(b) Discuss the various factors that distort the ability of Competitive markets to achieve efficiency.

The market reform of production factors is an important component of profit sustainable growth. In addition, higher innovation efficiency will increase the input-output ratio and affect sustainable profit growth. Therefore, it is necessary to study the influence of various factor market distortions and innovation efficiencies on sustainable profit growth. In this paper, the factor market distortions and innovation efficiencies are calculated by the Cobb–Douglas (C-D) production function and stochastic frontier analysis (SFA), respectively, and then the generalized method of moments (sys-GMM) method is employed to analyze the panel microdata of China's renewable energy industry from 2010 to 2019. The results yielded three important findings: 1) Factor market distortions can significantly reduce sustainable profit growth. Furthermore, due to various factor market distortions, including capital and labor market distortions, capital market distortions reduce profit sustainable growth more than labor market distortions. 2) Innovation efficiency is significantly positively related to profit sustainable growth. Moreover, low and high innovation efficiency are significantly negatively and positively related to profit sustainable growth, respectively, if they are divided from the perspective of technical efficiency. 3) The moderating effects of low and high innovation efficiency have a significantly negative and positive impact on the association between factor market distortions and profit sustainable growth, respectively. According to the above research conclusions, this paper gives several policy proposals to improve the innovation efficiency and profit sustainable growth of the renewable energy industry.

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