Micro-mechanisms of digitalization-driven financing for renewable energy: Growing capital pools and shifting flows

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-10-19 DOI:10.1016/j.ribaf.2024.102633

Siquan Wang , Anna Min Du , Boqiang Lin

{"title":"Micro-mechanisms of digitalization-driven financing for renewable energy: Growing capital pools and shifting flows","authors":"Siquan Wang , Anna Min Du , Boqiang Lin","doi":"10.1016/j.ribaf.2024.102633","DOIUrl":null,"url":null,"abstract":"<div><div>Recent facts from China suggest that the advancement of digitalization is altering the market expectations regarding renewable energy. Limited studies have offered evidence encompassing the stock effect of digitalization that enhanced corporate financing and the flow effect that initiated speculative behavior. However, a comprehensive discourse remains insufficient. This paper investigates the synergetic effects of digitalization's stock and flow on renewable energy financing, employing the business data of all listed companies in China from 2003 to 2023. The results demonstrate that: (1) Digitalization's stock has expanded the potential fund pool for renewable energy financing, yet it is challenging to influence the flow of funds; digitalization's flow has triggered a flood of funds into the renewable energy industry, but this relies on the new investors attracted by the stock. (2) The synergetic effect governs the systematic influence of digitalization on renewable energy financing and mitigates the measurement bias when considering only a single effect. (3) We further contemplate the indirect effects of renewable energy market expansion, technological progress, and global energy market fluctuations, alleviating concerns regarding the omitted variable bias. The results of the differential regression and generalized method of moments also indicate the robustness of the conclusion.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102633"},"PeriodicalIF":6.3000,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924004264","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

Abstract

Recent facts from China suggest that the advancement of digitalization is altering the market expectations regarding renewable energy. Limited studies have offered evidence encompassing the stock effect of digitalization that enhanced corporate financing and the flow effect that initiated speculative behavior. However, a comprehensive discourse remains insufficient. This paper investigates the synergetic effects of digitalization's stock and flow on renewable energy financing, employing the business data of all listed companies in China from 2003 to 2023. The results demonstrate that: (1) Digitalization's stock has expanded the potential fund pool for renewable energy financing, yet it is challenging to influence the flow of funds; digitalization's flow has triggered a flood of funds into the renewable energy industry, but this relies on the new investors attracted by the stock. (2) The synergetic effect governs the systematic influence of digitalization on renewable energy financing and mitigates the measurement bias when considering only a single effect. (3) We further contemplate the indirect effects of renewable energy market expansion, technological progress, and global energy market fluctuations, alleviating concerns regarding the omitted variable bias. The results of the differential regression and generalized method of moments also indicate the robustness of the conclusion.

查看原文本刊更多论文

数字化驱动的可再生能源融资的微观机制：不断增长的资本池和流动的变化

中国最近的事实表明，数字化的发展正在改变市场对可再生能源的预期。有限的研究提供了一些证据，其中包括数字化带来的存量效应和流量效应，前者促进了企业融资，后者则引发了投机行为。然而，全面的论述仍然不足。本文利用 2003 年至 2023 年中国所有上市公司的经营数据，研究了数字化的存量和流量对可再生能源融资的协同效应。研究结果表明(1）数字化的存量扩大了可再生能源融资的潜在资金池，但对资金流的影响具有挑战性；数字化的流量引发了资金涌入可再生能源产业，但这依赖于存量吸引的新投资者。(2）协同效应制约着数字化对可再生能源融资的系统性影响，缓解了只考虑单一效应时的测量偏差。(3）我们进一步考虑了可再生能源市场扩张、技术进步和全球能源市场波动的间接影响，减轻了对遗漏变量偏差的担忧。差分回归和广义矩方法的结果也表明了结论的稳健性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance