The Research On The Correlation Between The Financing Structure And Corporate Value Of Listed Companies In The New Energy Industry

Since 2009 Copenhagen Climate Conference ended, the people of each country is a matter of concern not only for economic development, environmental issues have also become the various government attention. The new energy industry has been referred to the angle of each country’s strategic development, it has the development of a promising future. New energy industry came into being developed, but the new energy companies as an emerging strategic industries, it lack of its own management experience in the import of enterprise, so learning the relationship between financing structure and enterprise value in the new energy industry. From the perspective of the financing structure, to promote the steady development of new energy industries, optimizing capital structure, strengthen corporate governance, enabling businesses to maximize the value of new energy companies. This article selected the new energy industry companies as research subjects.To study how to use the optimal capital structure to promote new energy companies to maximize the value,we study correlation between capital structure of the enterprise value as a starting point.The research uses methods of theoretical analysis and empirical research.First, the text reviews some literature about the correlation between capital structure and corporate values in china and abroad, the text introduce the theory about the correlation between capital structure and the corporate value. This includes the theory of business valuation and the theory how capital structure affects corporate value.Then,through the descriptive data analysis from 2010 to 2012, we understand the status of the financing structure of China’s listed companies as well as new energy development of enterprises, profitability from the macro-level. From the empirical analysis of the relationship between the Tobin’s Q and asset-liability ratio, ownership concentration and bank borrowing rate, we obtain empirical results. Finally, through the analysis of the current status of financing structure of China’s new energy industry and learning successful means of financing new energy enterprises from European and American countries, we make constructive policy recommendations for future financing of China’s new energy industry.