Research On The Impact Of Social Capital Of Photovoltaic Listed Companies On Debt Financing

Prime Minister Li Keqiang in the 2016 government work report clearly pointed out that new energy industry should be cultivated as an important pillar industry in China.Due to photovoltaic industry as the main force of new energy industry,and it is supported and developed by Chinese government.However,China's photovoltaic industry suffered from Europe and America's “double reverse”investigation in 2011,and get in an unprecedented predicament.In order to get out of the trouble and restore the development,photovoltaic industry need to get a lot of financial support.Through research and analysis,debt financing is the main way of financing in our photovoltaic industry.From the term structure and type structure,short-term debt financing and commercial credit financing has a big proportion.In the past,the research on debt financing is based on the formal system.However,taking into account the fact that China is a "human" society,this paper studies the impact of social capital on the overall debt financing,short-term debt financing and commercial credit financing of photovoltaic listed companies in China.This paper describes the theory of corporate social capital and debt financing,and analyzes the actual financing situation of photovoltaic industry in China after the“double reverse”investigation.Then select the 48 photovoltaic listed companies for A shares as a research sample from 2013 to 2015 data.Through principal component analysis,descriptive analysis,correlation analysis,regression analysis and robustness test further study on the impact of corporate social capital on debt overall financing,term and type structure.Drawing the following conclusions:Photovoltaic listed companies' social capital is conducive to debt financing,short-term debt financing,and commercial credit financing.Finally,based on the empirical results,the paper puts forward some suggestions and it provides a new way for China's photovoltaic industry financing.