How feed-in-tariff subsidies affect renewable energy investments in China? New evidence from firm-level data

被引：26
作者：
Lin, Boqiang [1 ,2 ]
Xie, Yongjing [1 ]
机构：
[1] Xiamen Univ, Sch Management, China Inst Studies Energy Policy, Xiamen 361005, Fujian, Peoples R China
[2] Innovat Lab Sci & Technol Energy Mat Fujian Prov I, Xiamen 361005, Peoples R China
来源：
ENERGY | 2024年 / 294卷
基金：
中国国家自然科学基金;
关键词：
Feed; -in; -tariff; Renewable energy investments; Cash flow; Corporate profitability; Financing constraints; PORTFOLIO STANDARD; POLICY; IMPACT; WIND; CONSUMPTION; GENERATION; INNOVATION; DYNAMICS; GROWTH;
D O I：
10.1016/j.energy.2024.130853
中图分类号：
O414.1 [热力学];
学科分类号：
摘要：
The feed-in-tariff (FiT) policy is a commonly applied policy instrument aimed at fostering renewable energy (RE) investments, yet its actual incentive effect remains controversial, and there is a dearth of micro-level evidence. This study utilizes data from 39 Chinese RE generation companies from 2014 to 2021 to investigate the effect of FiT subsidies on RE investments at the corporate level. Our outcomes are as follows: (1) FiT subsidies exert a significantly positive influence on the investments of RE firms, wherein cash flow, corporate profitability and financing constraints serve as intermediating factors. (2) The economic policy uncertainty (EPU) tends to diminish the positive impact of FiT subsidies on RE investments. Conversely, environmental regulation (ER) levels can enhance the FiT subsidies' positive effect. (3) The stimulating effect of FiT subsidies on investments in large state-owned RE firms exhibits a greater magnitude. Based on this, we put forward targeted policy recommendations.
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页数：9
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