Research On The Influence Of Financing Ecology On Financing Constraints Of New Energy Enterprises

The traditional energy-oriented economic development model is easy to cause unreasonable resource structure,ecological construction imbalance and other issues,and will become an obstacle to further economic development.As a breakthrough and effective alternative in traditional energy,new energy can fully meet the requirements of economic development and social ecological construction,and has become the focus of development and cultivation for all countries.As the largest consumer of energy in the world,China has placed new energy industry at the strategic height in the context of the new normal.Certainly,the development of an industry is always based on micro enterprises,and the key element and lifeblood of an enterprise's growth is funding.At present,new energy enterprises are generally facing the financing constraints.This thesis aims to explore how to alleviate the financing constraints of new energy enterprises in the perspective of financing ecology.Firstly,the development and evolution of correlation theories at home and abroad are reviewed,then the concept of financing ecology is put forward based on the combination of the theory of ecological economics,enterprise ecology and financial management,and its ecological factors are analyzed concretely.Secondly,the development status,the characteristics of capital demand and the current financing situations of new energy enterprises are analyzed,and the specific effect mechanisms of different ecological factors on financing constraint of new energy enterprises are discussed from the macro and micro level.Furthermore,the evaluation conditions and factor variables of financing ecology of new energy enterprises are extended from macroscopic to microcosmic logic thinking,and an improved full permutation polygon synthesis index method is used to measure financing ecology based on the data of112 Chinese A-share new energy listed companies from 2011 to 2016.Finally,the measurement model of financing constraints is expanded,the influences of external and internal financing ecology on financing constraints of new energy enterprises are examined from the perspective of cash-cash flow sensitivity,and the substitution effect between external and internal financing ecology is further verified.The study shows that good external and internal financing ecology can effectively alleviate the financing constraints of new energy enterprises and their roles are substitutional.Accordingly,the suggestion on macro policy and micro enterprise strategy is to establish the idea of ecological capital allocation,take the financing ecology as link point and promote the support utility of exogenous financing environment and synergistic adaptability of endogenous financing conditions,so as to promote the healthy and sustainable development of new energy enterprises.