Research On Investment Efficiency And Its Influencing Factors Of China’s Photovoltaic Listed Companies

The photovoltaic industry makes full use of solar energy,a clean and safe new energy,which plays an important role in promoting the adjustment of China’s energy structure and the effective transformation of energy consumption.The rise of China’s photovoltaic industry is relatively late,but it has developed rapidly and its scale has continued to expand.However,in recent years,the state has gradually reduced the subsidies for photovoltaic power generation,and the photovoltaic industry itself also has serious blind investment phenomena.So how to improve its investment efficiency and reduce its production costs is undoubtedly an important issue to help photovoltaic companies enhance the company’s value.Therefore,the analysis of the investment efficiency of the photovoltaic industry will help the photovoltaic industry itself and the long-term healthy development of China’s economy.This article firstly systematically expounds the development history and current situation of China’s photovoltaic industry through literature research,and focuses on analyzing the basic situation of China’s photovoltaic industry from the perspective of the industrial chain: China’s photovoltaic industry started late,the technology level is relatively backward,and enterprises are concentrated in the midstream and downstream of the industrial chain.China’s photovoltaic industry are characterized by high subsidies,high investment,high debt and low core technology content.And this lay the theoretical foundation for the analysis of the investment efficiency of photovoltaic industry chain node enterprises from the top,middle and downstream.Second,we study the investment efficiency of photovoltaic industry and its influencing factors.DEA model is used to measure the investment efficiency of 37 listed photovoltaic companies in China from 2013 to 2018,it was found that the upstream development of the photovoltaic industry is relatively weak and the efficiency value is low.The enterprises are concentrated in the middle and lower reaches of the industrial chain and can continue to operate by relying on government subsidies;The overall efficiency value of the entire photovoltaic industry generally shows an upward trend.The number of companies that achieve pure technology is more,and the number of companies that achieve scale is relatively small.The overall economic benefits of the industry are in the rising stage,and there are large expansion capacity.Finally,this paper also conducts an empirical test of the factors that influence investment efficiency.The estimation results based on the Tobit regression model show that free cash flow,company size,year-on-year growth rate of total operating income,return on net assets,and shareholding ratio of the largestshareholder have a significant impact on investment efficiency.Investment efficiency is positively correlated with free cash flow,year-on-year growth rate of operating income,return on net assets,and shareholding ratio of the largest shareholder,and negatively correlated with company size.And suggestions are given accordingly:adjust the industrial layout to achieve the transformation of technology-intensive enterprises;use funds reasonably;optimize the shareholding structure.