Analysis Of The Impact Of Financing Channels On R&D Investment Of New Energy Enterprises

In order to cope with the problem of environmental pollution and the shortage of traditional energy,China has actively promoted the optimization and upgrading of energy structure.With the opportunity of energy structure optimization and economic transformation and upgrading,China’s new energy industry has gained great development.The new energy industry has the characteristics of large scale of financing and long term,and its development depends on innovation input.Therefore,it is necessary to study the financing channel selection of innovative input of new energy enterprises in the light of the characteristics of china’s new energy industry.This paper will innovatively consider the method of multi-financing channel influence,apply it to analyze the factors affecting the innovation input of new energy enterprises,and discuss it in groups according to the differences in enterprise ownership and scale,so as to provide reference for new energy enterprises to enhance their innovation ability.Using the relevant theory qualitatively analyzes the influence of various financing channels on the research and development innovation of new energy enterprises,and on this basis,85 new energy listed companies in China are selected as research samples to test the relevant data for 2010-2018.The empirical results show that endogenous financing,equity financing and debt financing have significant positive effects on the research and development innovation investment of new energy enterprises,and the effect of promoting the role is reduced in turn,which is different from the conclusion that "debt financing has a dampening effect on research and development investment" from the literature on such problems in other industries in China.This paper holds that the new energy industry can get the support of research and development investment from debt financing,mainly because of the high degree of investor recognition of the innovative behavior of the new energy industry,financial institutions as the main creditors of enterprises,in response to the call of the state to foster the new energy industry,Green Bonds for new energy enterprises to provide new channels for research and development.After the group regression,it is found that equity financing is not effective in promoting the innovation investment of state-owned new energy enterprises,debt financing is not helpful to private enterprises in research and development,and small-scale enterprises can only rely on their internal funds to enhance innovation ability.