Research On Equity Financing Efficiency Of China’s New Energy Vehicle Listed Companies Based On DEA

Since 2010,when the new energy industry was incorporated into china’s seven strategic emerging industries,increasing financial support for new energy,energy conservation and environmental protection,new energy vehicles and other emerging industries has been China’s clear requirements for achieving sustainable economic development.However,the level of industrialization of new energy vehicles in China is far from keeping up with the needs of green economic development,the process of transformation between financial financing and productivity is still relatively slow,and the occurrence of "fraud" in 2016 has further aggravated the financing situation of China’s new energy vehicle listed enterprises.There are many reasons for such problems,the fundamental lies in China’s new energy vehicle listed enterprises failed to make reasonable use of financing funds,so that the enterprise’s financing input and output is not proportional,that is,the financing efficiency.Because of the equity financing preference of China’s new energy vehicle listed enterprises,improving the efficiency of equity financing is one of the main solutions to improve the problem.This paper studies the efficiency of equity financing of new energy vehicle listed enterprises in China,and can draw the relevant conclusions of improving the equity financing efficiency of new energy vehicle listed enterprises,which is beneficial to enterprises to improve the efficiency of resource allocation.From the perspective of micro-enterprises,using the efficiency concept of input and output as the research object,using the efficiency concept of input and output,using the theory of financing,equity financing theory,financing efficiency theory,etc.,using the knowledge of investment,mathematical economics and operational research,using the methods ofliterature analysis,empirical analysis and vertical and horizontal comparison.The financing efficiency of China’s new energy vehicle listed enterprises is studied from both theoretical and empirical aspects.First of all,this paper combs the domestic and foreign literature on the efficiency of equity financing,and the domestic and foreign literatures are sorted along the context of enterprise financing efficiency-enterprise equity financing and equity financing efficiency-enterprise equity financing efficiency factors and evaluation-to the financing efficiency of new energy vehicle listed enterprises.Through the review of the literature,the author finds that the main factors influencing the efficiency of equity financing are asset size,equity structure and stock liquidity.It is also found that there are many scholars in China who study the efficiency of equity financing of listed enterprises,but there are few scholars who study the efficiency of equity financing of new energy vehicle enterprises,so this paper is of great significance to the study of the efficiency of equity financing of new energy vehicle listed enterprises.Secondly,combined with the relevant literature and theoretical research,it is found that China’s new energy vehicle listed enterprises in the financing order,and does not conform to the traditional financing theory of excellent order financing theory,more in line with the equity financing preference theory.At the same time,based on the relevant efficiency theory,the theoretical hypothesis of this paper is put forward,which assumes that with the development of financing environment and enterprises,the equity financing efficiency of China’s new energy vehicle listed enterprises has reached an effective level.Under this premise,the current situation of equity financing of China’s new energy vehicle listed enterprises is analyzed,and it is found that the listed enterprises of new energy vehicles have problems such as low asset size and false market value compared with listed enterprises in China,which affect the efficiency of equity financing of enterprises.Therefore,it is necessary to carry on the empirical analysis of the data to further determine the efficiency of its equity financing.Then,this paper compares the evaluation method of equity financing efficiency of listed enterprises,and finds that the DEA model can overcome the subjectivity ofindex weight design,and can provide improvement solutions for enterprises that do not achieve effective efficiency,so this paper chooses the DEA model as the evaluation method.After the index selection,drawing on the research of Meng Jiaying,Xiong Zhengde and other scholars,combined with the characteristics of enterprises,input indicators to select the total market value of issuance,operating costs,equity concentration,non-tradable shares ratio,output indicators to choose the return on net assets,earnings per share,operating income growth rate.Taking data on 52 New Energy Vehicle Listed Enterprises in China from 2014 to 2018,a total of 1820 sample data as a data source,through the DEA model of China’s new energy vehicle listed enterprises equity financing efficiency.The following conclusions are drawn: The equity financing efficiency of China’s new energy vehicle listed enterprises has not yet reached full and effective,and does not conform to the theoretical hypothesis,but the efficiency of equity financing of new energy vehicle listed enterprises in China is improving,and the level of management and technological development is the core factor that restricts the equity financing efficiency of new energy vehicle listed enterprises in China.Finally,based on the above analysis and evaluation,the author from the government’s point of view,the market point of view,the enterprise point of view respectively put forward the corresponding equity financing efficiency optimization ideas and suggestions.From the government’s point of view,we can improve subsidies and encourage enterprises to create technology.From the market point of view,we can broaden the financing channels of equity and improve the market mechanism.From the perspective of enterprises can adjust the scale,improve the level of technology.The innovation point of this paper is mainly reflected in: there is currently no literature using DEA model to evaluate and study the equity financing efficiency of new energy vehicle listed enterprises;In this paper,the data of the year from 2014 to2018 are selected as input and output indicators,so that we can better understand the changes in the equity melting efficiency of China’s new energy vehicle listed enterprises in the last five years,and carry out a horizontal comparative analysis.