Evaluation Of Financing Efficiency Of China’s New Energy Automobile Industry And Analysis Of Influencing Factors

With the increasingly prominent contradiction between the supply and demand of traditional energy,China urgently needs to strengthen financial support and technological innovation to tap and utilize new energy.Under the dual pressure of limited energy reserves and environmental pollution,it is the only way to develop green and clean energy and promote the transformation and upgrading of energy structure.During the 12th Five Year Plan period,China has listed new energy as a national strategic emerging industry,focusing on strengthening financial support and policy guidance for the new energy industry.The 13th five year plan still adheres to leading the new normal of energy development,and takes the effective use of new energy as the top priority of energy strategy.In order to solve the financing problem of China’s new energy vehicle enterprises,this paper explores the financing efficiency of new energy vehicle enterprises and its influencing factors.Firstly,this paper reviews the literature about financing efficiency,new energy vehicles,DEA and tobit models at home and abroad.It is found that the research of financing efficiency and new energy vehicle related literature on real economy is not thorough,and practical suggestions can not be put forward,which is not helpful to improve the financing efficiency of industrial enterprises.In view of this,the author plans to use the slack based model(SBM model)and the limited dependent variable model(Tobit model)to evaluate the financing efficiency of enterprises in the new energy automobile industry.Then the author uses SBM model to evaluate the financing efficiency of China’s new energy automobile industry.This paper selects equity financing,debt financing and endogenous financing as input indicators,and total operating income as output indicators to evaluate 51 companies in Shanghai and Shenzhen stock markets from 2011 to 2018,and makes a comparative analysis from the time dimension and the upstream and downstream dimensions of the industry.It is found that most enterprises have not achieved full efficiency over the years,and vehicle enterprises are superior to their upstream and downstream enterprises.Then the author uses Tobit model to explore the influencing factors of financing efficiency.Through the analysis of the influencing factors,it is found that the scale,operation ability and liability ability of the enterprise are negatively related to the financing efficiency of the enterprise,while the profitability and capital structure of the enterprise are significantly positively related to the financing efficiency of the enterprise.Finally,it is suggested that the new energy automobile industry should not be expanded blindly,the development of core technology should be emphasized,and the government should support the enterprises in the industry.