Financing Impact Factors And Path Of China’s New Energy Industry

Because of fossil fuel’s non-renewable, shortage of resources and the supply crisisare easy to happen. This makes economic progress risky. Development and use of wind,solar, bio-energy and other new energy find a good compromising point between thecoordination of economic growth and environmental protection, and the new energyhas become an important driving force for the development of production. Thedevelopment of new energy industry needs invest of funds. From the point of newenergy industry financing, the paper discusses the main influence factors, and on thisbasis, combined with the industry life cycle theory, design China’s new energy industryfinancing paths of different life cycle, thereby promoting health start of the new energyindustry.To investigate the affecting factors, we extracted from the Macro, Meso and Microlevel influence factors, and study the empirical from the following two aspects. First,the macro empirical analysis, we referred to the system of domestic and internationaleconomic and social indicators, using gray correlation analysis to analyze the samplewhich represents China’s new energy industry financing indicators and China’s GDPgrowth rate of industrial added value growth, CPI rate of change, financing costs, thefinancial sector index increased macroeconomic data, finally, we got the result thatmacroeconomic financing for new energy industry has significant influence; The otherpart is Meso and Micro-level empirical analysis. We use the principal componentanalysis to cluster financing indicators, divided into industrial policy, enterprise size,growth, profitability, solvency and operating capacity of six components. Panel data bymultiple regression analysis found that industrial policy, profitability, solvency andoperational capabilities has significant corporate finance degree of influence, and thecorresponding impact factor.Based on the industry life cycle theory, we analyze different financing needs of thenew energy industry life cycle, and combined with the results of empirical analysis.Summarizing the risk factors for the different life-cycle of new energy industryfinancing, get the different financing path of life cycle. In order to demonstrate thefeasibility of the path, take China’s wind energy industry as an example. Analyzing itsfinancing needs, financing risk factors and conclude that China’s wind energy industryis currently drawn at its embryonic stage to the growth stage. China wind energyindustry based on the scale of business, it can accept the International Energy projects,financial subsidy policy, investment funds, financial leasing and bank trust financial products and financing.