Research On The Factors And Optimization Of The Capital Structure Of New Energy Companies

According to The 2050 China Energy and Carbon Emissions Report released by the energy institute of the national development and reform commission,the American Energy Foundation and National Development and Reform Commission jointly forecast that China will need 18 trillion yuan of energy investment from 2005 to 2020,of which about 7 trillion yuan will be needed for new energy,energy conservation and environmental protection.From the perspective of development trend,the new energy industry,as one of the most promising new industries,is the new driving force for the rapid growth of domestic economy in the future.A large amount of financial support is a necessary condition for the sustained and healthy development of the new energy industry,which requires not only government investment and subsidies,but also the role of the market in allocating funds and the effective alleviation of the shortage of funds in the development of the new energy industry through financial means.Therefore,it is imperative to study the capital structure of new energy industry.Then,it makes a theoretical analysis of the capital structure related theories and the influencing factors of the capital structure of new energy enterprises.Based on the theory of capital structure,this paper analyzes the factors that influence the capital structure of new energy enterprises and their optimization approaches by combining theory with empirical research.From China's new energy industry financing environment,financing,and the view of development present situation,analyzes the current impact,some problems of the new energy capital structure of listed companies in our country,high cost of financing,financing amount is large,single financing channel,etc.,and puts forward the research hypothesis,construct two kinds of static and dynamic adjustment model of capital structure selection new energy industry listed companies from 2015 to 2018 as research sam-ples,correlation analysis and regression,the empirical research grants,costs,assets,profitability,debt structure and other factors on the impact of the capital structure of the new energy,In order to provide some references for new energy companies to make financing decisions and optimize capital structure.The results show that :(1)Compared with the static model,the dynamic adjustment model of the capital structure of new energy industry is more accurate,and it can better explainthe influencing factors of the capital structure of new energy companies in China,as well as the capital structure determining behaviors of listed companies in China.(2)There is a significant negative correlation between the capital structure of new energy listed companies and financial subsidies,profitability,debt cost,asset structure and other factors.(3)The dynamic adjustment model shows that the capital structure adjustment speed of China's new energy listed companies is 0.7522,which conforms to the dynamic balance theory.This proves the existence of the optimal capital structure,and also indicates that the capital structure of China's new energy listed companies is making dynamic adjustment towards the optimal capital structure.