Research On Financing Mode And Efficiency Of New Energy Power Battery Industry

Over the past decade,new energy enterprises have flourished in China,but as we all know,the new energy industry has been plagued by financing difficulties.The integration of capital is of great significance for improving the business conditions of enterprises,enhancing their market competitiveness and helping them to further capture a larger market share,so the way to solve the financing problem of enterprises is an issue that deserves in-depth consideration by the management of each new energy source enterprise.Currently,the power battery manufacturing industry is at the forefront of industrial transformation and upgrading,and as the "engine" of new energy vehicles,the new energy power battery industry is attracting attention from the state and receiving much policy support and financial subsidies.With strong state backing,the market transformation of the new energy power battery industry has entered the fast lane,but while the industry has broad market prospects,it also faces new challenges such as long payback cycles,high capital chain requirements,and high R&D initial investment costs.Under the pressure of declining state subsidies,how to optimize and adjust financing models,solve financing problems,maximize financing efficiency,and maintain normal operation of enterprises are the "roadblocks" in front of new energy enterprises.Based on the literature review,this paper combines case studies and DEA data analysis to provide an in-depth study of CATL’s financing model and a detailed analysis of financing efficiency.The introduction of the paper analyzes the theories of financing and financing efficiency of domestic and foreign scholars,and explores the theoretical and practical significance of this issue using the CATL as a case company.Taking the development of the new energy industry as a starting point,the branch comprehensively analyzes CATL financing model,weighted average cost of capital,and risks faced by the company in the context of its development history and major projects,and then measures its financing efficiency through the DEA model.After an objective and detailed horizontal and vertical comparison of the financing efficiency of the 15 listed new energy power battery enterprises in the CATL and the sample enterprises in the same industry in 2016-2021,we present a more comprehensive analysis of the relevant factors affecting the financing efficiency of the CATL in 2016-2021.The findings of this paper are as follows:(1)CATL has a higher proportion of equity capital and a lower proportion of debt capital during 2016-2021,such that the weighted average cost of capital is higher.(2)After a company conducts financing acts such as private equity,note financing,bank loan financing and IPO financing,there is a certain time lag between the investment of the incorporated capital and the generation of return earnings,and therefore there is a certain risk during this period.(2)In 2016-2021,the financing efficiency of CATL is at a medium level among similar sample companies,mainly due to the low technical efficiency.The technical efficiency of the same industry is not fully effective,indicating that the financing efficiency of enterprises has great potential.