气候变化领域集成服务门户(CCPortal): How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China

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DOI	10.1016/j.enpol.2020.112054
	How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China
	Liu C.; Liu L.; Zhang D.; Fu J.
发表日期	2021
ISSN	03014215
卷号	151
英文摘要	Subsidies and policy support are critical for the development of renewable energy industries such as solar photovoltaics (PV). One of the most important policy instruments for supporting renewable energy development is the feed-in tariff (FIT), which is intended to have a significant, facilitating impact on the steady development of the PV industry. The questions are how strong market reactions are to FIT policies and what forms of policies are more effective. To investigate these questions, this paper uses an event study approach and pays special attention to the responses of the capital market. The empirical results show that the stock returns of listed PV companies in China respond significantly to FIT policies. The capital market responses of these policy shocks differ significantly over time and across companies. Manufacturing companies and companies receiving large subsidies are more sensitive to policy shocks. Given the importance of equity financing to the renewable energy industry, policymakers should take into account the potential uncertainties in the sector that are caused by policy changes. © 2020
关键词	Event study Fit-in tariff Policy shocks Solar PV industry Stock returns
英文关键词	Commerce; Investments; Renewable energy resources; Equity financing; Manufacturing companies; Market reactions; Market response; Policy instruments; Renewable energy development; Renewable Energy industries; Solar photovoltaics; Financial markets; alternative energy; energy market; energy policy; manufacturing; policy implementation; renewable resource; solar power; China
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205221
作者单位	School of Business Administration, Southwestern University of Finance and Economics, Chengdu, 611130, China; China Economics and Management Academy, Central University of Finance and Economics, Beijing, 100081, China; Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, 611130, China
推荐引用方式 GB/T 7714	Liu C.,Liu L.,Zhang D.,et al. How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China[J],2021,151.
APA	Liu C.,Liu L.,Zhang D.,&Fu J..(2021).How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China.Energy Policy,151.
MLA	Liu C.,et al."How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China".Energy Policy 151(2021).