Research On The Influencing Factors Of Financial Leverage In The New Energy Listed Companies

As the energy crisis approaches, new energy has become one of the main energy in the world, people have paid more and more attention to the development and utilization of new energy. The vigorous development of new energy industry market also provides new energy plate of listed companies with unlimited space for development. On September 8,2010, the State Council executive meeting decided to accelerate the energy conservation and environmental protection, a new generation of information technology, biology, high-end equipment manufacturing, new energy, new materials and new energy vehicles in seven industries. Along with the speeding up of informatization, globalization, high-tech, increasing market competition, enterprise’s management environment is becoming more and more complex. Decision makers of the companies have begun to use the lever principle to manage risk and obtain profits in the process of management buyouts and mergers and acquisitions. It’s also very common using the lever principle to carry on the capital operation. Rational use of financial leverage to increase profits, optimize capital structure and control the financial risk is the goal of enterprise financial management, thus, the application of financial leverage to study the situation of new energy listed companies in China, has the theory and the practical significance for the development and perfection of the capital market.The author evaluates the reasonable range in financial leverage of the new energy enterprise from quantitative angle, which is not only conducive to enterprise managers for using the financial leverage in risk management, and obtaining more income, but also conducive to the management layer and investors being more thoroughly and concretly understanding the situation of the production and the operation, and provides decision-making ideas for better development of the enterprises.Based on this, this paper is on the basis of the characteristics of the new energy industry, the relevant data between 2009 and 2013 in Shanghai and Shenzhen two cities continuously listed for more than five years of the new energy listed companies to be disclosed in the annual financial report as the research object. Through to the sorting and the analysis of these data, the dependent variables and the in dependent variables are further defined in this paper, and build the multiple linear regression model. Based on this, the author has carried on the descriptive statistical analysis of the overall financial leverage of new energy listed companies, measured the overall level of new energy listed companies’financial leverage; the financial leverage and the financial leverage coefficient are classified, financial leverage level under different level on EBIT margin, net assets yield and other indicators of descriptive statistical analysis, summary, classification of new energy listed companies financial leverage application. In the descriptive statistical analysis after the completion of this paper, the writer has conducted a Pearson correlation analysis, and the research data is in satisfying with the linear regression conditions, the next step of new energy listed companies financial leverage effect of multiple linear regression analysis on the factors will keep on. After completion of the multiple linear regression analysis, the author has carried on the robustness test, further confirmed that the multivariate linear regression analysis conclusion, the new energy of the listed companies’financial leverage and the degree of financial leverage ratio and the companies’ size, growth, asset structure were positively correlated, and profitability show a non positive correlation relationship.