Research On Financing Efficiency Of Listed Companies In New Eneygy Automobile Industry Based On DEA Model

Today's society is faced with the profound contradiction between the material demand brought by economic growth and the environmental pollution.In the automobile sector,oil consumption and exhaust pollution have begun to seriously overdraw the carrying capacity,a green human travel change is imminent.According to the present technology,the product of this transformation should be the new energy automobile industry.Although the new energy automobile is still in the embryonic stage and the growth stage,but it will replace the traditional fuel automobile finally,will become the future people's traveling tool.The birth and development of new energy automotive industry,in addition to its own mission requirements,specific implementation need to rely on the power of the capital.Can only act will it come to financing,technology into products into homes.This paper studies the financing efficiency of the new energy vehicles industry is to discover problems in the process of financing and capital allocation and the need to pay attention to the influence of factors,improve the efficiency of financing and capital allocation efficiency for the enterprise to provide the reference opinion,from two aspects of technology innovation and business model to explore and prospect.In this paper,first of all,the financing efficiency of literature at home and abroad were reviewed and comb.In view of the existing literature research content focuses on broad,earlier time,the creditor's rights three characteristics,develop the new energy automotive industry chain,nearly five years and equity three corresponding research direction;The related concepts of financing efficiency is studied.From the definition and sources of financing theory,the definition of equity financing,financing efficiency and industrial chain and the research direction and so on several aspects;Analysis of the current situation of financing again.Describes the industrial chain and enterprise development the financing needs of each period,analyses the industrial chain financing channels and the current monetary policy tightening,corporate profits decline,industry chain doesn't exist problems such as;A study on financing efficiency finally.Selected 170 companies in the new energy automotive industry chain data,through the DEA-Malmquist model to calculate the financing efficiency of static,dynamic parameters,distinction between industrial chain internal financing efficiency characteristics of the distribution and forming reason,through the Tobit regression model correlation analysis was carried out on the factors affecting the financing efficiency,robustness test.According to variable regression significant rank weights of affecting factors on the critical and non-critical factors are obtained.Research results indicate that,first,the overall efficiency of listed companies in the new energy industry chain increased year by year,through continuous innovation in the future can be done to replacetraditional cars.Second,in the new energy industry chain upstream and downstream industries,electronically controlled motor and battery financing efficiency of enterprise was obviously higher than that of the enterprise.Third,policy play a guiding role to the development of new energy vehicles industry,technological progress is motivated.Fourth,equity financing for new energy automobile industry has very important role.Fifth,developed areas of the financing efficiency of enterprises can have a significant impact.Local cultural environment,public governance environment,supporting environment,the government efficiency,to the talent attraction to the comprehensive strength,to enterprise's development will always be a positive role.Based on the above conclusion,on the one hand,suggested the government related policy formulation department vigorously introduce government industry guide fund,in order to establish the financing credit enterprise,help the industry into the track of benign development.On the other hand,it is recommended that companies choose strong financial support,business good local investment environment.Finance should focus on equity financing.Efficient use of funds as far as possible,avoid idle and focus on investing heavily in research and development,marketing,quickly occupy the market.Looking forward to the future,new energy automobile industry should be in the two aspects of technology and business model to cater to the market further,improve the financing efficiency.In technology development,ease use anxiety,giving full play to the advantages of electric auto on the intelligent technology of congenital,enlarging market demand.In the aspect of management mode of the intelligent mobile phone industry,adopt the way of marketing and research and development design manufacture separation,a clear division of professional,focused on the enterprise value,adopt different ways of financing channels and improve the efficiency of their financing.