The Impact Of Green Finance Development On The Financing Constraints Of New Energy Enterprises

In recent years,climate and environmental problems have become more and more serious.In order to cope with climate and environmental problems,China has proposed the "double carbon" policy and carried out a series of measures to adjust the industrial structure and optimize the energy structure.In this context,green finance has a broad development prospect and application direction.The development of new energy enterprises plays an important role in promoting the transformation of energy structure,however,due to the high risk and information asymmetry,the financing of new energy enterprises is often constrained by high costs and difficulties.The development of green finance has effectively improved the financial ecological environment.In recent years,research on green finance and corporate finance has focused more on the impact of green credit policies on the financing of heavy polluters and less on the financing of new energy enterprises.As a representative enterprise in the optimization of energy structure,the development of new energy enterprises will promote the optimization of energy structure and effectively alleviate the environmental problems and ecological problems faced.Therefore,it is necessary to investigate the financing situation of new energy enterprises in the context of green finance development,which is conducive to promoting the optimization of the energy system and achieving the dual carbon goal at an early date.Based on the above background and objectives,this study,based on theoretical research,collects data on cash dividend payout and operating cash flow of new energy concept stock enterprises listed in the A-share market from 2018-2021 to construct the financing constraint degree measurement index KZ;calculates the local green finance development level index of each province using the entropy value method,and constructs a linear regression model using panel data;and conducts a regional heterogeneity analysis The regional heterogeneity of the degree of impact of green finance development was obtained.The following conclusions are drawn from this study: First,the improvement of the level of green finance is conducive to alleviating the financing constraints faced by new energy enterprises.Second,there is regional heterogeneity in the degree of impact of green finance.The effect of green finance development on the alleviation of financing constraints of new energy enterprises is significantly higher in the eastern and western regions than in the central and northeastern regions,with the highest significance in the eastern region,which is mainly influenced by the different degrees of financial market improvement between regions and the different degrees of implementation of green finance policies by local governments.Based on the above findings,this paper makes the following recommendations: First,the government continues to strengthen its support for green enterprises and projects.Relevant policies and measures should be introduced to guide the flow of funds and create a good and favorable green financial environment.Second,to guide and supervise the green innovation and green project support of financial institutions.Third,promote coordinated development among regions.Promote the construction and development of green financial system in a focused and phased manner.To drive the development of low level regions with high development level regions.Fourth,encourage new energy enterprises to accelerate product innovation and research and development,improve their attractiveness to social capital,and take advantage of policy and market support to accelerate financing and development.Fifth,the public,especially the investment analyst community and institutional investors,should take the initiative to collect and disclose relevant information in a timely manner to alleviate the information asymmetry problem faced by new energy enterprises in financing and improve the information availability and communication convenience of new energy enterprises,so as to help the development of new energy enterprises.