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Greening the energy industry: An efficiency analysis of China's listed new energy companies and its market spillovers

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  • Ren, Xiaohang
  • Wang, Shengxin
  • Mao, Weifang
  • Gozgor, Giray

Abstract

Governments around the world have increasingly focused on the advancement of the new energy sector as a pivotal component of the energy industry's green transformation. At the same time, scholars have begun to emphasize the operation and development level of new energy enterprises. However, there is little literature that provides in-depth analyses of the market performance of new energy enterprises from an efficiency perspective. Therefore, based on the shared data of 19 new energy-listed companies in China, this study calculates the market efficiency of the companies by using the Feasible Exact Local Whittle (FELW) estimator and analyses the efficiency spillover among the companies in the new energy industry via the quantile vector auto-regression (QVAR) model. The findings suggest that there are asymmetric spillovers in the efficiency of firms in the new energy industry and that they are closely related to the investment and financing conditions in the market. In most cases, firms in the cobalt and silicon metal industries show net efficiency spillovers, while firms in the photovoltaic and lithium battery industries show net efficiency receivers. These findings are critical for governmental entities, associated enterprises, and investors to arrive at judicious decisions, thereby facilitating the expeditious advancement of new energy markets.

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  • Ren, Xiaohang & Wang, Shengxin & Mao, Weifang & Gozgor, Giray, 2025. "Greening the energy industry: An efficiency analysis of China's listed new energy companies and its market spillovers," Energy Economics, Elsevier, vol. 145(C).
    • Handle: RePEc:eee:eneeco:v:145:y:2025:i:c:s0140988325002385
    DOI: 10.1016/j.eneco.2025.108414
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