Research On Financing Efficiency And Its Influencing Factors Of Solar Photovoltaic Enterprises In China

China's solar photovoltaic industry is a capital-intensive industry,with special urgent needs for capital,and efficient financing means stronger competitiveness.Financing efficiency is also an important factor affecting the development of photovoltaic enterprises.In fact,financing is not difficult.The difficulty is efficient financing,that is,financing efficiency issues,which include lower financing costs,rapider fund-raising and more reasonable investment to complete financing purposes.This paper uses the BCC model to measure the financing e fficiency of 70 listed companies in the solar photovoltaic industry in China from 2012 to 2016.Financing efficiency is measured in two stages-capital raising efficiency and capital using efficiency.And analyze the industry level and development trend o f its financing efficiency.Then,this paper use pure technical efficiency as a dependent variable in the measurement results,taking domestic economic development level,domestic financial industry development level,policy factors,financing structure,financing scale,capital utilization ability and profitability as independent variables to analyze the panel data of 70 listed companies in the solar photovoltaic industry in China from 2012 to 2016 with panel Tobit regression.The results show that the financing efficiency of China's solar photovoltaic listed companies is at an ideal level,but it is not stable.There is a greater degree of deviation between the capital raising efficiency and the capital using efficiency.The improvement of financing efficiency requires not only external environment but also enterprise's own efforts.The external environment includes the country's effective support policies and financial innovation support.For example,the government must support its development from policies,and in the process,the policy should be revised constantly in order to better serve our solar photovoltaic companies in China.And we should develop domestic capital markets and strengthen support in the area of technological innovation.The company's own efforts include the improvement of internal governance and profitability,innovation in financing methods,taking capital using efficiency seriously in the process of management,and increasing the R&D investment according to the company's own situation.