可再生能源政策与社会资本参与——基于“一带一路”国家能源投资项目的研究

Renewable Energy Policies and Private Capital Participation-A Study on Energy Investment Projects in BRI Countries

本文以2010~2019年社会资本参与的“一带一路”45个国家1293个能源投资项目为研究样本,探究可再生能源政策吸引社会资本绿色投资的有效性。实证结果表明:一国可再生能源政策可以显著促进社会资本做出绿色投资决策并增加投资规模。区分可再生能源发展阶段的回归结果显示,可再生能源政策对社会资本绿色投资的吸引作用仅体现在处于起步期的可再生能源市场,而当市场处于成长成熟期后,融资市场成为社会资本绿色投资的主要驱动力。可再生能源政策可能通过推动可再生能源市场开拓来影响社会资本绿色投资规模,但对可再生能源技术创新的促进效应暂未显现。因此,推动“一带一路”绿色发展,不仅要优化国家可再生能源政策体系,而且要充分拓宽可再生能源领域融资渠道。

This paper examines the effectiveness of renewable energy policies in catalyzing private green investment based on data of 1,293 energy investment projects from 45 BRI countries between 2010 and 2019.According to our empirical results,a country’s renewable energy policies have a key influence in private capital decisions to make and scale up green investments.Regression results show that renewables policies encourage private green investments only when the renewables market is still in its infancy.When the market enters growth and maturity stages,however,financial markets will take the place of policy incentives as the primary force behind private green investments.While renewables policies help scale up private green investments by broadening the renewable energy market,it is yet unclear how such the policies promote renewable energy innovation.In order to advance green development under the Belt and Road Initiative(BRI),we should expand access to financing for the renewable energy industry in addition to improving the national renewable energy policy system.