LAUSR

Abstract The new energy industry includes the research, exploitation, and production of new energies. It is an important basis for measuring the level of high-tech development in a country and region. In China, the development of new energy industry faces many problems such as technology, market and industrial coordination. It is believed that the research in the background of China, the world’s largest developing country, can be representative of other developing countries. To estimate the development status of China’s new energy industry, especially the efficiency in commodity and financial markets, this paper proposes the sealed and lagged double-market network model and the open and lagged double-market network model to evaluate new energy enterprises in the two markets and their stability when considering external environment. Based on the empirical investigations, we find that: (1) The listed new energy enterprises in China grew stably between 2012 and 2017. (2) The carbon emission decrement may lead the development of these new energy enterprises. (3) The stable enterprises perform better than the unstable enterprises. (4) Pure-play enterprises perform better than multi-business ones. The enterprises located in the developed areas performed better than the individuals located in the less-developed areas, and the emerging enterprises are more efficient than the mature enterprises. According to the above findings, this paper provides useful information for the new energy managers and the government to improve the development of this industry. The results also enable investors to select well-performing and stable enterprises and deal with the uncertainties in the financial market.