煤炭价格冲击与新能源业务扩张叠加下的企业融资约束  

The Impact of Coal Price Shocks and New Energy Business Expansion on Corporate Financing Constraints

作　　者：杜克锐 李旻旸 王思泉 林伯强 DU Kerui;LI Minyang;WANG Siquan;LIN Boqiang(China Institute for Studies in Energy Policy,Xiamen University)

机构地区：[1]厦门大学管理学院中国能源政策研究院,361005

出　　处：《经济研究》2024年第12期4-20,共17页Economic Research Journal

基　　金：国家自然科学基金项目(72133003、2473119、72074184)的资助。

摘　　要：党的二十届三中全会提出,完善主要由市场供求关系决定要素价格机制,防止政府对价格形成的不当干预,引导新兴产业健康有序发展,加快规划建设新型能源体系,完善新能源消纳和调控政策措施。由此,需要从政府对市场信息的引导作用出发,破解新能源产业发展的短期供需失衡问题。本文基于行为金融学的理论研究了煤炭价格冲击与新能源业务扩张对企业融资约束的影响,提供了一个解释新能源企业融资约束变动的新视角。当煤炭价格出现预期之外的变化时,市场投资者会产生非理性认知偏差,进而影响新能源企业的融资约束。实证研究发现:当煤炭市场价格出现预期之外的上涨时,新能源业务增长迅速的企业,其融资约束会得到缓解;而当煤炭价格出现预期之外的下跌时,新能源业务变动与融资约束不存在显著的关系。异质性分析发现这种现象主要表现在非传统能源企业、成熟的企业和规模大的企业。对连续煤炭价格冲击的分析表明,企业的融资约束随冲击次数增长呈现先上升后下降的规律。本研究为理解中国新能源产业发展过程中的特殊现象提供了新的解释和经验证据。Under the guidance and support of government policies, China's new energy industry has developed rapidly.The rapid expansion of this industry has also given rise to an irrational wave phenomenon. Compared to traditional industries, the new energy industry exhibits significant positive externalities, and its social benefits often cannot be fully compensated through market mechanisms as positive externalities typically result in insufficient investment. Additionally, the high uncertainty surrounding the product market demand, substantial capital requirements, and long investment payback periods render new energy enterprises generally face more pronounced financing constraints. Intuitively, these inherent characteristics should not lead to over-investment.The existing literature mainly explains excessive investment in traditional industries from the perspectives of external demand shocks, government policies, and imperfect market information. Nevertheless, these explanations are not fully applicable to the new energy industry. As such, this paper aims to provide a new explanation from the angle of market irrationality: Does the market experience periodic irrational behaviors, thereby alleviating the financing constraints of new energy enterprises? Are new energy enterprises likely to use unexpectedly favorable market news to expand their financing blindly and thus lead to over-investment?Based on these reflections, this paper examines the impact of coal price fluctuations on the financing constraints of new energy enterprises. Currently, coal remains the dominant source of energy consumption in China, and positive shocks in coal prices can influence market participants' expectations regarding future demand for new energy. This results in an increased flow of credit resources into the already booming new energy industry, further fueling the rapid expansion of enterprises' new energy businesses. Based on behavioral finance theory, this paper analyzes how positive shocks in coal prices can trigger irrational market beh

关 键 词：煤炭价格冲击 融资约束 新能源产业 市场非理性 

分 类 号：F42[经济管理—产业经济]