资源科学 ›› 2018, Vol. 40 ›› Issue (4): 748-758.doi: 10.18402/resci.2018.04.09

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环境不确定性、外部融资与可再生能源投资——兼论政策有效性

何凌云1,2(), 张丽虹1(), 钟章奇3, 祝婧然4   

  1. 1.中国矿业大学管理学院,徐州 221116
    2.江苏高校国际能源政策研究中心,徐州 221116
    3.浙江财经大学经济学院,杭州 310018
    4.中南财经政法大学金融学院,武汉 430073
  • 收稿日期:2017-10-21 修回日期:2018-03-16 出版日期:2018-05-02 发布日期:2018-05-02
  • 作者简介:

    作者简介: 何凌云,女,甘肃陇西人,博士,教授,研究领域为能源与环境金融。E-mail: helingyun-love@163.com

  • 基金资助:
    教育部人文社会科学研究规划基金项目(16YJAZH015);国家自然科学基金项目(71673270)

The effect of environmental uncertainty, external financing and policy on renewable energy investment

Lingyun HE1,2(), Lihong ZHANG1(), Zhangqi ZHONG3, Jingran ZHU4   

  1. 1. School of Management, China University of Mining and Technology, Xuzhou 221116, China
    2. International Energy Policy Research Center of Colleges and Universities in Jiangsu, Xuzhou 221116, China
    3. School of Economics, Zhejiang University of Finance & Economics, Hangzhou 310018, China;
    4. School of Finance, Zhongnan University of Economics and Law, Wuhan 430073, China
  • Received:2017-10-21 Revised:2018-03-16 Online:2018-05-02 Published:2018-05-02

摘要:

基于外部融资视角,分析环境不确定性影响可再生能源投资的作用效果对于促进可再生能源投资发展以及明确政策着力点具有重要意义。以2010—2016年141家可再生能源企业的季度面板数据,构建固定效应变截距模型,测算了环境不确定性通过外部融资水平对可再生能源投资的影响,并进一步利用断点回归估计考察了可再生能源政策的作用效果。结果表明:① 环境不确定性显著抑制可再生能源投资,样本区间内的作用系数为 -1.3042,且抑制作用在外部融资水平较低的企业中更强烈;② 不同的外部融资水平下,促进可再生能源投资的主要融资渠道并不相同,外部融资水平较低的企业主要依赖间接融资渠道,作用系数为0.8607,外部融资水平较高的企业主要依赖直接融资渠道,作用系数为2.8699;进一步地,间接融资水平的提高可以缓解环境不确定性对可再生能源投资的抑制作用,直接融资水平的作用系数未通过显著性检验;③ 样本期间内相关可再生能源政策对可再生能源投资起到显著的促进作用,这体现了中国可再生能源政策体系实施的有效性,但实践中应注意政策间的协调与配合。

关键词: 环境不确定性, 可再生能源投资, 外部融资, 直接融资, 间接融资, 政策有效性

Abstract:

Based on quarterly panel data for 141 renewable energy companies from 2010 to 2016, we used a variable intercept model with fixed effects to measure how environmental uncertainty influences renewable energy investment through external financing and regression discontinuity to estimate the effect of renewable energy policy. We found that environmental uncertainty inhibits renewable energy investment, the effect coefficient is -1.3042 in the sample interval. The inhibition effect is stronger in the enterprises of lower-level external financing. Under different external financing levels, the main finance channels to promote renewable energy investment are not the same. The enterprises of low-level external financing mainly rely on indirect financing channels and the coefficient of action is 0.8607. The enterprises of high-level external financing enterprises mainly rely on direct financing channels, with a coefficient of 2.8699. Improving the level of indirect financing can alleviate the inhibition effect of environmental uncertainty on renewable energy investment, however, the alleviating effect of the direct financing channel is not significant. During the sample period, relevant policies for renewable energy play a significant role in promoting renewable energy investment, but government should pay attention to the coordination and cooperation of policies in practice. In addition, considering the policy effect, the effect coefficient of environmental uncertainty influencing renewable energy investment is 9.4504, which means that with the guiding and promoting effect of policies, while facing environmental uncertainty enterprises can still expand renewable energy investment, reflecting the effectiveness of renewable energy policy implementation in China.

Key words: environmental uncertainty, renewable energy investment, external financing, direct financing, indirect financing, policy effectiveness