The Construction And Application Of Investment Efficiency Index System For Photovoltaic Enterprise

Energy has been supporting the production and development of human society,because of the deteriorating energy situation, looking for new alternative energy isimminent. As energy production and consumption country, China’s energy problem isparticularly serious, the development of new energy industry has become an importantdirection of strategic emerging industries. In a number of new energy industries, solarphotovoltaic industry stands outbecause of its clean pollution-free renewablecharacteristics. Beginning in2006, the increase speed of our photovoltaic industry,both in the number of enterprises and the industry’s total output, is stunning. But thereare perils behind the development of the industry, such as unreasonable industrialstructure, sales is too dependent on exports, excess capacity and so on. After theEuropean debt crisis and "double reverse" surveys of Europe and the United States,our PV industry runs into an unprecedented crisis. Throughout the various factors, theirrational expansion of photovoltaic enterprises in China, investment inefficiency isone of the main reason, so set up a corresponding investment efficiency index systemto measure the efficiency of investment, by which the enterprise investment isdetermined has practical significance.First of all, this paper discusses the relevant research both at home and abroadabout investment efficiency, on the basis of the theories, choose microeconomics thatcan effectively reflect the individual investment efficiency, and the data to calculatethe index are available, at the same time a little modification will be made, in order tomake them more easily to be used and observed, along with indicators that canmeasure enterprise’s profit ability, operation ability and enterprise value indicators,form the investment efficiency index system.Then select photovoltaic industry operating conditions is different, the mainbusiness income all or the majority (90%) and those for photovoltaic products at least three years of listed companies, based on the data of the investment efficiency in2010-2012were analyzed, and concluded that the variation trend and investmentcondition, and comparative analysis, trend analysis, after selecting the sunflower solartechnology co., LTD as the typical cases, on the analysis of investment efficiency.Photovoltaic industry exist the following problems can be found from theanalysis: due to the photovoltaic industry low barriers to entry in the initial period ofdevelopment, high profits and government support, the number of photovoltaicenterprise, scale, enterprise blind expansion, investment on production capacity, ratherthan the core technology; Excessive government intervention, caused the badinfluence; Low enterprise from bank loans difficult, lead to misuse of funds; Focusedon the middle and lower reaches of our pv industry chain, industry chain structure isnot complete, is not reasonable.To solve these problems, this paper gives the following Suggestions: strengthenthe management of enterprises and investment, focus on the core technology researchand development, investment, rather than blindly increase the production capacity ofenterprises, to form a professional and effective management, predicting risk,reasonable investment and expansion; Enterprises should increase r&d investment,rely on the core technology, rather than the production capacity or compete on price.The government’s intervention is reasonable and moderate, guide for the developmentof the industry and structure optimization, drive the domestic demand, make theindustry chain is more reasonable.In this paper, the innovation point basically has the following several aspects:(1) the photovoltaic industry is the rise of the emerging industry in our country inrecent years, there are some in the industry as the research object of study, most ofwhich start from the Angle of capacity are studied, the research achievements ofmacro number more. This article is based on a single photovoltaic enterpriseinvestment efficiency evaluation as the research object, the micro level of research, isa new research direction.(2) for various kinds of research investment efficiency evaluation index, oftenonly pay attention to the investment efficiency index has neglected the financial indicators, and the investment efficiency of enterprise will eventually affect the profitof the enterprise, the investment efficiency will eventually be reflected in the variousfinancial indicators data of the business of investment efficiency index and financialindicators, the investment efficiency of enterprise can be more comprehensive andeffective evaluation, is a kind of optimization of evaluation system.(3) in this paper, standing in the perspective of enterprise, by selecting a varietyof indicators to evaluate the investment efficiency of photovoltaic enterprises, can bedirectly observed the investment efficiency of enterprise status and changing trend ofinvestment efficiency, operable and reference value for the enterprise, from theory topractice innovation.