Multi-scale analysis of the co-movement between China's new energy vehicle industry and Tesla: Evidence from capital market

IF 4 4区环境科学与生态学 Q2 ENVIRONMENTAL STUDIES

Energy & Environment Pub Date : 2023-10-08 DOI:10.1177/0958305x231204025

Yuanyuan Ma, Shaodong Duan, Pingping Zhang, Tianjie Zhang

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引用次数: 0

Abstract

China is currently the world's largest new energy vehicle market, and the development of its new energy vehicles is crucial to the sustainable development of mankind. As a leader in the new energy vehicle industry, Tesla's entry into the Chinese market has an important impact on its new energy vehicle industry, and the study of the relationship between the two is of great significance in promoting the development of China's new energy vehicle industry. Therefore, we analyzed the complex relationship between Tesla and China's new energy vehicle industry from 2013 to 2022 based on the stock market perspective using modal decomposition, Maximum mutual information coefficient, and transfer entropy. Mutual information coefficient results show that Tesla has stronger co-movements with China's New Energy Vehicle Manufacturing sector, and its strength is highest in the medium- and long-term time scales, up to 0.196 and 0.529, respectively. whereas the transfer entropy results show that Tesla has a stronger information transfer effect on the Vehicle Manufacturing sector and Charging Pile sector than on the New Energy Vehicles Battery sector and New Energy Vehicles Parts sector. However, in general, Tesla's information overflow to the whole Chinese new energy vehicle industry is on the rise. The Chinese government can appropriately give Tesla certain favorable policies and encourage Chinese enterprises to cooperate with it, giving full play to Tesla's catfish effect and technology demonstration effect, and then promoting the further development of China's new energy vehicle industry.

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中国新能源汽车产业与特斯拉联动的多尺度分析:来自资本市场的证据

中国是目前世界上最大的新能源汽车市场，中国新能源汽车的发展对人类的可持续发展至关重要。特斯拉作为新能源汽车行业的领导者，其进入中国市场对其新能源汽车产业产生了重要影响，研究两者之间的关系对于促进中国新能源汽车产业的发展具有重要意义。因此，我们基于股票市场视角，运用模态分解、最大互信息系数和传递熵分析了2013 - 2022年特斯拉与中国新能源汽车产业之间的复杂关系。互信息系数结果显示，特斯拉与中国新能源汽车制造业的协同运动更强，在中长期时间尺度上的协同运动强度最高，分别达到0.196和0.529。而传递熵结果表明，特斯拉对汽车制造部门和充电桩部门的信息传递效应强于对新能源汽车电池部门和新能源汽车零部件部门的信息传递效应。但总体来看，特斯拉对整个中国新能源汽车行业的信息溢出呈上升趋势。中国政府可以适当给予特斯拉一定的优惠政策，鼓励中国企业与其合作，充分发挥特斯拉的鲶鱼效应和技术示范效应，进而促进中国新能源汽车产业的进一步发展。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy & Environment ENVIRONMENTAL STUDIES-

CiteScore

7.60

自引率

7.10%

发文量

157

期刊介绍： Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.