Research On The Influence Of Monetary Policy On The Investment Efficiency Of China's Renewable Energy Listed Companies

Energy investment is not only to meet the needs of economic development and energy production,but also the driving force of the energy industry and the whole society and economy.It plays an important role in the capital input process of the continuous growth of the society.At the same time,the investment of energy is limited by the resource conditions and the capacity of the environment.Renewable energy is low carbon or carbon-free energy,which can effectively reduce carbon dioxide emissions.Renewable energy investment can lead to energy production and consumption,and increase the share of renewable energy in the energy supply,which helps to reduce the consumption of fossil energy.However,the demand of the renewable energy companies is high,the corresponding financing channels are few,the financing difficulties and other factors restrict the development of the renewable energy enterprises.How to improve the investment efficiency of the renewable energy enterprises is the urgent problem to be solved.Based on the above thinking,we choose monetary policy as the research object from the macro perspective of restricting corporate financing.This article only analyzes the five energy industry enterprises of renewable energy,which are solar energy industry,water energy industry,wind energy industry,biologic energy industry and geothermal energy industry.Select quarterly data from 2007 first quarter to 2017 third quarter.The panel data model is used to estimate the general relationship between monetary policy and corporate investment efficiency,and further use breakpoint regression to analyze the effectiveness of monetary policy.Through theoretical and empirical analysis,we draw the following conclusions: First,there is a widespread shortage of renewable energy listed companies in the sample interval.From the regression results of investment efficiency model,the residual value of enterprise investment efficiency fluctuated significantly between 2013 and 2016,between-0.6 and 0.6.This is due to the increasing dispersion of investment and the decline in the cost of solar energy.On the other hand,it may be "political uncertainty",that is,the government's support is not clear enough.Second,the influence of different monetary policy transmission channels on the investment efficiency of renewable energy listed companies is also different.Generally speaking,the impact of credit channel on investment efficiency is more obvious.In different monetary policy measures,there is an unreasonable place in the different period of monetary policy,which is judged by the fluctuation of money supply,and the result of the model test does not conform to the reality.Compared to the other two methods(monetary policy judgment based on M2 growth rate and monetary policy judgment based on Monetary Policy Perception Index),through monetary channels,it has a 0.3635 and 0.0344 pull effect on corporate investment efficiency;through credit channels,it has a 0.8389 and 0.0940 pull effect on enterprise investment efficiency respectively.It shows that loose monetary policy can improve the investment opportunities of renewable energy listed companies,alleviate the constraints of external financing,and verify that monetary policy has a more significant impact on the efficiency of enterprise investment through credit channels.Third,in the regression discontinuity,renewable energy quota policy is directly added to the model,compared with the comprehensive path(monetary channel and credit channel).The overall pull effect of monetary policy on the investment efficiency of the enterprise is increased to 0.2573.To a certain extent,the monetary policy is effective.Based on the above research,it is believed that the long-term sustainable development of renewable energy is to be achieved.On the one hand,renewable energy listed companies to broaden the financing channels,reduce the cost and risk of investment;on the other hand,the government should actively encourage the development of renewable energy companies,such as the establishment of renewable energy fund,to encourage the injection of private capital.