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1.
PLoS One ; 19(5): e0302561, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38718054

RESUMEN

This paper uses the difference-in-differences model to research how the "piercing the corporate veil" system marked by the 2005 Company Law amendment affects the level of corporate creditor protection. The research results show that private enterprises and local state-owned enterprises are sensitive and significant to this legal amendment. In contrast, local state-owned enterprises are more sensitive and have a stronger motivation to protect the interests of creditors. The motivation of companies with weaker profitability for creditor protection lasts not only for the year of law revision but also extends to the year of implementation. With the law's implementation, the growth effect of creditor protection for local state-owned enterprises has become more significant. Further analysis shows that the main findings of this article are more significant in companies with larger debt scales, companies with a higher year-on-year growth rate of operating income, companies with controlling shareholders, and companies with higher stock market capitalization. From an empirical research view, this paper explains the economic effect and mechanism of the whole corporate personality under the complete system and adds economic evidence for how the law acts on the capital market.


Asunto(s)
Inversiones en Salud , Inversiones en Salud/legislación & jurisprudencia , Inversiones en Salud/economía , Humanos , Modelos Económicos , Sector Privado/economía , Sector Privado/legislación & jurisprudencia , Industrias/economía , Industrias/legislación & jurisprudencia , Comercio/legislación & jurisprudencia , Comercio/economía
2.
PLoS One ; 19(5): e0303544, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38739674

RESUMEN

To stimulate economic growth, China has launched multiple economic stimulus plans in recent years, intensifying corporate debt financing and subsequently elevating the leverage levels. Addressing and effectively reducing the leverage levels of our country's enterprises has emerged as a pressing issue in the trajectory of our economic development. This paper primarily investigates the drivers, pathways, and mechanisms for reversing the over-leveraged values of enterprises. Key findings include: (1) Excessive indebtedness exerts a negative impact on corporate value, with the suppressing effect intensifying as the degree of over-leverage increases; (2) Over-leveraged enterprises can effectively decrease their debt levels and enhance their value through private placement. Further research suggests that this mechanism operates by amplifying the operational leverage of over-leveraged enterprises post private placement and alleviating financing constraints, thereby elevating corporate value. (3) Compared to non-state-owned enterprises, state-owned enterprises exhibit higher levels of indebtedness. Among over-leveraged firms, enhancements in corporate governance and increased investment efficiency can positively transform corporate value. This study offers valuable insights for the ongoing supply-side structural reforms and governance guidance from the regulatory bodies.


Asunto(s)
Inversiones en Salud , China , Inversiones en Salud/economía , Desarrollo Económico , Humanos , Sector Privado/economía , Comercio/economía , Pueblos del Este de Asia
3.
PLoS One ; 19(5): e0282173, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38768257

RESUMEN

This paper employs a unique data set to analyze the trading behavior of wealthy individual investors across Mainland China and their impact on Chinese stock markets' tail risk. Results show that the wealthy individual investors' trading behavior can explain Chinese stock markets' tail risk, and the daily investment portfolios based on the network density of wealthy individual investors have significant excess returns. This paper also investigates the determinants of wealthy individual investors' trading behavior with the social network method and the spatial econometric model, and reveals that wealthy individuals benefit from the spillover effect of their trading behavior through the investor networks. The results of this paper not only reveal micro evidence for the formation mechanism of asset prices, but also provide insight into the behavior of wealthy individual investors.


Asunto(s)
Inversiones en Salud , Inversiones en Salud/economía , China , Humanos , Modelos Económicos , Comercio/economía , Modelos Econométricos
4.
PLoS One ; 19(5): e0302740, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38771791

RESUMEN

The Guaranteed Minimum Withdrawal Benefit (GMWB), an adjunct incorporated within variable annuities, commits to reimbursing the entire initial investment regardless of the performance of the underlying funds. While extensive research exists in financial and actuarial literature regarding the modeling and valuation techniques of GMWBs, much of it is founded on a static fee structure. Our study introduces an innovative fee structure based on the high-water mark (HWM) principle and a regime-switch jump-diffusion model for the pricing of GMWBs, employing numerical solutions through the Monte Carlo method for solving the stochastic differential equation (SDE). Furthermore, a companion piece of research addresses the risk management of GMWBs within the same analytical framework as the pricing component, an aspect that has received limited attention in the existing literature. In assessing the necessary capital reserves for unforeseen losses, our methodology involves the computation of two risk metrics associated with the tail distribution of net liability from the insurer's perspective, Value-at-Risk (VaR) and Conditional-Tail-Expectation (CTE). Comprehensive numerical results and sensitivity analyses are also provided.


Asunto(s)
Modelos Económicos , Método de Montecarlo , Humanos , Honorarios y Precios , Inversiones en Salud/economía
5.
PLoS One ; 19(5): e0300741, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38771856

RESUMEN

With the increasing importance of the stock market, it is of great practical significance to accurately describe the systemic risk of the stock market and conduct more accurate early warning research on it. However, the existing research on the systemic risk of the stock market lacks multi-dimensional factors, and there is still room for improvement in the forecasting model. Therefore, to further measure the systemic risk profile of the Chinese stock market, establish a risk early warning system suitable for the Chinese stock market, and improve the risk management awareness of investors and regulators. This paper proposes a combination model of EEMD-LSTM, which can describe the complex nonlinear interaction. Firstly, 35 stock market systemic risk indicators are selected from the perspectives of macroeconomic operation, market cross-contagion and the stock market itself to build a comprehensive indicator system that conforms to the reality of China. Furthermore, based on TEI@I complex system methodology, an EEMD-LSTM model is proposed. The EEMD method is adopted to decompose the composite index sequence into intrinsic mode function components (IMF) of different scales and one trend term. Then the LSTM algorithm is used to predicted and model the decomposed sub-sequences. Finally, the forecast result of the composite index is obtained through integration. The empirical results show that the stock market systemic risk index constructed in this paper can effectively identify important risk events within the sample period. In addition, compared with the benchmark model, the EEMD-LSTM model constructed in this paper shows a stronger early warning ability for systemic financial risks in the stock market.


Asunto(s)
Inversiones en Salud , Modelos Económicos , China , Algoritmos , Humanos , Medición de Riesgo/métodos , Gestión de Riesgos , Predicción/métodos
6.
PLoS One ; 19(5): e0297329, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38723045

RESUMEN

Based on a review of related concepts and theories this study investigates the different impacts of research and development (R&D) innovation and political background on corporate growth in a particular context. Unlike other studies, we integrate these two factors. We empirically analyze 6079 sets of data from 1292 A-share private manufacturing enterprises in Shanghai and Shenzhen from 2012 to 2019. The results show that these factors directly impact corporate growth and have heterogeneous effects at different enterprise growth levels. We find the effect of R&D innovation on corporate growth is more pronounced for young firms. These findings highlight the need for firms to adjust their investments in R&D innovation and political backgrounds at different stages of development to adapt to different markets and political environments.


Asunto(s)
Investigación , China , Investigación/economía , Política , Humanos , Sector Privado , Invenciones , Inversiones en Salud
7.
Tob Control ; 33(Suppl 1): s10-s16, 2024 May 02.
Artículo en Inglés | MEDLINE | ID: mdl-38697658

RESUMEN

BACKGROUND: This article describes an investment case methodology for tobacco control that was applied in 36 countries between 2017 and 2022. METHODS: The WHO Framework Convention on Tobacco Control (FCTC) investment cases compared two scenarios: a base case that calculated the tobacco-attributable mortality, morbidity and economic costs with status quo tobacco control, and an intervention scenario that described changes in those same outcomes from fully implementing and enforcing a variety of proven, evidence-based tobacco control policies and interventions. Health consequences included the tobacco-attributable share of mortality and morbidity from 38 diseases. The healthcare expenditures and the socioeconomic costs from the prevalence of those conditions were combined to calculate the total losses due to tobacco. The monetised benefits of improvements in health resulting from tobacco control implementation were compared with costs of expanding tobacco control to assess returns on investment in each country. An institutional and context analysis assessed the political and economic dimensions of tobacco control in each context. RESULTS: We applied a rigorous yet flexible methodology in 36 countries over 5 years. The replicable model and framework may be used to inform development of tobacco control cases in countries worldwide. CONCLUSION: Investment cases constitute a tool that development partners and advocates have demanded in even greater numbers. The economic argument for tobacco control provided by this set of country-contextualised analyses can be a strong tool for policy change.


Asunto(s)
Prevención del Hábito de Fumar , Humanos , Prevención del Hábito de Fumar/métodos , Inversiones en Salud , Política de Salud , Organización Mundial de la Salud , Costos de la Atención en Salud/estadística & datos numéricos , Gastos en Salud/estadística & datos numéricos , Salud Global , Control del Tabaco
8.
J Environ Manage ; 359: 120867, 2024 May.
Artículo en Inglés | MEDLINE | ID: mdl-38692023

RESUMEN

Despite a burgeoning literature in the sphere of cryptocurrencies and green assets, yet, as of date, the literature fares poorly in terms of a holistic assessment of all asset classes, let alone stress testing such global portfolio risk under various market conditions. Our paper fulfills such a gap in the literature. Findings reveal that, irrespective of bearish or bullish market phases, green assets should be incorporated to mute down portfolio tail risk. Robustness tests performed either via different distribution type or CVaR analysis do not materially alter the main findings of our paper. The confluence of two forces substantially boosts tail risk, namely, passive investment strategy coupled with a crypto-augmented base model. Overall, our paper advocates the inclusion of green assets not as a choice but as an obligation to portfolio managers in view of curtailing both VaR and CVaR risk levels, all geared towards hitting two birds with one stone-simultaneously buttressing a greener world while effectively mitigating global portfolio tail risk.


Asunto(s)
Inversiones en Salud , Conservación de los Recursos Naturales
9.
Inquiry ; 61: 469580241244728, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38706193

RESUMEN

There is a natural relation between human health and the quality of their food and drinks, and elevating the quality input level of food production for all enterprises within the food supply chain system forms the foundation for preventing various potential food safety risks that may be encountered. Unlike the previous research on quality investment of food production by enterprises, this paper probes into the evolutionary routes of the behavior strategy selection of subjects in the food supply chain and the preconditions for the equilibrium points of the social co-governance system. It takes the approach of establishing a tripartite evolutionary game model of food suppliers, food manufacturers and consumers on the basis of the social co-governance framework, in view of the above, this paper focuses on the influence of the reputation mechanism and the market contracts among supply chain subjects on the selection of a behavior strategy for quality investment by enterprises under the condition of lawful regulation by government. The results show that every subject selects their own behavior strategy on the basis of the balance of their respective interests. The net disbursement incurred by enterprises for quality investment and the costs of participation in governance by consumers constitute the dominant factors that influence both enterprises' selection of a behavior strategy and the level of social co-governance. Compared with the increase in economic punishment imposed on suppliers for production of risky food raw materials, it is more efficient to control food safety risks by lowering the costs of quality investment by suppliers. Accordingly, this paper proposes advice on policy in an attempt to provide inspiration for preventing and controlling food safety risks.


Asunto(s)
Inocuidad de los Alimentos , Abastecimiento de Alimentos , Teoría del Juego , Humanos , Abastecimiento de Alimentos/economía , Inversiones en Salud , Industria de Alimentos/economía
10.
PLoS One ; 19(5): e0301838, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38709743

RESUMEN

His research investigates the interplay among investment in Information and Communication Technology [ICT], digital financial inclusion, environmental tax policies, and their impact on the progression of sustainable energy development within the Middle East and North Africa [MENA] region. Recognizing the distinctive hurdles impeding sustainable energy advancement, effective policy formulation and implementation in MENA necessitate a comprehensive understanding of these variables. Employing a Dynamic Common Correlated Effects [DCE] model alongside an instrumental variable-adjusted DCE approach, this study explores the relationship between ICT investment, digital financial inclusion, environmental tax, and sustainable energy development. The DCE model facilitates the analysis of dynamic effects and potential correlations, while the instrumental variable-adjusted DCE model addresses issues pertaining to endogeneity. The results indicate that both ICT investment and the promotion of digital financial inclusion significantly and positively impact sustainable energy development in the MENA region. Additionally, the study underscores the importance of environmental tax implementation in fostering sustainable energy advancement, highlighting the critical role of environmental policy interventions. Based on these findings, governmental prioritization of ICT investment and initiatives for digital financial service integration is recommended to bolster sustainable energy growth in MENA. Furthermore, the adoption of efficient environmental tax measures is essential to incentivize sustainable energy practices and mitigate environmental degradation. These policy recommendations aim to create a conducive environment for sustainable energy progression in the MENA region, contributing to both economic prosperity and environmental conservation.


Asunto(s)
Inversiones en Salud , Impuestos , Medio Oriente , África del Norte , Desarrollo Sostenible/economía , Humanos , Conservación de los Recursos Naturales/economía , Conservación de los Recursos Naturales/métodos , Política Ambiental/economía
11.
PLoS One ; 19(5): e0301710, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38753852

RESUMEN

The dynamics of central government funding to regions depend on local investments. In regional autonomy, local governments are encouraged to be more self-reliant from the central government. For regions with high natural resource yields, they will not encounter difficulties in meeting their fiscal needs. Community welfare can be realized through fulfilling basic needs, one of which is infrastructure development. High-quality infrastructure will be able to contribute to further progress in trade, thus enhancing production efficiency. The objective of this research is to analyze the extent of the influence of central government transfer funds, especially the Natural Resource Revenue Sharing Funds (DBH SDA), on local government investments in infrastructure across 508 districts/cities in Indonesia. The method used is dynamic panel regression using the Generalized Method of Moment (GMM) Arellano-Bond approach. This study finds that the role of DBH SDA is still low in infrastructure spending. The role of the central government remains significant in determining infrastructure spending at the district/city level in Indonesia. This indicates that local governments rely more on other sectors in infrastructure investment. By enhancing the role of DBH SDA through technological advancements, it is hoped that the market value of natural resources can be higher through resource downstreaming. This strategy will have broader impacts, as labor needs can be absorbed not only in raw material production activities but also in the processing technology sector. Furthermore, the utilization of natural resources with modern technology can increase extraction efficiency, support sustainable development, and minimize environmental impacts.


Asunto(s)
Inversiones en Salud , Indonesia , Inversiones en Salud/economía , Humanos , Recursos Naturales , Países en Desarrollo/economía , Conservación de los Recursos Naturales/economía , Conservación de los Recursos Naturales/métodos , Financiación Gubernamental , Gobierno , Gobierno Local
12.
PLoS One ; 19(5): e0301220, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38758823

RESUMEN

This study investigates the relationship between Foreign Direct Investment (FDI) inflows and economic growth at sectoral levels in Bangladesh, employing a panel study framework. Utilizing sectoral-level panel data spanning six sectors from 2007-08 to 2018-19, the analysis is conducted using Panel Vector Error Correction Model (Panel VECM). Results from panel unit root tests confirm that all variables are integrated of order one I (1), indicating stationarity. The Pedroni panel co-integration test further supports the presence of co-integration among the variables. Notably, the Panel VECM reveals evidence of a unidirectional causal relationship from Real Gross Domestic Product (RGDP) to Real Foreign Direct Investment (RFDI) across all six sectors of Bangladesh. The findings underscore the significance of formulating pragmatic policies and implementing them effectively to attract FDI across sectors, thereby contributing to the overall economic growth of Bangladesh.


Asunto(s)
Desarrollo Económico , Inversiones en Salud , Bangladesh , Inversiones en Salud/economía , Humanos , Producto Interno Bruto , Modelos Económicos
13.
PLoS One ; 19(5): e0302121, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38743666

RESUMEN

Effective financial policy minimizes business risk, increases the net present value of the Company's investment programs and increases value for shareholders. However, the impact hasn't yet been examined in the research area. The purpose of this study is to empirically investigate, how corporate governance and balance sheet aspects affect the financial policy of cooperatives in south-western Ethiopia using the PLS-SEM model. Information covering three years from 2020 to 2022 was gathered from 145 cooperatives. The study used corporate governance and balance sheet features as the latent factors that affect the dependent variable cooperative financial policy measured by both short-term debt and long-term debt. Managerial characteristics were used as the control variables. The study discovered that corporate governance has negative and significant effect on the financial policy of cooperatives in southwest Ethiopia. The study also revealed that balance sheet features have significant and positive effect the financial policy of cooperatives in southwest Ethiopia. Additionally, managerial characteristics' have a significant impact on the financial policy and balance sheet features but have no impact on the corporate governance of cooperatives. The study concludes that the financial policy of cooperatives in southwest Ethiopia is significantly influenced by all aspects of corporate governance, balance sheet features, and management characteristics'. The study advises cooperatives to consider managerial characteristics', corporate governance, and balance sheet characteristics while establishing their financial policy.


Asunto(s)
Inversiones en Salud , Etiopía , Humanos , Inversiones en Salud/economía , Administración Financiera
14.
Arerugi ; 73(3): 268-278, 2024.
Artículo en Japonés | MEDLINE | ID: mdl-38749711

RESUMEN

BACKGROUND: In 2022, the "New Capitalism Grand Design and Implementation Plan" was adopted in Japan, emphasizing the promotion and environmental development of startups. Given this context, an investigation into the startup and investment landscape in the allergy sector, both domestically and internationally, becomes imperative. METHODS: We analyzed 156 allergy-related startups from Japan, the US, and Europe from 2010 to 2021. Data on corporate information and investment trends were extracted from databases and VC websites. RESULTS: The total investment reached approximately 7.2 billion USD, with a ratio of 20:6:1 for the US, Europe, and Japan, respectively. The US showed a decline post its peak from 2016-2018, while Europe and Japan experienced growth. Notably, the US primarily invested in biopharmaceuticals for atopic dermatitis and food allergies, Europe in asthma-related apps, and Japan in healthcare apps and cross-border startups. DISCUSSION AND CONCLUSION: While Japan's investment environment in the allergy sector remains in its nascent stages and has room for development, the US and Europe are evidently ahead. Considering the rise of startups and funding limitations in Japan, external funding from regions like the US becomes a potential avenue. These findings are anticipated to contribute to the strategic activation of startups in allergy research and development.


Asunto(s)
Alergia e Inmunología , Humanos , Alergia e Inmunología/economía , Hipersensibilidad/terapia , Hipersensibilidad/inmunología , Japón , Inversiones en Salud , Europa (Continente) , Estados Unidos
15.
PLoS One ; 19(4): e0301141, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38557590

RESUMEN

Recent advances in the field of machine learning have yielded novel research perspectives in behavioural economics and financial markets microstructure studies. In this paper we study the impact of individual trader leaning characteristics on markets using a stock market simulator designed with a multi-agent architecture. Each agent, representing an autonomous investor, trades stocks through reinforcement learning, using a centralized double-auction limit order book. This approach allows us to study the impact of individual trader traits on the whole stock market at the mesoscale in a bottom-up approach. We chose to test three trader trait aspects: agent learning rate increases, herding behaviour and random trading. As hypothesized, we find that larger learning rates significantly increase the number of crashes. We also find that herding behaviour undermines market stability, while random trading tends to preserve it.


Asunto(s)
Inversiones en Salud , Modelos Económicos , Aprendizaje Automático , Fenotipo
16.
PLoS One ; 19(4): e0300217, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38568957

RESUMEN

The objective of this study is to explore the impact of working capital management on firms' financial performance in China's agri-food sector from 2006 to 2021. In addition, we analyze whether this impact is the same during the 2008 financial crisis and the 2020 COVID-19 crisis. Working capital management is measured by working capital investment policy (measured by current assets to total assets ratio), working capital financing policy (measured by current liabilities to total assets ratio), cash conversion cycle, and net working capital ratio. The results reveal that current assets to total assets ratio and net working capital ratio positively influence financial performance measured through return on assets (ROA), while current liabilities to total assets ratio and cash conversion cycle negatively influence ROA. We also find that the relationship between working capital management and financial performance is more affected during COVID-19 than in the 2008 financial crisis. The findings might provide important implications for company managers to make optimal working capital management practices, depending on the economic environment.


Asunto(s)
COVID-19 , Humanos , COVID-19/epidemiología , Inversiones en Salud , Financiación del Capital , Estados Financieros , China/epidemiología
17.
PLoS One ; 19(4): e0298894, 2024.
Artículo en Inglés | MEDLINE | ID: mdl-38598503

RESUMEN

Limited resident's participation in the stock market has become a key constraint to the capital market development. Utilizing the 2019 China Household Financial Survey (CHFS) data, our paper designs probit models to examine the peer effects of residents' stock market participation and explore the intermediary mechanisms with a multiple intermediary model. We find that: (1) Resident involvement in stock market decision-making exhibits significant peer effects. (2) Heterogeneity analysis reveals that males and rural residents display more pronounced peer effects than females and urban residents. Additionally, middle-aged residents demonstrate more potent peer effects than their younger and older counterparts, with the intensity of peer effects correlating with education levels. (3)We observe that the peer effects of market participation operate by altering economic expectations and enhancing residents' financial literacy. (4) Further investigation establishes that individuals engaging in stock market investments manifest peer effects when deciding whether to diversify their stock portfolio. This study holds reference value for analyzing the impact of social interaction on financial behaviors and regulating individuals' financial conduct.


Asunto(s)
Inversiones en Salud , Modelos Económicos , Humanos , Persona de Mediana Edad , Escolaridad , China
18.
Med J Aust ; 220(7): 368-371, 2024 Apr 15.
Artículo en Inglés | MEDLINE | ID: mdl-38566454

RESUMEN

OBJECTIVES: To examine the scale of private equity investment in Australian health care delivery assets (clinics, hospitals, imaging facilities, other doctor-led health care services). STUDY DESIGN, SETTING: Extraction of information about private equity acquisitions of hospitals, clinics, imaging centres and in vitro fertilisation facilities in Australia, 2008-2022, from a commercial database (PitchBook), supplemented by information from publicly available online media sources. MAIN OUTCOME MEASURES: Number and value of private equity acquisitions of health care assets, 2008-2022; numbers of clinic parent company and clinic acquisitions, 2017-2022. RESULTS: A total of 75 private equity acquisitions of health care delivery assets in Australia during 2008-2022 were identified; the annual number rose from three acquisitions in 2008 to eighteen in 2022. During 2008-2010, five of seven acquisitions were of in vitro fertilisation providers; during 2020-2022, 22 of 39 acquisitions were of clinics or clinic groups, including eleven of eighteen in 2022. The total value of the 39 acquisitions for which purchase price could be ascertained (52%) was $24.1 billion. During 2017-2022, the clinic specialty with the greatest number of private equity acquisitions was general practice (256 of 446 clinics purchased within acquisitions). Seven companies owning ophthalmology clinics (24 clinics) were acquired by private equity. Four private equity acquisitions during 2017-2022 included 60 oncology clinics, all related to a single clinic group. CONCLUSIONS: The number of private equity acquisitions of Australian health care delivery assets increased during 2008-2022. Doctors should be aware of the motivations and dynamics of private equity companies, as they are increasingly likely to interact with these firms and assets owned by these firms.


Asunto(s)
Atención a la Salud , Médicos , Humanos , Australia , Inversiones en Salud , Instituciones de Atención Ambulatoria
19.
Med J Aust ; 220(7): 366-367, 2024 Apr 15.
Artículo en Inglés | MEDLINE | ID: mdl-38566618
20.
J Environ Manage ; 357: 120647, 2024 Apr.
Artículo en Inglés | MEDLINE | ID: mdl-38583385

RESUMEN

Subsidy policies are instrumental in driving the development of new energy. However, the effective allocation of new energy subsidies over time is challenging given fiscal constraints. This study addresses this challenge by considering the learning effect associated with the new energy industry. A two-stage dynamic programming model is proposed to capture the investment decision-making process of companies under new energy subsidy policies and government subsidy setups. Theoretical findings suggest that company investment decisions in new energy are influenced by a guiding principle: The subsidy rate should be negatively correlated with the variation rate of production scale increment (VRPSI). We calibrate this investment decision principle using wind power data from 14 countries. According to this principle, excessive subsidy rates may result in a low VRPSI, thereby diminishing future investment profitability in the new energy industry and leading to subsidy inefficiency. Upon investigating the efficiency of annual subsidy allocation, we find that the subsidy rates were potentially set too high in 2014, 2016, and 2017. Furthermore, the government should exercise caution regarding an inefficient subsidy pattern whereby companies invest in new energy only when the subsidy rate exceeds a certain threshold, neglecting traditional power sources. It is crucial to note that although this study uses wind power industry data for calibration and simulation, the theoretical model can be broadly applied to other new energy industries and emerging industries with increasing marginal net profit.


Asunto(s)
Industrias , Viento , Política Pública , Modelos Teóricos , Inversiones en Salud
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