Research On Co-evolution Of Financing Ecology And Financing Efficiency Of New Energy Industry In China

After 40 years of reform and opening up,China has become the world’s second largest economic entity,and also one of the largest energy importers and greenhouse gas emitters.The problems of energy shortage and environmental pollution caused by excessive consumption of traditional energy such as coal and petroleum are becoming more and more obvious in China.The pressure of energy security is gradually increasing.Developing new energy industry has become an inevitable choice to solve the contradiction between limited resources and increasing demand in China’s current development.However,as a technology-intensive and capital-intensive emerging industry,the investment of new energy industry needs huge funds,especially in the stage of scientific research and development.Under the current economic environment,achieving higher financing efficiency with limited financial resources supply has become a key issue to promote the new energy industry from capital-intensive growth to quality growth.The current limitation of the research on financing of new energy industry lies in the simple study of financing efficiency evaluation,or the research on financing system from macro perspective,or the discussion of financing methods from the perspective of micro-operation,which has certain one-sidedness and closedness,As a result,The proposed financing efficiency improvement strategy lacks systematic view and anticipation,and cannot fully exert the basic and leading role of the policy.According to the principle of ecology,the development of any biome and its natural environment consisting of its internal and external environment constitutes an ecosystem.The introduction of ecological principles into the economic field has led to research directions such as ecological economics,industrial ecology,corporate ecology and financial ecology,which greatly expanding the frontier and cross-cutting of related research fields.Therefore,this paper innovatively introduces the ecological principle and system theory into the field of financing,and the analysis finds that it is similar to the natural ecosystem,financing efficiency and its financing ecology form a system of interaction and mutual restraint through the exchange of material,energy and information,the degree of co-evolution between them determines the operating efficiency of the financing ecosystem.This paper analyzes collaborative mechanism and empirical test of the new energy industry financing ecosystem intertwined in financing efficiency from the macro,meso and micro perspectives,and then proposes the optimization mechanism of the new energy industry financing ecological under the perspective of financing efficiency coevolution,which providing a new paradigm for the innovative research perspective of financing efficiency and fundamentally solving the financing problems of new energy industries to support the sustainable development of new energy industries.The main research contents and conclusions are as follows:(1)Based on the theory of financing of new energy industry,financing efficiency,financing ecology and synergistic development,the paper concludes that financing ecology of new energy industry is a collection of various elements that can have an important impact on industrial financing,which is composed of industrial environment ecology,industry relationship ecology and enterprise gene ecology.Financing efficiency refers to the ability to integrate funds in a timely manner at the lowest cost and risk and to maximize the benefits by using the funds,including raising efficiency and allocation efficiency,and it refers to the efficiency of the operation of the financing system of the new energy industry from the perspective of financing ecology.The financing ecology affects financing efficiency through financing scale,financing cost,financing structure,financing speed and capital allocation.At the same time,financing efficiency also affects the financing ecology by affecting industrial policies,financial systems,legal culture,ecological displacement and genetic recombination.The above effects lead to the interaction and co-evolution of financing ecology and financing efficiency.(2)Based on the financing status of China’s new energy industry,a two-stage chain DEA model and a generalized SBM model based on panel data are constructed to measure the static and dynamic financing efficiency of China’s new energy industry from 2011 to 2017.It is found that the financing efficiency of China’s new energy industry is generally low and raising efficiency is much lower than the allocation efficiency.After experiencing the disorderly explosive growth and two significant bands,the financing efficiency of the new energy industry shows a trend of slow rise and polarization.In the new energy industry,the financing efficiency of the geothermal energy industry is the highest on average,followed by the biomass energy industry,solar photovoltaic industry,hydropower industry,nuclear power industry and wind power industry,in which the financing efficiency of the solar photovoltaic industry is the most unstable and fluctuating.The advantages of financing efficiency of new energy industry in the eastern region are obvious,but the differences are large.The financing efficiency of new energy industry in the central region is the lowest,while the financing efficiency of new energy industry in the western region is relatively stable.(3)On the basis of analyzing the current status of China’s new energy industry financing ecology,This paper constructs a structural equation model and dynamic GMM model for empirical verification.It is found that the financing sub-ecology at all levels of new energy industry has a positive correlation with financing efficiency,but the economic and financial ecological factors and the industrial support ecological factors of the external industrial environment ecology mainly influence the financing efficiency by influencing the raising efficiency.The factors of corporate governance,internal control,technological capability and human capital quality within enterprise gene ecology mainly affect financing efficiency by affecting allocation efficiency,while the impacts of industry relationship ecology including industry competition and agglomeration factors on raising efficiency and allocation efficiency are(4)By constructing the composite system synergy model to measure the order degree of the financing ecology and financing efficiency of the new energy industry and the synergy degree of the composite system,the results show that there is a synergistic development trend between the financing ecology and financing efficiency of the new energy industry.However,as the new energy industry is in the early stage of development,the overall system of financing ecology and financing efficiency is less synergistic and the difference of composite system synergy in industry and region is obvious.Among them,the composite system of geothermal energy industry has the highest degree of synergy,and the composite of wind power industry has the lowest degree of synergy,and the coordination degree of the composite system in the biomass energy industry fluctuates greatly.From 2011 to 2013,the synergy degree of the composite system in the western region was the highest,which was surpassed by the eastern region from2014 to 2017,and the synergy degree of the composite system in the central region was the lowest.By constructing a logistic model to qualitatively and quantitatively analyze the phylogenetic process of the financing ecology and financing efficiency of the new energy industry,it is found that the evolution between the two systems has entered the growth stage,but the efficient co-evolutionary development has not yet been achieved.The ecological synergy effect of new energy industrial financing efficiency still has great space to lift.Therefore,the ecological synergy effect of financing efficiency should be improved by optimizing the financing ecology of new energy industry.The specific countermeasures are as follows: we should improve the quality and efficiency of economic growth,build a diversified financing path for new energy industry,perfect the socialist legal system with Chinese characteristics,enhance the excellent cultural identity of the whole society,strengthen the macro-guidance of industrial policy,and construct a moderately reasonable support system for new energy industry to carry out macro-control reform of industrial environment ecology.By giving full play to the role of resource allocation in the market,promoting healthy competition in the new energy industry,dynamically adjusting the industrial agglomeration strategy,and improving the level of new energy industry agglomeration,the ecological coordination and improvement of industry relations are implemented.By strengthening the corporate governance capabilities,the role of corporate governance mechanisms will be effectively brought into effect,perfecting the internal control system,improving the effects of internal control implementation and the efficiency of technology and human capital,molding ecological advantages of production and management to enhance the utility of enterprise gene ecology.In addition,due to the industry and regional differences in the financing efficiency of the new energy industry and the degree of influence of the financing ecology on it,it is necessary to implement more precise optimization strategies for the leading financing ecological factors affecting financing efficiency in combination with industry and regional perspectives.