Research On Credit Risk Measurement Of New Energy Industry And Its Influencing Factors

At this stage,with the over-exploitation of non-renewable resources such as fossil energy,countries are facing a series of resource and environmental problems such as lack of resources and serious environmental pollution.In order to improve the natural resource environment and change the original extensive economic growth mode,countries have sought to develop new energy sources such as wind and solar energy.The new energy industry is mainly an industry that relies on the discovery and application of new energy.This provides an effective path for the sustainable economic development of various countries,especially China.As the new energy industry is a strategic emerging industry,it has the characteristics of a technology-intensive industry,high initial investment costs,and long investment return periods,so it faces a huge financial constraint.Exploring specific measures to improve the financing efficiency of the new energy industry and reduce the credit risk of the new energy industry is the focus of this article.Increase awareness of credit risk for companies in the new energy industry and improve their financing status;financial institutions will allocate funds reasonably and efficiently during the development of a low-carbon economy;the government will further improve corresponding policies and measures,focus on developing new energy industries,and promote new energy Industrial transformation and upgrading,providing a solid energy guarantee for China's economic development mode change and economic structural adjustment,and achieving sustainable economic development are of strategic significance.This paper starts with the following aspects: First,the research background and significance of the new energy industry are elaborated,and based on the research of other scholars,a literature review is carried out.Secondly,it summarizes the development characteristics of new energy industry,the characteristics of new energy industry credit risk and the reasons for its formation,and analyzes and compares thenew energy industry credit risk measurement models.Finally,the KMV model was selected to measure the credit risk of listed companies in the new energy industry in China,and 84 representative companies in three industries including wind power,photovoltaics and new energy vehicles were selected for research,and the credit risks of listed companies in the new energy industry were obtained.It shows a decreasing trend year by year,but the conclusion that enterprises within the industry are highly volatile.The more mature wind power industry has a lower probability of default and a lower credit risk;the photovoltaic industry has overcapacity due to supply and demand mismatches;the probability of default is relatively high and the credit risk is relatively high;the industrialization of new energy sources applies new energy sources The auto industry is still in the early stages of development and relies heavily on government policy support,so the probability of default is high and the credit risk is relatively large.Further selected environmental protection investment strength,economic growth rate,corporate asset size,profitability,debt repayment ability,development ability,operating capacity and other indicators to analyze the measured credit risk influencing factors of listed companies in the new energy industry,we found that environmental protection investment strength The economic growth rate,corporate asset size,profitability,and operating ability are inversely proportional to the credit risk of listed companies in the new energy industry.The solvency is directly proportional to the credit risk of listed companies in the new energy industry,and their development capabilities are not significant.Finally,this article puts forward policy recommendations from the three levels of government,financial institutions,and the new energy industry itself based on the results of empirical research and analysis.