Research On Financing Efficiency Of New Energy Automobile Industry In China

Nowadays,with the decrease of fossil energy reserves and the prominent environmental problems,the new energy automobile industry has attracted wide attention as a new high-tech industry which is conducive to solving the energy and environmental problems.Because of the characteristics of large investment,high risk and long return cycle,the financing of new energy automobile enterprises is more noteworthy than that of traditional industries.The financing cost of new energy automobile industry and the income of capital utilization are related to the development prospects of this industry.Studying the financing efficiency and influencing factors of the new energy automobile industry is conducive to making better suggestions for effectively improving the financing situation and capital utilization efficiency of the industry.Firstly,this paper combs the relevant literature about financing mode selection and financing efficiency evaluation at home and abroad,looking for the research entry point.After defining the related concepts of new energy automobile and financing efficiency,empirical research is carried out in the core part of this paper,using the data of 47 listed companies in Shanghai and Shenzhen Stock Exchanges from 2014 to 2017,focusing on the following two issues:how is the financing efficiency of China’s new energy automobile industry,and what are the influencing factors of financing efficiency?For the first problem,this paper constructs two DEA models,chooses reasonable input-output indicators to measure the financing efficiency level of 47 companies in 2014-2017,and carries on the analysis from the time vertical,the industry chain horizontal and space perspect.The results show that the majority of enterprises have not achieved the full and effective financing efficiency,and there are differences in the financing efficiency of each link of the industry chain.The level and change of financing efficiency in different provinces,cities and economic belts also have their own characteristics.For the second problem,this paper constructs a Tobit regression model based on panel data.Based on the results of regression analysis,the influencing factors of financing efficiency are analyzed.The results show that the size,operating capacity,profitability,cost and capital structure of enterprises have significant impact on financing efficiency.Finally,the conclusion of the study is summarized,and from both macro and micro perspectives,the countermeasures and suggestions are put forward to improve the systematicness and pertinence of industrial support policies,improve the construction of multi-level financial markets,focus on the promotion of independent innovation ability,and broaden the channels of industrial financing.