Analysis of the development of the wind power industry in China — from the perspective of the financial support

Abstract

Background: The wind energy industry is an important part of the renewable energy industry. Helpful financial support plays an essential role in the process of its development. This study analyzes the financial support efficiency not only from the aspect of capital raise, but also from the aspect of the allocation of up-, middle-and down-stream of the Chinese wind power industry chain (which includes the fan component manufacturing enterprises, the fan production enterprises, the wind farm generation and operation enterprises). Methods: Based on a data envelopment analysis (DEA) model, this study selected 30 representative public companies which sampled and extracted their financial data in a panel analysis from 2010 to 2015, in which the financial support efficiency for the Chinese wind power industry was investigated from the aspect of capital raise and allocation. Results: In terms of capital raise, the comprehensive efficiencies of these three streams all reached their peak in 2011, and then indicated a slight decline, whereas the fan component manufacturing enterprises had both the largest pure technical efficiency value in 2011 and a relatively high scale efficiency value during the sampling period. In terms of capital allocation, the fan component manufacturing enterprises and the wind farm generation and operation enterprises indicated both the highest comprehensive efficiency in 2011, which is merely the expansion period of the new energy industry. The wind farm generation and operation enterprises showed the lowest pure technical value in 2012, which is also the depression period of the new energy industry. The scale efficiency of the fan production enterprises as well as the wind energy generation and operation enterprises had a relatively high scale efficiency value from 2010 to 2015.

Detecting the interactions among firms in distinct links of the industry chain by motif

“…Some scholars used the market chain cooperation model to study the price transmission in the pig or broiler industry chain [9,10]. Based on the data envelopment analysis (DEA) model, Wu and Li analyzed the financial data of 30 listed companies in the wind power industry and examined the financial support eciency of the listed companies [11]. The research on the second aspect, which is about the relationships among the agents in the industry chain, involves multiple agents in the chain.…”

Investigating the Determinants of the Growth of the New Energy Industry: Using Quantile Regression Approach

“…(3) Capital input. Wu and Li (2017) and Zheng et al (2018) studied the new energy industries and found that increasing capital investment would help the new energy industry to implement structural transformations and promote rapid growth. (4) Other relevant factors.…”

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