Xie Yongjing, Lin Boqiang
School of Management, China Institute for Studies in Energy Policy, Collaborative Innovation Center for Energy Economics and Energy Policy, Xiamen University, Fujian, 361005, China.
School of Management, China Institute for Studies in Energy Policy, Collaborative Innovation Center for Energy Economics and Energy Policy, Xiamen University, Fujian, 361005, China; Advanced Interdisciplinary Research Center, City University of Macau, Macao, China.
J Environ Manage. 2025 Aug;390:126368. doi: 10.1016/j.jenvman.2025.126368. Epub 2025 Jun 30.
The literature on environmental management points out that promoting the sustainable development of the renewable energy (RE) industry is an important pathway to achieving green development. To address cyclical fluctuations in the industry and uncertainties in the external environment, Chinese RE industry has sparked a wave of supply chain vertical integration. However, whether vertical integration strategies can effectively drive the sustainable development of the RE industry remains uncertain. To address this gap, we conducted a study focusing on Chinese RE firms from 2011 to 2022. Employing a two-way fixed effects model, our findings revealed several vital insights: (1) Vertical integration strategies contribute to reducing business risks for RE enterprises. Specifically, it enhances market power and supply chain efficiency, thereby lowering business risks. However, it also increases management costs, thereby elevating business risks for the enterprises. (2) RE subsidies, as an incentive-based environmental policy, and market competition amplify the effectiveness of vertical integration strategies in mitigating business risks. (3) Vertical integration has a significant impact on the business risks of enterprises with high managerial, innovative, and fundraising capabilities, but it has no significant effect on the business risks of those with low managerial, innovative, and fundraising capabilities.
环境管理方面的文献指出，推动可再生能源（RE）产业的可持续发展是实现绿色发展的重要途径。为应对该行业的周期性波动和外部环境的不确定性，中国可再生能源产业引发了一波供应链垂直整合浪潮。然而，垂直整合战略能否有效推动可再生能源产业的可持续发展仍不确定。为填补这一空白，我们开展了一项针对2011年至2022年中国可再生能源企业的研究。采用双向固定效应模型，我们的研究结果揭示了几个重要观点：（1）垂直整合战略有助于降低可再生能源企业的商业风险。具体而言，它增强了市场力量和供应链效率，从而降低了商业风险。然而，它也增加了管理成本，从而提高了企业的商业风险。（2）可再生能源补贴作为一种基于激励的环境政策，以及市场竞争，放大了垂直整合战略在缓解商业风险方面的有效性。（3）垂直整合对具有高管理、创新和融资能力的企业的商业风险有显著影响，但对具有低管理、创新和融资能力的企业的商业风险没有显著影响。
