Research On Financing Efficiency And Influencing Factors Of Listed Enterprises Of New Energy Vehicles

The 14th Five Year Plan period is a critical and window period for China’s carbon peak.We should build a clean,low-carbon,safe and efficient energy system and implement renewable energy substitution actions.Thanks to the breakthrough of core technologies such as communication network and artificial intelligence,the new energy vehicles developed are an important starting point for China to do a good job in "carbon peak".This paper will focus on the research on the main financing modes of new energy vehicles-endogenous financing,equity financing and debt financing,calculate the financing efficiency of the three financing modes,study the relevant influencing factors of financing efficiency,and then put forward corresponding suggestions to help new energy vehicle listed enterprises solve the current financing problems.This paper summarizes the research of relevant literature,based on the actual situation of the new energy vehicle market,takes 57 new energy vehicle listed enterprises listed in the A-share market from 2014 to 2019 as the research object,calculates the financing efficiency parameters through DEA Malmquist model,and then uses Tobit model to analyze the correlation of the influencing factors of financing efficiency and test the robustness.The results show that:(1)the comprehensive financing efficiency of listed enterprises of new energy vehicles is not fully effective.From 2014 to 2019,the financing efficiency generally shows a trend of first decline and then rise,and the enterprises with increasing returns to scale are increasing year by year;(2)The comprehensive technical efficiency index of listed enterprises of new energy vehicles is steadily improving,and the technical level is the main factor restricting the financing efficiency of listed enterprises of new energy vehicles;(3)Government subsidies,earnings per share,per capita carbon emissions and property rights ratio are positively correlated with the financing efficiency of listed enterprises of new energy vehicles,and the GDP and total executive compensation of the province where the enterprise is located are negatively correlated with the financing efficiency of listed enterprises of new energy vehicles.Based on the above research results,the following suggestions are put forward from the three aspects of government,market and enterprises: from the government level:(1)reasonably allocate subsidy funds,improve the external environment of enterprise financing,and help the healthy development of new energy vehicles;(2)Implement the concept of "low-carbon,high-efficiency and low-carbon" to build a "low-carbon,safe" energy system.From the market level:(1)improve the financial service capacity of the capital market,improve the financial service system and build a mature supervision mechanism;(2)Innovate financing methods and optimize financing structure.From the enterprise level:(1)optimize enterprise financing decisions,reduce financing costs and risks,and optimize capital allocation structure;(2)Strengthen the enterprise management mechanism and improve the construction of internal control system.