Research On Performance Evaluation Of China’s New Energy Industry Based On Improved DuPont System

The new energy industry is an important part of China’s strategic emerging industries,and the development and utilization of new energy is one of the important strategic measures of "green low-carbon economy".At present,the development process of China’s energy structure has basically said goodbye to the stage of conservation.Under the new normal state of economic growth,the construction of better energy ecology has become the core of energy development in China,and high quality new energy will be the goal of priority development.However,there are many problems in the development of China’s new energy industry at the present stage.For example,the risk of technology,environment and market management has not been effectively regulated and restricted,which makes the new energy industry in crisis,leading to some enterprises to fail and the whole industry enters the rectifying stage in advance.The situation puts forward stricter requirements for enterprises in the new energy industry,so that they need to pay more attention to the business performance of enterprises.The purpose of this paper is to "evaluate the performance of new energy industry in China" and follow the research ideas of "theoretical analysis-Case Analysis-Empirical Analysis-strategy proposal" and comprehensive use theoretics,such as finance,statistics,quantitative economics and other related disciplines.First,it reviews the current research status,and then defines the concept of new energy industry and enterprise performance evaluation,and provides theoretical support for new energy industry performance evaluation based on the theory of enterprise dynamic capability,etc.Secondly,this paper analyzes the limitations of the traditional DuPont system,and innovatively reconstructs some indicators of DuPont analysis system combined with the characteristics of the new energy industry.This paper uses the improved DuPont analysis system for factor analysis on the new energy business on behalf of Huayin electric power.This paper constructs a panel regression model,selects 2012-2016 years of financial data of 55 listed companies of new energy industry by regression analysis.The empirical results show that the new decomposition index has a significant influence on the ROE,which can reflects the performance of the new energy industry.No matter the size of the strength of enterprises,sales cash ratio,asset cash ratio and Tobin Q indexes have significant positive effect on the performance of the new energy industry,and no government subsidy has a positive effect on the performance of the new energy industry,it should ffurther strengthen the government support of new energy industry.Finally,through the conclusion of theoretical analysis,case analysis and empirical analysis,the relevant countermeasures and suggestions are put forward from the point of view of government,industry and enterprise respectively,and the research prospect is put forward to improve the application and development of DuPont system in the performance evaluation of new energy industry.