Financing Constraints,Financing Channels And Renewable Energy Investment Efficiency

With the accelerating process of marketization in our country,the number of enterprises in the market and the pressure of competition among enterprises are increasing.At the same time,due to the existence of market imperfection,enterprises eventually face financing constraints.In addition,with the development of marketization,enterprises face more and more investment opportunities,which on the one hand provides more investment choice for enterprises,but on the other hand,the asymmetry of information also brings some difficulties and risks to the correct and reasonable investment of enterprises.What's more,the principal-agent problem of the enterprise can easily lead the managers to choose the investment project from the point of view of their own interests,which will reduce the investment efficiency.The development of China's renewable energy industry has been paid more and more attention.But at this stage,the technological development of China's renewable energy industry is still in its infancy,and the characteristics of the renewable energy industry,such as high cost and high risk,make renewable energy enterprises face greater financing needs.Based on the theoretical analysis of the relationship between financing channels,financing constraints and renewable energy investment efficiency,this paper takes763 data from 2011 to 2018 of 92 renewable energy enterprises listed in A share as research samples,and analyzes the current situation of financing constraints,financing channels and renewable energy investment efficiency of enterprises based on full samples and sub-samples classified by enterprise nature.Further,this paper analyzes the impact of financing constraints on renewable energy investment efficiency,as well as the relationship between four financing channels,such as bank credit,commercial credit,enterprise internal operation and government subsidy,and financing constraints.Finally,the intermediary effect of financing constraints in the process of the influence of financing channels on the renewable energy investment efficiency is tested by the intermediary effect model.The research results are as follows.First,renewable energy enterprises in China are generally faced with financing constraints,in addition,nuclear and solar energy enterprises are faced with more serious financing constraints.China's renewable energy investment efficiency is low,58.07% sample observations show that enterprises invest less.Insufficient renewable energy investment is common,but the degree of enterprise over-investment is more serious.Non-state renewableenergy enterprises' over-investment if more obvious.In recent years,the amount of financing obtained by renewable energy enterprises in China through bank credit,commercial credit,internal operation of enterprises and government subsidies has been increasing,among which the funds obtained through bank credit are the most,and the funds obtained through government subsidies are the least.The impact of bank credit on non-state renewable energy enterprises is more obvious,while the impact of government subsidies on state-owned renewable energy enterprises is more obvious.Government subsidies are the least significant source of financing for the enterprises of seven major industries.Second,financing constraints reduce the renewable energy investment efficiency,and the impact of financing constraints on the investment efficiency of state-owned renewable energy enterprises is more obvious.Third,the increase of bank credit will reduce the financing constraints faced by enterprises,while commercial credit,internal operation of enterprises and government subsidies will aggravate the financing constraints faced by enterprises.Bank credit reduces the renewable energy investment efficiency,while commercial credit increases the renewable energy investment efficiency.The impact of internal operation on state-owned renewable energy enterprises is greater than that on non-state-owned renewable energy enterprises.The least impact of government subsidies on financing constraints for renewable energy enterprises.In the process of the influence of bank credit and commercial credit on the renewable energy investment efficiency in China,the intermediary role of financing constraints is remarkable.Finally,according to the results of the study,policy suggestions are put forward from the perspective of enterprises,financial institutions and the government.Enterprises should actively broaden the financing channels and choose appropriate financing channels to finance,so as to improve the financing constraints they face and improve the efficiency of renewable energy investment.Financial institutions should respond positively to national policies and provide more targeted financial services to renewable energy enterprises.The government should fully implement the renewable energy development policy and help renewable energy enterprises to invest.The paper has 5 pictures,15 tables and 92 references.