Research On Financing Strategy For PV Enterprises

With the continuous development of economic globalization,many companies,especially photovoltaic companies with international strategies,have flourished in the wave of internationalization.Financing has become a major factor restricting the development of photovoltaic companies in an increasingly competitive market.Photovoltaic companies under the globalization strategy have been rapidly expanding in the international market.China's PV companies have experienced rapid development before 2010 and have leapt to the top echelon of the world.With the expansion of the company's scale,photovoltaic companies have become increasingly prominent in terms of financing.This paper analyzes the financing problems of photovoltaic companies.At the same time,it put forward a practical financing plan for photovoltaic companies,summed up the financing cycle of photovoltaic companies,and proposed reasonable suggestions for reference.The thesis finds funding to solve the financing problem of photovoltaic companies through the case analysis.First,sort out the relevant literature and data on global financing,photovoltaic companies financing,and introduce relevant companies' life cycle and financing theory;secondly,summarize and summarize the financing methods and problems of China's photovoltaic companies;then pass the photovoltaics for First Solar and LDK Solar.The analysis of the financing case of the company puts forward the life cycle theory of photovoltaic companies;at the end,it puts forward countermeasure proposals from the three dimensions of the enterprise itself,the external environment and the macro-policy.After careful analysis of this paper,three conclusions have been drawn.First,the company's life cycle is divided by three financial data(growth rate of total assets,growth rate of main business revenue,and cash flow): incubation period,start-up period,overseas growth period,and stable development period.Second,the development orientation of enterprises,cost factors,risk control,and financing difficulty are all tests of the financing of photovoltaic companies.Third,equity financing should be the main means of financing in the initial stage,and borrowing is an auxiliary method.Equity financing and debt financing are the main means for overseas growth;debt and internal financing are the main methods for the stabilization period.Taking the example of PV companies in the context of current internationalization to put forward life cycle theory and put forward the most appropriate solution through different financing strategies under different life cycle is the innovation of this paper.