Research On Investment Efficiency Of New Energy Industry Listed Companies And Its Influencing Factors

With the rapid development of Chinese economy, the energy consumption has increased dramatically, so the traditional energy has been difficult to meet the needs of the development of the national economy. In this context, the new energy industry plays an important role in improving the structure of energy consumption in China. In recent years, the investment boom has injected a whiff of evolutive vigor into the new energy industry; nevertheless, it has brought the problems of low-level expansion and overcapacity, which makes the capital investment and income difficult to match, as well as the investment utility is badly in need of improvement. The new energy listing corporation plays a leading role in general industry,whose investment efficiency is particularly worthy of attention for external investors and internal management authorities.On the basis of defining the concepts of new energy industry listing corporation and its investment efficiency, the passage analyses current situation of new energy listing corporation investment from its scale, mode, access to channels, and other aspects. First of all, based on the above research and industry characteristics, the targeted evaluation index system of investment efficiency is established. Secondly, from the static and dynamic two dimensional perspectives, with SE-SBM and Malmquist, the passage measures the investment efficiency of Chinese 53 new energy industry listing corporations from 2010 to 2014, and furthermore,analyses their present situation of investment efficiency and changing trend. What’s more,from three angles of corporate governance, investment and financing decision-making,research and development, using the theories of principal-agent conflict, asymmetry of information, with preliminary analysis, it concludes that there are 15 factors that influence the investment efficiency of new energy listing Corporations. Last but not least, we takeadvantage of Eviews 8 software for these factors to make the construction of Tobit measurement model. After several corrections, we conclude 9 factors that have an important influence on the investment efficiency of listing Corporation in the new energy industry, and at the same time, combine with the industrial characteristics to explain the affecting mechanism of factors. At last, according to the results of the study, the feasible suggestions are put forward.According to the study, the conclusions are listed as follows. On the one hand, at present,48% of the new energy industry listing corporation has non DEA effective investment, which doesn’t show the optimal allocation of investment. Among non DEA effective investment listing corporation, working capital, fixed assets and intangible assets are highly redundant.What’s worst, under the process of the dynamic change, the technical efficiency index of most listing corporation has not played a key role in the change of total factor productivity. On the other hand, the eight factors such as INDR, proportion of managerial ownership, DEBT, R &D intensity and so on, play a positive impact on investment efficiency of listing Corporation in new energy industry; while cash holdings plays an negative influence on it. Meanwhile,based on the research, the passage points out the improvement direction of investment redundancy as well as putting forward some targeted suggestions for new energy listing corporation from the perspectives of corporate governance, investment and financing decisions, as well as research and development.