The contagious effect of China's energy policy on stock markets: The case of the solar photovoltaic industry

被引：12
作者：
Hsiao, Cody Yu-Ling [1 ,2 ]
Ai, Dan [1 ]
Wei, Xinyang [1 ]
Sheng, Ni [1 ]
机构：
[1] Macau Univ Sci & Technol, Sch Business, Taipa, Macao, Peoples R China
[2] Australian Natl Univ, Crawford Sch Publ Policy, Canberra, ACT, Australia
来源：
RENEWABLE ENERGY | 2021年 / 164卷
基金：
中国国家自然科学基金;
关键词：
Contagion test; Feed-in tariffs; Solar subsidies; Solar photovoltaic power; China; GOVERNMENT SUBSIDY POLICY; FEED-IN TARIFF; RENEWABLE ENERGY; CONSUMER SUBSIDIES; SELF-CONSUMPTION; POWER-PLANTS; PV SYSTEMS; ELECTRICITY; IMPACT; DYNAMICS;
D O I：
10.1016/j.renene.2020.08.161
中图分类号：
X [环境科学、安全科学];
学科分类号：
08 ; 0830 ;
摘要：
Contagion tests through mean and volatility channels are developed based on an exponential generalized autoregressive conditional heteroskedastic model to investigate the effects of China's 2009-2020 solar power policies on the economic performance of different sectors. By examining the fluctuations in the daily stock prices of nine major economic sectors in China, we show the transmission mechanisms of policy shocks and find evidence that China's major solar energy policies, including feed-in tariffs, solar subsidies, and market-based instruments, have significant effects on most of the studied sectors in China through both mean and volatility contagion channels. Among the three types of policies, feed-in tariffs and solar subsidies are found to be the most effective instruments in improving sector performance, while market-based instruments have the least effect. The risk premium effect is weak, but the asymmetric effect is strong, suggesting that market volatility responds considerably less to positive news than to negative news for the majority of sectors investigated. (C) 2020 Elsevier Ltd. All rights reserved.
引用
收藏
页码：74 / 86
页数：13
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