An Empirical Study On The Financing Efficiency Of China's New Energy Industry

Energy and environment problems are important problems and challenges faced by countries all over the world.Since twenty-first century,with the continuous growth of global energy consumption and the increasing concentration of reserves distribution,the competition of the global energy market is becoming increasingly fierce.The environmental problems caused by the excessive consumption of traditional conventional fossil energy are becoming more and more serious.In the context,the world energy pattern has been deeply adjusted,and the new energy revolution led by new energy is booming.According to the International Energy Agency,by 2035,new energy will become the second major source of global energy supply.Therefore,all countries in the world are focusing on the new energy industry to seize the commanding heights of future energy development.In 2010,the State Council included the new energy industry as a strategic emerging industry in the state's key development.It attaches great importance to the development of the new energy industry from the national strategy,and the development of the new energy industry needs a high degree of integration of financial support,high-tech technology and advanced management.Compared with the developed countries in Europe and America,China's new energy industry enterprises are mostly in the initial stage,and the risk is high,the income is low and the scale is small.The new energy industry itself also belongs to the technology and capital intensive type,the initial investment is large and the investment return period is long.At present,the bank credit and the financial subsidy are difficult to meet the capital demand of the new energy industry,but the domestic financial market is not perfect,so the new energy industry financing problem has become the focus of the scholars' research.Based on this,this paper regards the financing status and efficiency of new energy industry as the core issue.Based on the definition of the new energy industry related concepts,the theory of enterprise financing and the theory of financing efficiency,this paper first explores the development status and financing status of the new energy industry in China and summarizes the macro and enterprise micro factors that affect its financing efficiency.Then considering the influence of environmental variables,the four stage DEA model and the Malmquist index method are used to make a static and dynamic empirical analysis on the listed companies of 55 new energy industries in 2013-2016 years.In order to further analyze the characteristics of the financing efficiency of the new energy industry,from the perspective of comparative analysis,this paper selects the difference in financing efficiency of the most large-scale wind power industry and solar photovoltaic industry in the new energy industry.Finally,based on the empirical research results and the current situation analysis,the paper puts forward the countermeasures and suggestions to improve the financing efficiency of the new energy industry from the two aspects of the enterprise itself and the outside.