Research On The Efficiency And Policy Of Public Investment In Renewable Energy Of China

Because of renewable energy's characteristics of cleanliness and sustainability,it is considered to be an ideal energy source for solving energy security and environmental problems.The rapid development of renewable energy in China benefits from a series of government policy support.How limited public investment and policies guide and promote the development of renewable energy industry has become an important issue in this field.This article carries out research on two aspects.On the one hand,data envelopment analysis is used to study the public investment efficiency of renewable energy on-grid tariff subsidies,and analyze which renewable energy technology in which areas renewable energy tariff subsidies should be invested in;on the other hand,social network analysis is used to study the equity network behind renewable energy subsidy projects and analyze how public investment and policies guide equity investment in the efficient development of renewable energy.Through the analysis of the efficiency of renewable energy tariff subsidies during the quota trading period(2006-2011),we found that the areas where the public investment in wind power generation is more efficient is Jinan,Mengdong and Mengxi.Those for solar power generation are Gansu,Heilongjiang,and Ningxia,and those for biomass power generation are Hubei,Jilin,Yubei,and Weinan.The actual implementation of the policy during the unified management period(from 2012 to the present)is generally consistent with these conclusions,but Jiangsu Province is an exception.Through the analysis of the equity network behind the biomass power subsidy projects,we find that the cohesion of the equity network is declining,the average betweenness centrality of the equity network is small with no sign of rising,and the betweenness centrality of the leading enterprises in the prior ranking are drastically smaller in these five years.All these are not good to the large-scale and long-term investment in research&development of biomass power generation industry,which is also not conducive to substantial technological innovation.Finally,this article proposes several policy suggestions based on related conclusions.Firstly,when we balance the distribution of renewable energy on-grid tariff subsidies across regions,the subsidies should tilt to areas where public investment in renewable energy is more efficient.Secondly,a well-designed subsidy policy should provide direct subsidies to innovative firms in the supply chain upstream of renewable energy generation.Thirdly,a reasonable policy should be made to strengthen the controlling status of high-tech enterprises in the equity network of biomass power generation subsidy projects.