| The world energy structure is undergoing profound changes.The development of new energy industry is not only an inevitable trend of the world’s energy development,but also an inevitable requirement for China to comprehensively deepen the reform in the energy field and achieve economic transformation and upgrading.In the past ten years,China’s new energy industry has achieved extraordinary speed of development mainly thanks to the strong support of financial subsidies.However,as China’s new energy industry enters the stage of development and expansion,problems such as heavy financial burden,reduced subsidy effect and insufficient financing caused by government support policies also follow.Relying only on government financial subsidies and enterprises’ financial support can no longer meet the needs of new energy industry development.In this context,we will deepen reform of the new energy industry investment and financing system,establish the subject status energy enterprise investment,give full play to the capital markets as the leading multi-channel financing function of the financial system,and with the synergy of industrial policy,is currently the key of the new energy enterprise financing difficult problem,also is to promote the new energy industry by the government’s leading financing mechanism to market-oriented financing mechanism demands of gradual transformation.And although the country has begun to attach importance to the positive role of capital markets in new energy industry development,but due to the current our country itself is not sound and perfect capital market,capital market has not been give full play to the resource allocation function of capital market to support mechanism of the development of new energy industry has not been very satisfactory results were obtained in,leading to new energy companies generally subject to more serious financing constraint problem.Based on the classic industrial life cycle theory and the general law of industrial structure evolution,this paper deduces and draws the industrial life cycle curve and cost curve of the new energy industry,and further deduces and draws the format evolution quadrant of the new energy industry based on the evolution quadrant of the industrial optimization selection process.With the aid of new energy industry of industry life cycle curve,cost curve and the evolution of the formats quadrant diagram of new energy industry,analyzes the evolution of new energy industry forms the stages in the process of capital embedded spillover effects and the possible existence of space,and refine new energy industry development at different stages of investment and financing characteristics and operating conditions,so as to put forward a "may contain spatial spillover effect of asymmetric" one axis,two systems "type support capital market mechanism".After that,based on the traditional econometric analysis and the newly popular spatial econometric analysis and other research methods,and combined with the relevant data of 162 new energy listed companies in China from 2009 to 2017,this paper investigated the relationship between China’s capital market and the development of new energy industry,hoping to explain the supporting effect of China’s capital market on the development of new energy industry.The main research conclusions are as follows:First,the new energy industry and different from traditional industry generally high and new technology industry,the threshold of the new energy industry demand for capital is higher,the amount of money needed for larger,longer investment cycle,investment risk is extremely high,and the demand for capital throughout the industry life cycle,this leads to the stages of new energy industry development cycle capital embedding and funding the differentiation,differentiate capital markets to match mode and means.However the current our country dominated by credit market of the indirect financing system for the development of new energy industry support is very limited,has not yet formed a set of life cycle based on the new energy industry and industrial development characteristics,effective service in the new energy and other new and high technology industries,especially in the service of the modern capital market of small and medium-sized high-tech start-up support system.Second,dominated by credit market in our country at present the indirect financing system is not perfect,the econometric analysis based on the traditional and popular spatial econometric analysis of research methods such as empirical results further validated this: in the traditional econometric model is analysis and select roe asexplained variable to examine the development of Chinese capital market and the relationship between the development of new energy industry,bank credit financing of China’s new energy industry development has a negative effect,but not significantly;Bond financing has a positive impact on the development of China’s new energy industry,but not significant;Equity financing has a significant negative impact on the development of China’s new energy industry.In the traditional econometric model analysis and the selection of return on total assets as the explained variable to investigate the relationship between the development of China’s capital market and the development of new energy industry,bank credit financing and bond financing have a positive impact on the development of China’s new energy industry,and are not significant.However,equity financing has a significant negative impact on the development of China’s new energy industry.Third,according to the calculation results of global Moran index,the spatial spillover effect among 162 new energy listed companies was positive in 2010-2012 and 2015,and negative in 2009,2013,2014 and 2016-2017.This means that there may be spatial spillover effect among new energy listed companies,but this effect is not very stable.The local Moran index graph also confirms this conclusion.In most years,most new energy listed companies have a local spatial spillover effect of 0,but a small number of years and a small number of new energy listed companies have a spatial spillover effect,which is positive and negative.Fourth,when roe is selected as the explained variable and three classic spatial econometric models,including spatial autoregression model,spatial durbin model and spatial error model,are adopted,bank credit financing has a negative impact on the development of China’s new energy industry,but it is not significant.Bond financing has a positive effect on the development of China’s new energy industry,and is not significant;Equity financing has a significant negative impact on the development of China’s new energy industry.Overall,based on the traditional econometric model analysis and spatial econometric model analysis as a result,China’s capital markets for the development of new energy industry expected a far cry from the empirical research and theory,China’s capital market has not yet been able to produce new energy industry development obviously promote and support,also need a long time in the future to take positive active capital market support policies or measures,to promote the sustainable development of China’s new energy industry. |
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