Research On Financial Support Efficiency And Influencing Factors Of China’s New Energy Industry

With the increasingly obvious trend of energy shortage in China,the non-renewable conventional energy and the increasingly prominent contradiction of global climate and environmental problems,China urgently needs to solve the energy problem scientifically and vigorously develop the new energy industry.According to the 13th Five-Year Plan for energy development released by the Energy Administration,China will vigorously develop new energy sources such as hydropower,wind power,nuclear power,solar energy,biomass energy and geothermal energy in the future,and the country will also include new energy sources in strategic emerging industries that are currently the focus of growth.Therefore,to promote the growth of new energy,it is crucial to clarify the financial support efficiency and influencing factors of new energy industry.In this paper,data envelopment analysis model(DEA)is adopted to conduct an empirical analysis on the data of 36 a-share listed companies in five major new energy industries from 2013 to 2017 to determine the financial support efficiency of DEA.Tobit regression model was constructed with comprehensive technical efficiency as the explanatory variable and a total of 7 indicators of macro and micro influencing factors as explanatory variables,the concrete index respectively,the added value of GDP growth,financial growth,total assets,total assets turnover,R&D of business income ratio,the first big shareholder’s stake,asset-liability ratio,an empirical analysis on the influence factors of the efficiency of financial support,and according to the independent variable coefficient to explore the direction and degree of influence on the efficiency of the financial support.By using empirical analysis,we can list a series of conclusions:the overall comprehensive efficiency of financial support for China’s new energy industry is low,and the pure technical efficiency is low,and the pure technical efficiency cannot keep up with the high level development of scale efficiency;The efficiency of financial support is consistent with the period of macroeconomic and financial operation.Technological innovation capability is crucial in the development of new energy enterprises.According to the conclusion,the countermeasures and Suggestions to improve the financial support efficiency of China’s new energy industry are put forward from the macro and micro levels.The government should strengthen industrial policy support,improve the construction of financial market,enterprises should improve the comprehensive operation ability,lift the talent training mechanism,optimize the enterprise financing structure,broaden the enterprise financing channels,so as to effectively improve the efficiency of financial support.