The Influence Of Financing Structure On Research And Development Based On New Energy Company

Energy is the material foundation of a country’s economic and social development with the energy consumption structure always compatible with its resource endowment and the level of economic and technological development.Under the"New Normal",China suffers an increasingly significant disparity among economic restructuring,environmental governance and traditional structure of energy consumption.New energy means renewable and is widely distributed.Thus,the environmental pollution it causes is limited.Due to its high technical threshold and direct benefit for people,many countries regard it as the strategic emerging industry.In order to solve the current problem of energy consumption,China has provided policy and tax support to encourage the development of this new energy industry.Technological innovation is the core of developing new energy industry.The upgrading of energy sources has a long cycle with many difficulties and high risks.Therefore,enterprises need to keep financing so as to ensure the technology improvement.The focus of this dissertation is to analyze the existing financing structure and capital needs of China ’s new energy enterprises,their investment in technical renovation and the influence mechanism of the financing composition on the investment.Much research has been done to investigate the mechanisms of new emerging industries’ investment in technological innovation from the perspective of policy,tax revenue and financing approach.Only a few studies have involved the financing structure.This paper selects A-share listed companies of new energy from 2013 to 2017 as samples.What statistics reveal from financing structure is as follows:debt financing,equity financing,internal financing,government grants.The in-depth analysis on debt financing in corporations shows the following results:commercial credit financing,bank credit,bond financing.Through the Fixed effect model,this empirical study found that there was a significant positive correlation between public subsidy,internal financing,equity financing and enterprises’ investment in innovation but a negative correlation between bond financing and innovation investment.Bond financing positively correlates with innovation investment,while a negative correlation was found between bank credit,commercial credit and the funding for renovations.Based on these findings,this research offers some insightful policy suggestions on developing the bond market and seasoned equity offerings.First,Improving the financial supervision system,Developing private equity funds and encouraging enterprise equity refinancing.Second,Reducing the scale of enterprise debt,optimizing the debt maturity structure,establishing credit evaluation system and enhance the proportion of bond financing..The last,Strengthening government subsidies to promote technological innovation cooperation between schools and enterprises...