Research On Financing Mode And Effect Of Photovoltaic Enterprises

Thrusting in China under the background of "double carbon" goal,the development of photovoltaic industry with its strong potential and characteristics of the scale of development,become the important driving force to promote the development of low-carbon economy.But photovoltaic equipment purchase,the construction of the photovoltaic power station operation requires a lot of money,and photovoltaic industry huge initial investment,long investment cycle,such as large investment risk characteristics lead to financing difficult and expensive,so the research of photovoltaic industry financing mode and the effect could be used to promote the healthy and orderly development of the industry.Based on the MM theory,trade-off theory and pecking order financing theory,this paper deeply analyzes the development status and financing status of photovoltaic industry.At the same time,it takes the leading enterprise of photovoltaic inverter--Sunshine Power as the case company to analyze the existing financing mode of the company.Analyze the company’s existing financing mode from financing channels and financing structure,and analyze its financing effect from financing cost,financing risk,post-financing development ability and market reaction.Studies show that since 2011 the company listed after the financing effects tend to be good,reduce the financing cost and financing risk,has good development ability and market reaction.But the company’s existing financing mode of financing channel mainly traditional financing channels,single channel,at the same time the company financing structure is unreasonable,mainly for the capital of debt and short-term debt ratio is too high.So in this paper can reduce the proportion of debt financing,broaden the financing channels,to increase the internal financing accounts for more than three aspects to optimize the company’s financing model,further enhance the company’s financing effect.