Research On Debt Financing Efficiency Of New Energy Power Enterprises

It is of great strategic significance to study the factors that affect the rapid and steady development of the new energy industry,to ensure energy security,to deal with climate change,improve the ecological environment and promote economic development.This paper analyzes the financing situation of China's new energy enterprises,studies its financing efficiency and explores its constraints to promote the development of China's new energy industry and energy structure transformation.It has important theoretical value and practical significance.Based on the analysis of current financing situations of China's new energy power enterprises,this paper introduces the topic.Then through overview theory system of the capital structure and financing options,the paper explains the importance of the new energy power enterprise debt financing and efficiency evaluation.Finally,based on two-phase DEA(Data Envelopment Analysis)model,the paper evaluates the efficiency of debt financing of new energy power enterprises.The main innovation of this paper is the establishment of debt financing efficiency evaluation model.Based on previous researches,this paper argues that the enterprise's debt financing behavior can be divided into financing phase and fund using phase.The efficiency in financing phase is about to raise a certain quantity of fund with the lowest cost.And the efficiency in fund using phase is about to obtain max production by using min investment.Then through the improved two stage DEA model,this paper constructs debt financing efficiency evaluation model.The evaluation process ensures the scientific,objectivity and accuracy in the index design,sample selection and data processing.In particular,the introduction of the control group analysis makes the analysis and conclusions more scientific and reasonable.And the conclusions include: the low efficiency in the financing phase mainly contributes the low debt financing efficiency of listed new energy power companies.That is,the balance between debt financing risk and debt financing cost is the key to optimize the efficiency of debt financing.By comparing with the control group,the debt financing efficiency of the upstream enterprises is higher than that of the downstream enterprises.And debt financing efficiency is greatly affected by the enterprise scale and duration.Through the comparative analysis of debt financing efficiency of new energy sub-industry enterprises,this paper found that the macro-economic situation and policy changes on the new energy business caused by the huge direct influence.Although the new energy power enterprises in China has actively developed financing mode,such as financial leasing,financial leasing,issuance of bonds and etc.But the current situation of their financing mode still exposes some characteristics what include the single way of financing,simple financing structure and weaknesses in resisting risks.As a result,enterprises should actively strengthen the ability of financial management especially liquidity management,to control the ratio between short-term operating capital and long-term capital,and to resist potential risks by making risk prevention measures.Finally,the limitation of this paper and subsequent developments are discussed.Because of the limit of the author's research level,this paper has a lot of shortages in the design of study subject and method.It is possible in the future to expand the scope of the study and optimize model system and deepen the subject.