气候变化领域集成服务门户(CCPortal): Green investment efficiency in the Chinese energy sector: Overinvestment or underinvestment?

CCPortal

DOI	10.1016/j.enpol.2021.112694
	Green investment efficiency in the Chinese energy sector: Overinvestment or underinvestment?
	Liu L.; Zhao Z.; Zhang M.; Zhou D.
发表日期	2022
ISSN	0301-4215
卷号	160
英文摘要	This paper comprehensively evaluates the efficiency of green investments in the Chinese energy sector using data for 113 relevant listed enterprises in 2010–2018. The general Richardson residual measurement model is introduced and an improved model is built by incorporating specific determinants of green investment (i.e., company governance, political connections, environmental policy restrictions, and pollutant emissions). Further, sample firms are divided into three sub-sectors: the renewable energy industry, the coal industry, and the oil and gas industry. This empirical study demonstrates that the Chinese energy sector as a whole receives an overall excessive level of green investment (overinvestment) compared with the estimated optimal investment level. Regarding specific sub-sectors, overinvestment is directed at the renewable energy industry, while the coal industry and the oil and gas industry are subject to underinvestment. Both models yield similar estimation results, suggesting that the results are stable and robust, and the specific determinants of green investment exert a limited impact on green investment efficiency. Based on the above, this study recommends emphasizing investments in highly preforming eco-projects, enhancing both environmental policy formulation and the oversight system based on differentiated industry characteristics, and developing a more complete and competitive factor market. © 2021 Elsevier Ltd
英文关键词	Efficiency evaluation; Energy sector; Green investment; Industry heterogeneity
语种	英语
scopus关键词	Coal industry; Energy policy; Environmental protection; Gas industry; Efficiency evaluation; Energy sector; Environmental policy; Green investment; Industry heterogeneity; Investment efficiency; Oil and Gas Industry; Over-investment; Renewable Energy industries; Underinvestment; Investments; alternative energy; energy efficiency; energy management; energy policy; heterogeneity; investment; China
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/256439
作者单位	College of Economics and Management, China University of Petroleum (East China), Qingdao, 266580, China; College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 211106, China
推荐引用方式 GB/T 7714	Liu L.,Zhao Z.,Zhang M.,et al. Green investment efficiency in the Chinese energy sector: Overinvestment or underinvestment?[J],2022,160.
APA	Liu L.,Zhao Z.,Zhang M.,&Zhou D..(2022).Green investment efficiency in the Chinese energy sector: Overinvestment or underinvestment?.Energy Policy,160.
MLA	Liu L.,et al."Green investment efficiency in the Chinese energy sector: Overinvestment or underinvestment?".Energy Policy 160(2022).