Research On Financing Problem Of New Energy Industry Development In China

Resources and environment problems are important problems that the world are facing with since the beginning of 21 st century. The excessive consumption of fossil energy and a series of environmental problems caused in the development process of global economy have been paid unprecedented attention. The Paris Agreement adopted by the United Nations Conference on climate change in 2015, has set the obligatory targets to control the global greenhouse gas emissions. Under this background, as the best substitute for the traditional energy, new energy industry will get more and more attention in the future when new low-carbon energy system dominated by the new energy is gradually replacing traditional fossil energy system. According to the international energy agency predicts that by 2020, two thirds of the global energy supply will increment from new energy sources.Being the forefront and hot areas of world science and technology competition, new energy technology becomes the strategic emerging industries for countries around the world to improve their core competitiveness.According to the Global New Energy Development Report 2015 released by the national federation of industry and new energy chamber of commerce, the global new energy continued the trend of rapid growth in 2014, the new energy industry financing totaling $309.95 billion, and annual growth rate of electricity generation reaching 19%which accounted for 6.2% of the world’s total generated power capacity. Among them,China’s new energy industry financing raised $89.49 billion, increasing by 31.7%compared with last year, and the scale and growth of financing are listed first in the world.In spite of this, there’s still a huge funding gap to achieve the future growth of China’s new energy industry. Thus, further study of the financing of the development of new energy industry in China, has a realistic and long-term significance.In this paper, the development of China’s new energy industry and its financial supportare studied by the combination of qualitative and quantitative methods. In the start, this paper analyzed the current situation and problems of the development of new energy industry in China, especially the financing problems of new energy industry. Then, it used the data envelope analysis(DEA) model to analysis the fund use efficiency of the direct financing of the listed companies in China’s new energy industry. The samples of the mathematical analysis were the representative of the new energy listed companies selected from stock markets of Shanghai and Shenzhen. And, on the basis of this, the Logit model of the effective financing mode of the new energy listed companies was established. At last,the paper puts forward the corresponding countermeasures and suggestions for the low efficiency and the trend of decline of the use of funds in China’s new energy industry.