An Empirical Study On The Effects Of Financing Structure Of New Energy Listed Companies On Corporate Performance

A series of achievements of Chinese rapid economic growth has attracted worldwide attention,China is the largest developing country in the world,the rapid development of society and economy,at the same time,The rapid increase in energy demand has led to the shortage of conventional energy sources.Traditional fossil fuels rely heavily on overseas imports.On the other hand,in recent years,haze weather has seriously troubled most cities in China.Serious environmental pollution is closely related to the large number of use of petrochemical energy sources.Therefore,the adjustment of energy structure is imminent.From the perspective of the world,The development and utilization of new energy will expand rapidly in the development of the global energy industry.Chinese investment in developing new energy projects ranks first in the world.Innovation driven behavior has become an important driving force for accelerating the development of new energy industry.The paper based on the strategy that 2017 government work report of the State Council put forward " rely on innovation to promote the transformation and upgrading of old and new energy strategy" as the background,To improve the performance of new energy listed companies and to promote the optimization and upgrading of Chinese energy structure for the purpose.Based on the analysis of financing structure theory,company performance theory,agency cost theory and information asymmetry theory,selected 112 new energy listed companies of Shanghai and Shenzhen A shares in 2008-2016 years as research samples,Using regression analysis and mediating effect analysis,introducing of R&D investment as an intermediary variable,The introduction of R&D investment as an intermediary variable empirically tests the effect of the financing structure of new energy listed companies on company performance.The empirical research results show that: The research results show that the debt financing of new energy listed companies has a negative effect on firm performance;equity balance degree has a positive impact on corporate performance;The higher the asset-liability ratio companies tend to take negative investment strategy;in the equity financing environment,equity balance degree and strength of R&D investment association,equity balance degree value the larger,more popular in the company to take active R&D investment strategy;R&D investment between debt financing and corporate performance did not play an intermediary role;and R&D investment in equity balance and company performance plays an intermediary role and is completely intermediary.Based on the research results,it proposes feasibility proposals for promoting the performance improvement of new energy listed companies: rationally adjust short-term debt ratio;optimize equity financing structure;rationally conduct R&D investment;and strengthen financial risk management and control.Finally,the lack of research and future research prospects are proposed.