Associate Professor Xiaohang Ren, a researcher of the base, has recently published his collaborative paper titiled "Greening the energy industry: An efficiency analysis of China's listed new energy companies and its market spillovers" in the prestigious academic journal Energy Economics.

Energy Economics focuses on themes such as energy development and conversion, markets for energy commodities and derivatives, environmental and climate policies, and international trade. It is a bimonthly journal indexed in the SSCI and SCI databases, ranking in JCR Q1 (Economics) and CAS Tier 1 Top Journal.

Abstract: Governments around the world have increasingly focused on the advancement of the new energy sector as a pivotal component of the energy industry's green transformation. At the same time, scholars have begun to emphasize the operation and development level of new energy enterprises. However, there is little literature that provides in-depth analyses of the market performance of new energy enterprises from an efficiency perspective. Therefore, based on the shared data of 19 new energy-listed companies in China, this study calculates the market efficiency of the companies by using the Feasible Exact Local Whittle (FELW) estimator and analyses the efficiency spillover among the companies in the new energy industry via the quantile vector auto-regression (QVAR) model. The findings suggest that there are asymmetric spillovers in the efficiency of firms in the new energy industry and that they are closely related to the investment and financing conditions in the market. In most cases, firms in the cobalt and silicon metal industries show net efficiency spillovers, while firms in the photovoltaic and lithium battery industries show net efficiency receivers. These findings are critical for governmental entities, associated enterprises, and investors to arrive at judicious decisions, thereby facilitating the expeditious advancement of new energy markets.

Keywords: New energy companies；Business efficiency；QVAR network

Link: https://doi.org/10.1016/j.eneco.2025.108414

Teacher profile

Xiaohang Ren is a Distinguished Associate Professor at the Business School, Central South University, an Elsevier China Highly Cited Researcher, and a Top 2% Scientist Worldwide. He mainly engages in research on energy finance, financial risk, and financial econometrics. He has published more than 100 papers in authoritative journals at home and abroad,including Journal of the American Statistical Association,Transportation Research Part A, Energy Economics, Quantitative Finance, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Technological Forecasting and Social Change, Business Strategy and the Environment, Pacific-Basin Finance Journal, Applied Energy, Resources Policy, Renewable & Sustainable Energy Reviews, Energy, Journal of Management Sciences in China (English Edition), Systems Engineering — Theory and Practice, and Chinese Journal of Management Science. Among these, more than 30 are ESI Hot Papers/Highly Cited Papers. He serves as Section Editor of Sustainable Communities (Taylor & Francis), Associate Editor of journals such as Humanities & Social Sciences Communications (the only humanities and social sciences journal under Nature), and Guest Editor of several SSCI journals including Climate Change Economics and Economic Change and Restructuring.