Research On Financing Efficiency And Influencing Factors Of China’s New Energy Vehicle Industry

Environment concerns and energy dilemma is one of the problems that people all around the world respond to jointly,and each country has to take measures to cope with the crisis.In order to cope with the problem,our country has put forward the theory that using new energy and new energy vehicles instead of traditional fuel vehicle.By using a variety of clean energy to reduce pollution emissions,we can protect the environment and deal with the energy crisis.This paper chooses to study the new energy automotive industry.Because of its innovation,emergence and application,new energy automobile industry is a key factor of a country’s cultivating the new kinetic energy and occupation of the economy.At the same time,it is also one of the important factors to promote the progress of the national industrial structure to the direction of rationalization and high level.However,in the early stage of development,due to the characteristics of the industry itself,such as large investment,long cycle and large amount of capital required,financing and financing efficiency deserve our attention.In order to understand the current financing efficiency of the industry,this paper selected the sample data of 32 new energy listed vehicle companies from 2014 to2019,adopting two models to measure the financing efficiency,and conducted a correlation analysis on the efficiency values of the three links of the industry chain.Finally,an empirical analysis on the influencing factors was carried out.Based on the empirical analysis,it can be found that the financing efficiency of the industry is at a low level,and the efficiency of different enterprises is very different.In the comparison of the industrial chain,the financing efficiency of the vehicle link is lower than that of the whole industry,while the parts link and the charging equipment link are relatively higher than that of the whole industry.In the dynamic change of measure,the dynamic change rate is decreasing gradually,but the decreasing trend has slowed.The slowing trend is mainly caused by the low technological progress rate.As for the vehicle link,the rate of technological progress and scale efficiency affect the rate of change of the link,and in the link of parts and charging equipment,technical progress rate mainly affects the financing efficiency of the overall change.Then,the regression analysis of each influencing factor shows that the capital structure and technological level have a significant positive impact,while the government support intensity and enterprise scale have a significant negative impact on financing efficiency.Finally,corresponding countermeasures and suggestions are put forward based on each research conclusion.