Investment efficiency of the new energy industry in China

Shihong Zeng, Chunxia Jiang, Chen Ma and Bin Su

Energy Economics, 2018, vol. 70, issue C, 536-544

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 (search for similar items in EconPapers)
JEL-codes: G24 G28 Q41 Q43 Q48 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (60)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:70:y:2018:i:c:p:536-544

DOI: 10.1016/j.eneco.2017.12.023

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