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Identifying government policy preferences for promoting investment behaviors: Insight from the photovoltaic industry in China

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  • Zhou, Dequn
  • Ma, Haoran
  • Ding, Hao
  • Zhang, Yining

Abstract

Photovoltaic (PV) policy preference refers to the priority of topics of concern in PV promotion policies issued by the government, which can provide enterprises with a clear direction for investment. In this study, policy topics are extracted via topic modeling to reveal the preferences of PV policies in China. We use cointegration theory and error correction model to examine the long-run and short-run relationships between policy preferences and investment behaviors respectively. The findings reveal that PV Power Generation Project and PV Products Development were at the core of policy preferences before 2015. After 2021, the priority of Renewable energy technology development was higher than that of other topics and became the main policy priority. The cointegration test indicate that Renewable energy technology development policy preferences provide a positive driving force and exert a long-term equilibrium effect on PV investment. Furthermore, the error correction model demonstrates the existence of a negative adjustment mechanism that brings deviated investment behavior back to an equilibrium state. Therefore, the government should appropriately enhance Renewable energy technology development policies.

Suggested Citation

  • Zhou, Dequn & Ma, Haoran & Ding, Hao & Zhang, Yining, 2026. "Identifying government policy preferences for promoting investment behaviors: Insight from the photovoltaic industry in China," Renewable Energy, Elsevier, vol. 256(PC).
    • Handle: RePEc:eee:renene:v:256:y:2026:i:pc:s0960148125017513
    DOI: 10.1016/j.renene.2025.124087
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