The Research On Financial Support Efficiency And Its Influencing Factors Of New Energy Industry In China

In recent years,with the scarcity of traditional energy resources and environmental issues increasingly prominent,environmental protection and renewable energy as the characteristics of the positive effects of the new field gradually reflected.In twenty-first Century the outbreak of the financial crisis in the United States owing to the industrial chain transmission had a far-reaching impact on the world industrial structure,which made the main countries in the world to re-examine the relationship between virtual economy and real estate.Therefore,global industrial development has entered a period of strategic adjustment,consistent with the development of emerging industries as the driving force for future economic development.During 13th Five-Year,the green economy will become the new norm under the new strategic choice,expecting that the new energy industry in China will enter a new round of development opportunities.In this sense,financial institutions need to focus on industrial demand,innovative financial supply,service for the new development of new energy industry.Because of the limited financial resources,the key to strengthen financial support is to improve the efficiency of financial support,and to clarify the factors that affect the efficiency of financial support is the premise of the rational allocation of financial resources.Therefore,it is of great practical significance for the development of new energy industry and financial industry to study whether the financial support of the new energy industry is in an effective state,and to evaluate the factors that affect the financial support efficiency.In view of this,on the basis of existing research,firstly,the concept of new energy industry,financial support and financial support efficiency were defined,and then separately from the development of new energy industry financial support theory,financial support mechanism and the different stages of the financial support is expounded,in order to introduce the financial capital why and how and how to support the development of new energy industry,provides the theoretical basis for this study.Then,the development of new energy industry in China and the reality of the development of new energy industry financial support in China is discussed,and the influence of two factors from the macro and micro level of China’s new energy industry financial support efficiency,which lays the practical significance of this paper.On the basis of qualitative analysis,this paper selects 65 new energy industry listed companies from 2008 to 2016 as the research object,for efficiency and influencing factors of the financial support of China’s new energy industry and the application of DEA-Tobit two phase quantitative analysis method.The first stage performs DEA efficiency evaluation,selecting the proportion of circulating shares,asset-liability ratio and government subsidies as input variables,the net asset yield,net profit growth rate and net profit growth rate as output variables to conduct an overall evaluation of the efficiency of financial support level,by DEA-BCC model and DEA-Malmquist model from static and dynamic two angles.The second stage uses Tobit model for regression analysis,on the comprehensive efficiency of listed companies of the new energy industry as explanatory variables,selecting the macroeconomic indicators that reflect the current situation of economic behavior at home and abroad,the financial market operation and policy support,and the micro indicators that reflect the scale of the enterprise,the management ability,the ownership structure and the financing mode as explanatory variables for regression analysis,inquiry interpretation variables influencing the efficiency of financial support for the development of new energy industry degree and direction.Finally,based on the results of qualitative analysis and quantitative analysis,put forward relevant countermeasures to improve China’s new energy industry financial support efficiency,so as to promote China’s national economy and fast development of the economy in the new normal.