Political connections and investment efficiency of renewable energy enterprises: The role of marketization

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2024-09-21 DOI:10.1016/j.eneco.2024.107918

Mingming Zhang , Weijia Zheng , Chien-Chiang Lee

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Abstract

Using data from 77 listed renewable energy enterprises in China and the threshold effect model, this study investigates the impact of political connections on the investment efficiencies of renewable energy enterprises at different degrees of marketization. A Richardson residual measurement model is applied to measure this efficiency. Further, this study constructs a cash flow sensitivity model to analyze how the political connections affect investment efficiency through financing factors and then analyzes the four external financing channels using a path analysis. The results show that when the degree of marketization is less than 9.280, political connections can improve investment efficiency. When the degree of marketization exceeds 9.280, the influence of political connections on investment efficiency is statistically insignificant. At a low marketization stage, political connections enhance the ability of enterprises to acquire resources through four kinds of external financing channels: bank credit, corporate bonds, commercial credit, and equity financing. This supports investment efficiency by reducing cash flow sensitivity. Due to the differences in the nature of the enterprises and personnel appointments, non-state-owned renewable energy enterprises with political connections experience more significant differences with respect to the impact on investment efficiency under different marketization levels.

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可再生能源企业的政治联系与投资效率：市场化的作用

本研究利用中国 77 家可再生能源上市企业的数据和门槛效应模型，研究了政治关系对不同市场化程度的可再生能源企业投资效率的影响。本研究采用理查德森残差计量模型来衡量这种效率。此外，本研究还构建了现金流敏感性模型，分析政治关系如何通过融资因素影响投资效率，然后利用路径分析对四种外部融资渠道进行分析。结果表明，当市场化程度小于 9.280 时，政治联系可以提高投资效率。当市场化程度超过 9.280 时，政治关系对投资效率的影响在统计上不显著。在低市场化阶段，政治关系增强了企业通过银行信贷、公司债券、商业信贷和股权融资四种外部融资渠道获取资源的能力。这通过降低现金流敏感性来提高投资效率。由于企业性质和人事任命的不同，在不同市场化水平下，有政治关系的非国有可再生能源企业对投资效率的影响存在更显著的差异。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.