**4. Empirical Analysis**

#### *4.1. Data Source*

The data for 91 renewable energy businesses were chosen for this study. The China Statistical Yearbook and the RESSET database provided data for *ER* (*ERA*, *ERB*, and *ERC*), while the CSMAR database provided data for *RE* and the WIND database provided data for *SG*. The CSMAR database was used to obtain data for the control variables. Interpolation was employed to supplement the data due to a lack of data for particular *REs*. All data were tested for stability to determine that they are stationary.
