Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2019.04.005 |
The effects of credit policy and financial constraints on tangible and research & development investment: Firm-level evidence from China's renewable energy industry | |
Chang, Kai1,2,3,4; Zeng, Yonghong1; Wang, Weihong5; Wu, Xin4 | |
2019-07-01 | |
发表期刊 | ENERGY POLICY
![]() |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 130页码:438-447 |
文章类型 | Article |
语种 | 英语 |
国家 | Peoples R China |
英文摘要 | This article investigates the influences of credit policy and financial constraints on tangible and research & development (R&D) investments from China's firm-level renewable energy industry using dynamic panel generalized moments of method (GMM) analysis. China's renewable energy industry has exuberant tangible investments, and its annual R&D investments are increasing. The empirical results demonstrate that firm-specific features, credit policy and financial constraints have significant impacts on the tangible and R&D investments in the renewable energy industry. Greater commercial bank credits, richer liquid assets, higher returns on assets and better investment opportunities may promote renewable energy firms' tangible investments, while more long-run debts and higher bank dependence may reduce their tangible investments. Larger firm sizes, more short-run debts, higher liability leverages, richer liquid assets and greater bank dependence may increase renewable energy firms' R&D investments, while more long-run debt and greater commercial bank credits may decrease their R&D investments according to the results of the study. |
英文关键词 | Credit policy Financial constraint Investment R&D GMM Firm-level panel analysis |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000471083700038 |
WOS关键词 | MONETARY-POLICY ; CORPORATE-INVESTMENT ; POWER-GENERATION ; OPTIMAL-DESIGN ; TAX CREDIT ; PANEL-DATA ; IMPACT ; PRICE ; RISK ; OPTIMIZATION |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/184513 |
专题 | 气候变化 |
作者单位 | 1.Zhejiang Univ Finance & Econ, Sch Finance, Hangzhou 310018, Peoples R China; 2.Ctr Res Regulat & Policy Zhejiang Prov, Hangzhou 310018, Peoples R China; 3.Zhejiang Univ Finance & Econ, Collaborat Innovat Ctr Local Finance, Hangzhou 310018, Peoples R China; 4.Zhejiang Univ Finance & Econ, China Acad Financial Res, Hangzhou 310018, Peoples R China; 5.Zhejiang Univ Finance & Econ, Sch Law, Hangzhou 310018, Peoples R China |
推荐引用方式 GB/T 7714 | Chang, Kai,Zeng, Yonghong,Wang, Weihong,et al. The effects of credit policy and financial constraints on tangible and research & development investment: Firm-level evidence from China's renewable energy industry[J]. ENERGY POLICY,2019,130:438-447. |
APA | Chang, Kai,Zeng, Yonghong,Wang, Weihong,&Wu, Xin.(2019).The effects of credit policy and financial constraints on tangible and research & development investment: Firm-level evidence from China's renewable energy industry.ENERGY POLICY,130,438-447. |
MLA | Chang, Kai,et al."The effects of credit policy and financial constraints on tangible and research & development investment: Firm-level evidence from China's renewable energy industry".ENERGY POLICY 130(2019):438-447. |
条目包含的文件 | 条目无相关文件。 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论