Research On The Influence Of Operating Environment Uncertainty On Renewable Energy Enterprises Investment From The Perspective Of External Financing

The development and utilization of renewable energy plays a positive role in energy saving and emission reduction,and has become an important driving force of low-carbon economy.However,there are investment bottlenecks in the development of renewable energy enterprises,especially in the uncertain external operating environment and limited financing scale.In view of this,this paper intends to explore the influence of operating environment uncertainty and external financing on renewable energy enterprises investment.Specifically: Firstly,the general equilibrium relationship of variables is studied by unit root test,cointegration test and Granger causality test.Fixed-effect panel model is used to study the direct effect of operating environment uncertainty and external financing on renewable energy enterprises investment.Secondly,path analysis model is used to explore the regulating effect of different external financing channels on renewable energy enterprises investment.Thirdly,based on the regression of grouped samples,between enterprises with different financing constraints,different ownership nature and different regions,the different effects of operating environment uncertainty and external financing level on renewable energy enterprises investment are analyzed.The paper draws the following conclusions: Firstly,in the whole sample,high financing-constrained enterprises` and low financing-constrained enterprises` effect coefficient of operating environment uncertainty on renewable energy enterprises investment is-1.0717,-0.9845 and-0.8149 respectively,which means that the restraint of operating environment uncertainty on renewable energy enterprises investment is stronger in enterprises with higher financing constraints,which reflects renewable energy enterprises` rationality of investment in uncertain operating environment,which also shows that the higher degree of financing constraints enlarges the restraint of operating environment uncertainty on renewable energy enterprises investment.Secondly,the improvement of direct financing level and indirect financing level can directly promote investment in renewable energy enterprises with low financing constraints and high financing constraints respectively,and significantly alleviate the restraint of operating environment uncertainty on renewable energy enterprises investment.Thirdly,compared with private renewable energy enterprises,the operating environment uncertainty faced by state-owned enterprises has a stronger inhibitory effect on investment.In addition,the expansion of investment scale of state-owned renewable energy enterprises relies significantly on indirect financing channels with a coefficient of 4.9558,while private enterprises mainly rely on direct financing channels with a coefficient of 1.2588.Fourthly,the operating environment uncertainty of enterprises in Northeast China,East China,North China and Northwest China have significant inhibition on renewable energy enterprises investment.The investment level of renewable energy enterprises in East China is positively correlated with the level of direct financing,while in North China,South China and Northwest China,indirect financing channels are mainly relied on the level of external financing,The level of external financing in other regions has no significant promotion effect on renewable energy enterprises investment.Based on the above conclusions,the paper holds that : renewable energy enterprises should gradually establish sound internal decision mechanism,comprehensive risk supervision and prevention system,and reasonable environment change assessment mechanism to cope with the impact of operating environment uncertainty;the government should pay attention to maintaining the stability and continuity of macro-policies,and build a stable and dynamic business environment according to local conditions;also,the financial institutions should gradually build a multi-level and all-round capital market system,create a fair and reasonable financing environment,strengthen the transformation and upgrading of credit business,and improve the penetration of financial services in order to truly coordinate with the development of green economy.