A Study On The Influencing Factors Of Investment In China’s Power Industry

Electric power industry is not only the "pioneer" of national economy,but also the leading industry and infrastructure industry of national economic development.It not only meets the people’s changing demand for electricity consumption,but also promotes and drives the development of other industries.2020 is the year when China’s 13 th five year plan comes to a successful end.The 14 th five year plan and the long-term goal of2035 have drawn a magnificent blueprint for China’s power investment and construction.The dual hard core goals of "carbon peaking" and "carbon neutralization" proposed last year not only put forward higher requirements for hydropower,nuclear power,wind power,photovoltaic and other power generation enterprises,but also provided the development direction for the power industry.The development of power industry is inseparable from investment,to explore the influencing factors of China’s power industry investment is more conducive to put forward more targeted suggestions for promoting China’s power industry investment from these influencing factors,so as to promote the construction of clean,low-carbon,safe and efficient energy supply system.On the basis of combing the existing literature and reviewing the development status of power industry investment,this paper analyzes the influencing factors of power industry investment from the theoretical level,and uses the empirical software stata.15 and the panel data of 30 provinces(except Tibet)in China from 2000 to 2017 to build a fixed effect model to conduct a quantitative analysis on the influencing factors of power industry investment in China,so as to further explore the influencing factors.Finally,some policy suggestions are put forward.The research contents of this paper are as follows: firstly,combing the existing research literature,it is found that the current research mainly focuses on the influencing factors of grid investment and investment behavior of power industry enterprises;secondly,through the review of the power system reform,grid power investment structure and proportion,power generation capacity and transmission line status since 2015,it is concluded that the total amount of China’s power industry investment is rising and the investment structure is optimizing;Then,on the basis of relevant investment theories,the paper analyzes the influencing factors of power industry investment theoretically,and analyzes the relevant transmission mechanism from six aspects: natural factors,interest rate factors,economic demand factors and technical factors,policy factors and investment subjects of power industry enterprises;Finally,through the unit root test and cointegration analysis,we test the stationarity between the data and the variables,and through LM Test and Hausmann test,we choose the best fixed effect model among the mixed regression model,random effect model and fixed effect model,and make a panel empirical study on the influencing factors of power industry investment,so as to explore the relationship between power industry investment and various factors in China.At the same time,the paper analyzes the regional differences of power industry investment in eastern,central and western China to explore the differences of power industry investment in eastern,central and western China.Through the above theoretical analysis and empirical research,the conclusions of this paper are as follows: natural resource reserves and power consumption have a significant role in promoting China’s power industry investment,while loan interest rate and standard coal consumption of power industry will significantly inhibit China’s power industry investment;value added tax burden,asset liability ratio and carbon dioxide emission growth rate have a significant impact on China’s power industry investment The results show that the profit margin of electric power industry enterprises will promote the investment of electric power industry in China;the demand of electric power has a significant positive effect on the investment of electric power industry in eastern,central and western regions,and the loan interest rate will inhibit the investment of electric power industry in various regions of China.Therefore,in order to better promote the investment and construction of the power industry,we should continue to deepen the reform of the power system,optimize the investment environment of the power industry from the power industry planning,tax policy,financial support,legal system,innovation support and other aspects,and strive to do different power investment planning for different regions,so as to provide reference for China’s power industry Enterprises should create a better environment for investment,financing and innovation,and promote China’s power industry enterprises to take the road of diversification and marketization.