Mechanism analysis of the influence of oil price uncertainty on strategic investment of renewable energy enterprises
用系统GMM方法实证分析油价不确定性如何通过市场预期、风险传导等机制影响中国可再生能源企业的战略投资，对企业和政府决策者有参考价值。
Abstract This paper empirically explores the impact of oil price uncertainty on the strategic investment of China's renewable energy enterprises from the perspective of certain substitution relationships between renewable energy enterprises and traditional energy enterprises by using the systematic GMM method. In addition, we propose three specific influence mechanisms for the renewable energy industry. The results of our mechanism analysis show that the uncertainty of oil price will increase the market's expectation of renewable energy enterprises and thus stimulate their investment. While the uncertainty of oil price will restrain the investment expenditure of renewable energy enterprises through risk transmission. The scale of enterprises will affect the above two influencing mechanisms. However, the uncertainty of oil price can hardly influence the strategic investment decision through the stimulation of the renewable energy industry by the consumer market. Our results are helpful to the strategy makers of renewable energy enterprises and the macro policy‐makers of the government.