Research On The Financing Efficiency And Influencing Factors Of New Energy Vehicle Listed Enterprises In China

The new energy vehicle industry is an important link between traditional manufacturing industry and scientific innovation industry.More importantly,it has dual functions on industrial econmy development and environment protection.As one of China's seven strategic emerging industries,it is also an important industry that the government supports and develops at this stage.The new energy vehicle industry has been included in "Made in China 2025".During the "Twelfth Five-Year Plan" period,the annual sales growth rate of new energy vehicles in China has exceeded 150%,which has become an important factor of energy conservation and emission reduction,industrial upgrading and supply-side structural reform in China.However,the problems of financing difficulty of the new energy vehicle industry seriously restrict the healthy development of it,which ignore its broad market potential and important position.Therefore,in the current tight credit environment,research on the financing efficiency and influencing factors of new energy vehicle enterprises not only conforms to the historical trend of the times,but also objectively reflects the current situation of financing of new energy vehicle enterprises in China and increase the support from the outside world.This paper uses several research methods such as literature review,data analysis,model analysis and comparative analysis to analyze the financing efficiency level and influencing factors of China 's new energy vehicle listed companies from both theoretical and empirical perspectives.In the literature review section,the domestic and international definitions to financing efficiency,measurement methods,influencing factors and literature related to the financing efficiency of new energy vehicle companies are summarized.Apart from that,we elaborate the evolution of important financing theories and common measurement of efficiency methods in the theoretical research part.Besides,we list the factors that may affect the financing efficiency of new energy vehicle inductry from macro and micro perspective.In the empirical research part,we use a new two-stage DEA-BCC model and Malmquist model to measure and analyze the enterprises' static financing efficiency level and their dynamic changes.Then,we select 9 influencing factors indicators based on the obtained efficiency values and use Tobit model for regression analysis.This paper selects sample data of 47 new energy vehicle listed companies in the A-share market from 2012 to 2017.The results show that the overall financing efficiency level of China's new energy vehicle industry is not fully effective.The efficiency level of it is relatively high,and the number of financing effective enterprises has increased year by year.The overall financing efficiency of China's new energy vehicle listed companies did not improved significantly in the past six years.However,the technical efficiency in the fund allocation stage and the financing stage improved significantly,and the technical progress in the fund raising stage was obvious;As is shown in the experiment,R&D expenses,undergraduate and above qualifications,enterprise scale,and provincial GDP index have positive effect to the financing efficiency of new energy vehicle listed enterprises.However,asset-liability ratio and cash-dividend ratio are found to be significantly negatively correlated with financing efficiency.Besides,government subsidies,annual remuneration of executives and equity concentration have no effect to financing efficiency of them.This paper proposes countermeasures and suggestions from both the external environment and the internal aspects of the enterprises based on the results of empirical research.The paper is aiming at improving the financing efficiency of China's new energy vehicle listed enterprises and contributing to the healthy and rapid development of the industry.