Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2020.112054 |
How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China | |
Chang Liu, Linlin Liu, Dayong Zhang, Jiasha Fu | |
2021-02-06 | |
发表期刊 | Energy Policy |
出版年 | 2021 |
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. |
领域 | 气候变化 |
URL | 查看原文 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/313656 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | Chang Liu, Linlin Liu, Dayong Zhang, Jiasha Fu. How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China[J]. Energy Policy,2021. |
APA | Chang Liu, Linlin Liu, Dayong Zhang, Jiasha Fu.(2021).How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China.Energy Policy. |
MLA | Chang Liu, Linlin Liu, Dayong Zhang, Jiasha Fu."How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China".Energy Policy (2021). |
条目包含的文件 | 条目无相关文件。 |
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