Research On The Investment Efficiency And Its Influencing Factors Of Photovoltaic Industry Listed Companies In China

As a strategic emerging industry in China, the development of photovoltaic industry is related to the process in transformation of the mode of economic growth and the achievement of beautiful China. With the continuous development of photovoltaic industry,there are more and more listed companies. The industry competition is increasingly fierce too. Photovoltaic companies are facing ever-changing market demand and macro-policy environment. It is very necessary to improve their value. Whether the company’s investment behavior is effective will determine the effective value of the company’s ability to maximize. But, there is a common phenomenon that the investment efficiency is not high, which seriously hampered the healthy and sustainable development of PV companies.So measuring the investment efficiency of the listed photovoltaic companies accurately and finding its influence factors are important to the long-term healthy development of photovoltaic industry.Firstly, based on the research literature about photovoltaic industry and investment efficiency at home and abroad for carding, it finds that the current literature about the investment efficiency of PV companies is less. Most scholars have not conducted in-depth study on the factors that affect the efficiency of investment. Secondly, this article researches on the investment situation of photovoltaic industry qualitatively and quantitatively, which shows that the investment level of PV listed companies is on the decline. Again, using DEA method to measure the investment efficiency of the 29 photovoltaic listed companies, the results show that the numbers of companies to achieving effect in comprehensive investment efficiency present the downward trend after rising first;to achieving effect in pure technical efficiency is on the rise; to achieving effect in scale efficiency is on the decline. Malmquist index analysis of dynamic evaluation shows that the overall investment efficiency progresses relatively of photovoltaic industry listed company in China, which having a good development trend. Once again, by assuming the possible influencing factors of photovoltaic listed companies, and using Tobit model to empirical analysis, it concludes that the investment efficiency of listed companies has positive correlation of different levels with the proportion of the largest shareholder,long-term debt ratio, return on equity, main business revenue growth, and negative correlation with the company scale. Finally, this article puts forward the followingproposals to improve investment efficiency in combination with the practical situation of photovoltaic industry in our country: increasing the proportion of the largest shareholder,paying attention on improving the level of long-term debt, enhancing management capacity at all aspects, planning the scale of development reasonably.