Research On Financial Strategy Of Photovoltaic Private Listed Enterprises

In China,the photovoltaic industry is a strategic emerging industry.On the one hand,China has followed the successful experience of subsidizing renewable energy in Europe and the United States,subsidizing the photovoltaic industry,and promoting the rapid development of the photovoltaic industry in the short term in China By the end of 2018,there were 48 enterprises.Listed in Shanghai,Shenzhen and Hong Kong,the United States.On the other hand,the disorder and non-continuity of domestic industrial policies,the shortening of industrial technology development cycle,and frequent changes in consumer preferences have led to high market vulnerability in this industry.Land and power cuts have occurred during the development process.,subsidy arrears,grid access,financing and other issues.In recent years,as the domestic economy has changed from high-speed growth to medium-speed growth,the economic structure has been continuously optimized and upgraded,and the economy has entered the development track of "new normal".Under the circumstances of tightening macro policies such as "lower leverage",private listings The company has reflected "funding difficulties and financing",the company's financial situation has deteriorated,and even the company has gone bankrupt due to the break of the capital chain.The research object of this paper is a domestic private listed PV leading enterprise.Since the listing of Hong Kong stocks in 2014,the photovoltaic energy business has been vigorously developed through different strategies such as self-development,joint development and acquisition.The total assets have been rapidly increased from the initial 1.2 billion yuan in the initial stage of listing.By the end of 2015,23.5 billion yuan,including 14.2 billion new fixed assets,the majority of funds used to support its large investment scale came from indirect financing channels such as bank loans and financial leasing,and there were few sources of direct financing.The financing and investment strategy adopted by Company A has enabled the company to operate at a high debt ratio of about 85%for a long time.The extremely high leverage rate under the environment of double tightening of domestic PV industry policies and financing policies in 2017-2018,forcing the company Going into the financial dilemma of "the operating inflow is not enough to make up for the debt due".The research focus of this paper is to analyze,diagnose and evaluate the financial strategy adopted by Company A,and try to optimize it,formulate appropriate financing,investment,operation management and dividend distribution strategies,and help the company to get out of financial difficulties in the short term.Effectively promote the company's sustainable growth and stable operation.The analysis method and ideas of this paper are based on the realistie background of the photovoltaic industry and the theoretical background of the company's strategy and financial strategy.The PEST analysis tool is used to review and evaluate the company's corporate strategy,and then analyze the financial strategy adopted by Company A.The profitability indicator,solvency indicator and EVA indicator are used to evaluate the implementation effect of the financial strategy.The study found that the current financial strategy of Company A can be improved and gives appropriate optimization solutions.The conclusions of this paper have two main aspects:(1)Company A should change its business management concept as soon as possible,conform to the development trend of the "flat price online" industry proposed by the state,and get rid of the business model of relying on subsidies for survival in the past,and pursue the scale growth from the original "big dry fast" unilaterally.The unsustainable management model shifts to a stable and sustainable business philosophy of "quality improvement and efficiency improvement",focusing on the balance between investment risk and investment income.(2)Company A should strengthen internal governance,introduce advanced corporate management concepts,optimize organizational structure,improve the company's various rules and regulations,implement refined management,and improve corporate governance,thereby boosting external investor confidence in market value management.In turn,management premiums and investor premiums are obtained,ultimately achieving a steady increase in corporate value and sustainable business growth.The above conclusions should also have certain practical reference value and guidance for other PV listed companies.