Research On Financing Efficiency Of Y Energy Company

In the context of the development of the era of continuous deepening of reforms,in order to improve China’s energy consumption structure,it has become our consensus to show a relatively rapid development trend in China’s new energy industry.The Chinese government pays close attention to the new energy industry and gives policy support to promote the development of the new energy industry.New energy companies are not easy to raise funds,and there are problems with high financing costs and high financing risks.At the same time,low allocation efficiency after obtaining the required funds is a problem that my country’s new energy companies need to solve.Improving financing efficiency can promote sustained and high-quality growth of enterprises.At present,research on financing efficiency of new energy companies from the micro level is relatively scarce.In addition to being a high-tech enterprise recognized by the Ministry of Science and Technology of China,Y Energy also holds the title of a leading enterprise in wind power operations.It is of great significance to carry out research on financing efficiency in view of whether the analysis of the funds integrated into it can "make the best use of.Based on the relevant theoretical foundation,the DEA-Malmquist model is used to discuss the financing efficiency of the research object Y Energy Company.From a static perspective,use the DEA basic model to evaluate Y Energy’s 7-year financing efficiency,including technical efficiency and its decomposition.From a dynamic perspective,use the Malmquist model to measure Y Energy’s 7-year financing efficiency,including the Malmquist index and its decomposition index.The research conclusions are as follows:First,the static financing efficiency of Y Energy Company is relatively low,and secondly,it is found that Y Energy Company is in a state of increasing returns to scale.Through benchmarking analysis again,compare the number of companies referred to,and find benchmark companies in the industry for other units to learn from.According to the analysis of technical efficiency value decomposition,the static financing efficiency of Y Energy Company is low because Y Energy Company pays a high price when raising funds,the company’s poor performance in debt solvency leads to low pressure on raising funds and excessive reliance on one type of financing So that the financing structure is unreasonable,and the fund utilization efficiency is not high for the funds raised by the enterprise.Through analysis,it can be found that the dynamic financing efficiency has declined for many years because of the increasing risk of the capital chain,low capital allocation efficiency,single financing channels,reliance on bank loans,low awareness of financing risk prevention and control,and no financing risk management system.From the above research,it can be seen that the static financing efficiency of Y Energy Company is low and the dynamic financing efficiency has declined for many years.It should be improved from the following aspects.One is to reduce financing costs,improve corporate credit,strengthen bank-enterprise interaction,and strive for government financial support;Appropriately increase financing methods,such as financial leasing,explore the use of BOT financing methods,and optimize the financing structure;the third is to improve business efficiency,focus on business management,promote the development of other main businesses,and enhance internal financing capabilities;fourth is optimization Capital use plan,strengthen the special management of capital,and improve the efficiency of capital use;the fifth is to establish a financing risk management system,including the establishment of a risk early warning evaluation system and a perfect risk control system.The research value of this article lies in the enrichment of case studies on the financing efficiency of a single new energy company on the one hand,and on the other hand,it can provide reference for other new energy companies to improve the financing efficiency.