of new energy markets.

Keywords: New energy companies; Business efficiency; QVAR network (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0140988325002385
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:145:y:2025:i:c:s0140988325002385

DOI: 10.1016/j.eneco.2025.108414

Access Statistics for this article

Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant

More articles in Energy Economics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().