Research On Financing Efficiency And Its Factors Of New Energy Industry In Our Country

Under the background of the development of the fact that the oil and coal of the non-renewable traditional energy sources are gradually decreasing and the environmental pollution's getting worse and worse increasingly,national support has been given to the new energy industry,the development of the new energy industry has aroused the attention of many industry experts,scholars and practitioners,solar and wind power industry,in particular,become the two pillars of the new energy industry.The solar and wind power industry as the representative of new energy industry are highly dependent on production technology and capital investment,the two industries have the characteristics of higher risk investment and longer return period,and a lack of long-term investors to participate in.At present,although our country has built a multilevel capital market system,due to the imperfection of the related legal system,as well as for a wide variety of investment risk of new energy industry,leading to higher financing costs and less financing way in new energy industry,in such a background,the research on the financing efficiency of listed companies in our country and its influencing factors,proposing the corresponding improvement Suggestions of the new energy industry,which could be of great significance on the better development of new energy industry in China.The research of the paper is based on the sample of 31 listed companies of the new energy industry in China in 2011-2015,these company belongs to the two pillar industries of new energy industry,solar and wind power industry.This paper refers to the previous research results,building the evaluation index system of financing efficiency,using DEA model to study the financing efficiency of the listed companies of new energy industry in our country,first of all,by the use of CCR-DEA model,working out the technical efficiency value of the sample companies,then using the BCC-DEA model to work out the pure technical efficiency value of the sample companies,the paper makes static and dynamic analysis of the financing efficiency of solar and wind power industry on the comprehensive efficiency value,pure technical efficiency value and scale efficiency value,the study found that between 2011 and2015,the average value of integrated financing efficiency of photovoltaic industry and the average value of pure technical efficiency both are higher than that of the wind industry,and the average value of scale efficiency in solar and wind power industry are considerably high,which indicates that the size of that two industries are near the optimal production scale,in order to enhance the efficiency of the overall financing,new energy industry needs to start to improve from two aspects of production technology and management ability.Finally,from the perspective of macro and micro level,the paper analyzes the main factors influencing the sample companies' financing efficiency,then consider these factors as explanatory variables of Tobit model,the technical efficiency values calculated by DEA model as the explained variable,carries on the regression analysis using Tobit model,found that macro economic growth rate and the financing efficiency value of the sample companies are negatively related;the operating ability index——total assets turnover,profitability index——net income and main business growth rate are positively correlated with its financing efficiency value;The cost indicators are negatively related with its financing efficiency value;The rate of assets and liabilities of sample companies are negatively related with its financing efficiency value.There are more than one influence factors of the financing efficiency of listed companies of the new energy industry in our country,the financing efficiency of different companies will be influenced by different factors,improving the efficiency of financing should be combined with the specific situation analysis of the company.In view of this,our country should accord to the reality problem,enlarge the financing channels of the new energy industry,diversifying the ways of financing innovation;At the same time,the new energy industry should further strengthen production technology ability,improving the efficiency of the financing use,the development of new energy industry needs common efforts from the country,the industry and companies to break through the bottleneck of the industry technology,realizing dreams of China's powerful new energy industry.