globalchange  > 气候变化与战略
DOI: 10.1016/j.enpol.2020.112054
论文题名:
How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China
作者: Liu C.; Liu L.; Zhang D.; Fu J.
刊名: Energy Policy
ISSN: 03014215
出版年: 2021
卷: 151
语种: 英语
中文关键词: Event study ; Fit-in tariff ; Policy shocks ; Solar PV industry ; Stock returns
英文关键词: Commerce ; Investments ; Renewable energy resources ; Equity financing ; Manufacturing companies ; Market reactions ; Market response ; Policy instruments ; Renewable energy development ; Renewable Energy industries ; Solar photovoltaics ; Financial markets ; alternative energy ; energy market ; energy policy ; manufacturing ; policy implementation ; renewable resource ; solar power ; China
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. © 2020
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资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167897
Appears in Collections:气候变化与战略

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作者单位: School of Business Administration, Southwestern University of Finance and Economics, Chengdu, 611130, China; China Economics and Management Academy, Central University of Finance and Economics, Beijing, 100081, China; Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, 611130, China

Recommended Citation:
Liu C.,Liu L.,Zhang D.,et al. How does the capital market respond to policy shocks? Evidence from listed solar photovoltaic companies in China[J]. Energy Policy,2021-01-01,151
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