Research On The Influence Of Chain Director Network And Business Risk On Equity Capital Cost Of New Energy Enterprises

With the continuous upgrading of social industrial structure,finding clean and alternative energy sources has become the internal driving force of social development.New energy industry is increasingly becoming the pillar industry of our national economy.However,in practice,financing difficulties and high financing costs have become important problems that restrict the development of new energy enterprises.When choosing financing channels,equity finance is favored by new energy enterprises because of its advantages of few constraints and soft financing constraints.Lower financing cost can make enterprises get more opportunities and promote the growth and development of enterprises.Whether the chain director network can play its role of sharing resources and alleviating information asymmetry to control the business risks of enterprises and reduce the cost of equity capital of enterprises has become a current concern.Based Based on this,the specific research ideas and methods are determined by combing the relevant literatures at home and abroad.By defining the main variables,combining with social network analysis theory,information asymmetry theory,principal-agent theory and resource dependence theory,this paper analyzes the effects of chain directors’ network and business risks on the cost of equity capital from three indicators:degree centrality,proximity centrality and intermediary centrality.On this basis,the conceptual model and research hypothesis of this paper are put forward.By using Statal5.0 statistical analysis software,the relevant data of new energy listed companies from 2014 to 2019 are processed,and the specific assumptions are tested empirically.The empirical results show that the network degree centrality,proximity centrality and intermediary centrality of chain directors have a significant negative impact on the cost of equity capital;The network centrality and proximity centrality of chain directors have a signi ficant negative impact on business risks;Intermediary centrality has a negative impact on business risk,but it is not significant;Business risk has a significant positive impact on the cost of equity capital.Business risk has an intermediary effect on the impact of network centrality and proximity centrality of chain directors on the cost of equity capital,but has no intermediary effect on the impact of intermediary centrality on the cost of equity capital.Finally,combined with the results of empirical analysis,in order to promote enterprises to make scientific and reasonable decisions,this paper holds that enterprises should pay attention to the construction and utilization of chain director network in order to reduce the cost of equity capital,and add evidence to the cost management of equity capital from the perspective of controlling business risks.The research conclusion has a certain guiding role in promoting the financing cost management of new energy enterprises in China and strengthening enterprise risk prevention.