The Study On Financing Efficiency Of Listed Companies In China’s New Energy Industry

Energy as an important strategic resource is not only a fundamental driving forcefor national economic development, but also to support the sustainable developmentof the global economy. But the over-exploitation and use of conventional oil and coalenergy but also created an increasingly prominent environmental and climate issues.Various countries around the world are looking for a way to resolve the contradictoryrelationship between energy needs and environmental protection, in this context, thedevelopment of new energy is concerned and flourished.New energy companies because of the industry characteristics, is a capital-intensiveindustry, need huge amounts of money in the development and construction phase.However, the new energy companies want to get leaps and bounds, relying only ontheir own funds and the support of state are not enough, they also need to raiseexternal funds. Except for a few more mature technology and rely on traditionalenergy companies develop new energy enterprises, most of the new energy enterprisesdue to technical conditions are not ripe, the market share is small, still in its initialstage of development, compared to other companies, financing harder. Faced with thegrim status of financing, financing efficiency of new energy enterprises determinesthe healthy and orderly development of new energy enterprises and whether it canachieve large-scale operationsThis article put the new energy listed companies as the research object that are themost advantage and can represent the whole new energy level, First, combing theresearch achievements of financing efficiency to determine the meaning andcomposition of financing efficiency; Second, combing the features of the listedcompanies in new energy industry and the financing efficiency theory, analysis thestatus of financing efficiency of the listed companies in new energy industry; Third,construct the financing efficiency evaluation system for the listed companies in newenergy industry, select54new energy listed companies in Shanghai and Shenzhen Ashares in2013as financial data samples, from the fundraising efficiency, the serviceefficiency of funds, and the financing risk descriptive statistics, and use entropymethod to analyze the data. Fourth, summarizes the conclusions of this study: thefinancing efficiency of China’s new energy listed companies is generally low, andprovides countermeasures and suggestions to improve China’s new energy financingefficiency of listed companies.