| The tightening of resource constraints and the serious increase of environmental pollution have become two major international problems since the 21 st century.The road to energy transformation of clean energy other than traditional fossil energy is imminent.The new energy industry has high potential for low carbon,environmental protection and development.Great advantages have become a key node for sustainable energy development and addressing environmental pollution problems.Countries around the world have accelerated the development of new energy industries to seize the opportunities of the future energy revolution.In 2010,China listed the new energy industry as one of the seven strategic emerging industries,and successively introduced a number of preferential policies to encourage the development of new energy industries.However,China’s new energy started late,and because of its huge amount of funds,The investment return cycle is long and the risk is high.The whole society has a cautious and wait-and-see attitude towards investing in new energy industries.It is difficult to meet the funds needed for the development of the new energy industry by relying solely on bank credit and policy subsidies.The financing difficulties of the new energy industry are still outstanding.Under such a background,this paper studies the financing efficiency of the new energy industry and its influencing factors,which helps to solve the problem of financing difficulties in China’s new energy industry,and promotes the rapid development of the new energy industry.Through literature research,qualitative analysis and empirical analysis,this paper systematically studies China’s new energy industry with financing efficiency as the entry point.First,define the new energy industry,sum up the relevant theories of financing and financing efficiency;secondly,analyze the financing status of China’s new energy industry,and find that China’s new energy industry financing has its own system is imperfect,the financing channel is single,the country The support policy is not systematic and so on.Third,the empirical analysis link selects 82 enterprises in the four sub-sectors of wind power,nuclear power,solar power and biomass power generation in the new energy industry as samples,and uses the DEA-Malmquist model to measure the new energy enterprises.Financing efficiency,and static and dynamic comparative analysis of financing efficiency by industry and sub-regions,the study found that the overall financing efficiency of China’s new energy industry has not been fully effective,and there are problems in the sub-industry and regional development imbalance;Fourth,According to the previous measurement of financing efficiency and its macro and micro influencing factors,the panel Tobit model is constructed to empirically analyze the factors affecting the financing efficiency of the new energy industry.Finally,based on the above theoretical and empirical analysis results,this paper proposes measures to improve the financing efficiency of the new energy industry from three aspects: government support,financing channels and enterprises themselves,including improving the new energy industry policy support system and enriching the financing methods of new energy industries.Improve the operation and management mechanism of the enterprise.The research on financing efficiency of new energy industry aims to analyze the problems existing in the financing of new energy industry in China and its influencing factors,put forward suggestions for improving the financing efficiency of China’s new energy industry,and promote the healthy and rapid development of China’s new energy industry,thus realizing China.Economic green and sustainable development. |
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