Research On The Financing Efficiency And Influencing Factors Of Xinjiang Goldwind Technology Co.,Ltd

As an important resource for the world’s economic development,energy plays an indispensable role in the economic development of any country.With the increasing pollution of traditional energy sources,the world is striving for high-quality clean energy.Wind energy in clean energy can be said to have its own sufficient resource reserves,its advantages not only include low development costs,can achieve large-scale development,but also low maintenance costs,simple operation,etc.,which makes wind energy one of the most promising new energy development options,but also provides new development opportunities for wind power enterprises.In recent years,with the support of policies,the wind energy industry has been greatly developed,and the installation volume and market competitiveness of wind turbines have been improved.However,there are still some challenges in the wind industry,especially financing.Due to the large investment of high-tech enterprises,the difficulty of technology transformation,high operational risks and high rates of return,the difficulty of financing continues to increase.Goldwind as a leader in the wind power industry,facing many challenges such as accelerated technological change and increased investment in scientific research,in order to overcome these major problems,the company must invest a huge amount of capital from research and development to the final production link,and the level of financing efficiency will also affect the efficient use of funds,however,because the wind power enterprises represented by Goldwind Technology are affected by many factors,their financing efficiency is usually low,and the current research on the financing efficiency of the wind power industry is relatively small.In order to help the wind power industry improve financing efficiency,enrich the theoretical research on the financing efficiency of the wind power industry,and enable wind power enterprises to better contribute to the realization of the dual carbon goal,it is particularly important to study the financing efficiency of the wind power industry.This thesis mainly focuses on the financing efficiency of Goldwind,and puts forward strategies to improve the financing structure,enrich financing channels and enhance corporate governance capabilities by sorting out the development status,financing efficiency status and influencing factors of Goldwind,aiming at the existing problems of relatively single financing channels and methods,high financing risks and low bond financing capabilities,and provides suggestions for improving the financing efficiency of Goldwind.Firstly,the relevant research of scholars on enterprise financing,financing efficiency,financing efficiency evaluation methods and their influencing factors was sorted out,and the concepts were defined.Then,the company’s development overview was introduced,the financing status of Goldwind Technology was analyzed from the financing scale,financing method and financing structure,the financing efficiency status was analyzed from the ability to resist risks,capital utilization ability and growth ability,and the problems existing in the financing process of Goldwind Technology were preliminarily analyzed in terms of financing channels and methods,financing risks and financing structure.Then,using the DEA model,the DEA input-output index system was constructed,and the total assets,financial expenses and main business costs were selected as the input indicators of the model,and the growth rate of net profit and main business income was selected as the output indicators,and the financing efficiency of Goldwind and 17 listed enterprises in the same industry was measured,and the financing efficiency of Goldwind was compared and evaluated in a static industry.Then,the Malmquist index of 17 listed wind power companies was calculated by using the Malmquist index model,and Goldwind was compared with the same industry to analyze the dynamic changes of Goldwind’s financing efficiency.Then,taking the DEA financing comprehensive efficiency value as the explanatory variable,the Tobit model was used to select the data from 2013 to 2021 to regress the influencing factors of Goldwind’s financing efficiency.Finally,from the aspects of financing structure,financing channels and corporate governance,relevant countermeasures and suggestions to improve the financing efficiency of Goldwind are proposed.The results show that in terms of static efficiency measurement,Goldwind’s financing efficiency is at a low level in the industry,and dynamic analysis shows that Goldwind’s financing efficiency is weak,and the total factor productivity value shows a slow upward trend,but the average value is less than 1,and the dynamic financing efficiency is declining,indicating that Goldwind’s financing efficiency needs to be improved.In addition,according to the empirical results of Tobit,there is a significant positive correlation between total asset turnover,equity ratio,profit margin of main business,shareholders’ equity ratio,total assets and financing efficiency.The growth rate of main business income is significantly negatively correlated with financing efficiency.