کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7398913 1481263 2016 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence
موضوعات مرتبط
مهندسی و علوم پایه مهندسی انرژی مهندسی انرژی و فناوری های برق
پیش نمایش صفحه اول مقاله
Exuberance in China's renewable energy investment: Rationality, capital structure and implications with firm level evidence
چکیده انگلیسی
The new century has witnessed phenomenal worldwide growth in renewable energy investments. China has been especially remarkable, surpassing both the US and the EU in 2013. Some recent facts, however, have raised the question of whether exuberant investment in China's renewable energy sector is rational. This paper aims to contribute to the literature and to the debate in two ways. First, it tests the over-investment hypothesis based on the main stream finance methodology; second, it analyzes the role of capital structure in the performance of China's renewable energy firms. Empirical results show that overinvestment in the renewable energy sector exists. The problem is more significant in the biomass and wind sector. Capital structure is found to be more important to downstream firms, indicating that policy makers may provide support that enables these firms to finance their investments through corporate bonds, commercial credit, or long-terms debts.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Energy Policy - Volume 95, August 2016, Pages 468-478
نویسندگان
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