| The Nineteenth Congress in 2017 pointed out that "Green Mountain is the JinshanYinshan Mountain and the harmonious development of man and nature is realized.The construction of a beautiful China is the goal of our country’s ecological civilization construction." To this end,it is necessary to speed up the adjustment of energy production structure and promote consumer changes,and actively build a low-carbon,clean,safe,and highly efficient energy structure system.As one of China’s strategic emerging industries,the new energy industry plays a decisive role in improving China’s energy consumption structure and environmental pollution.To this end,local governments have adopted a series of measures to develop new energy industries in recent years in order to achieve the purpose of improving resource utilization efficiency.With the increase in the importance attached to the development of new energy industries,the investment in new energy is also increasing.However,due to the limitations of China’s technology,the capital has not been optimally used or the production capacity has become surplus,which has resulted in funds being used.The introduction and return of income have not reached equilibrium,and investment efficiency needs to be improved.The listed companies in the new energy industry have a guiding role in the development of the industry as a whole.Based on this,this article takes the new energy industry listed company as the research object from the perspective of micro-industrial entities,and starts to research on its investment efficiency,aiming to find strategies to improve investment efficiency.This paper focuses on the investment efficiency of listed companies in the new energy industry,establishes investment efficiency evaluation models by collecting data on industrial performance and influencing factors,and conducts empirical analysis of the factors affecting investment efficiency,so as to increase the investment of listed companies in the new energy industry in China.Efficiency provides a better basis.The paper introduced the background significance and related research of China’s new energy industry listed companies,and related related concepts and theoretical basis.Then,the paper analyzes the current situation of investment efficiency of new energy industry and analyzes the problems in the investment process.Subsequently,This paper analyzes the panel data of China’s new energy listed companies from 2010 to 2016,and concludes that(1)As a result of static analysis,the investment efficiency of listed companies in the new energy industry in China as a whole is not high.Between 2010 and 2016,less than half of the sample companies with effective scale of compensation accounted for,indicating that most new energy companies have yet to adjust their scale.(2)Dynamic analysis results.From 2010 to 2016,the average TFP index of listed companies in the new energy industry was 0.985.Its operating efficiency showed a downward trend.(3)As for the influencing factors,eight factors such as R&D intensity and commercial credit have a positive and significant impact on their investment efficiency,while cash holdings have a negative impact on their investment efficiency.Finally,Targeted countermeasures and suggestions are proposed,and the government is advised to increase investment in technological innovation and ensure the implementation of policies.It is recommended that enterprises improve their technological innovation capabilities and improve investment and financing management.level and so on. |
