| Under the dual background of the increasingly noticeable contradiction between supply and demand of traditional energy and the decelerating growth of China’s economy after entering the "new normal",new energy has become a prominent part of China’s adjustment of energy industry structure and optimization of economic development mode due to its advantages of renewable,environmental protection and great development potential.But due to the new energy industry in China is still in the growth period,less face legal system is not sound,the core technology,low level of innovation,many problems,make outside investors with caution,wait-and-see attitude to the industry development,industry development mainly rely on bank credit,government subsidies in two ways,but these two kinds of financing ways cannot fully meet the needs of industrial development,The issue of industrial financing is still extremely prominent.Against such backdrop,by studying the factors affecting the financing efficiency of China’s new energy industry,it is benefit to find methods to solve its financing straits,which is of momentous importance to the sustainable development of the new energy industry and the majorization of China’s industrial structure.This paper first expounds the industrial development theory and financing theory related to the study,and analyses and summarizes the factors affecting the financing efficiency of China’s new energy industry from the theoretical perspective based on scholars’ research on the financing efficiency of the new energy industry,laying a theoretical mainstay for the empirical research in the following paper.Secondly,the paper analyses the development and financing status of China’s new energy industry and summarizes the causes of industrial financing straits,providing a realistic foundation for the empirical research in the following part.Thirdly,in the measurement analysis of financing efficiency,Using static DEA and Malmquist index,Theil index from many aspects,and compare the absolute value and change of financing efficiency innovatively from different industries and different regions.Finally,in the empirical research segment,according to the measurement results of DEA model technical efficiency,variables related to theoretical analysis are selected.After quantifying the environmental uncertainty of each sample company based on previous experience,Tobit model is used to empirically study the impact of macro and micro factors such as environmental uncertainty and government subsidies on financing efficiency of relevant companies.The results show that :（1）from 2014 to 2020,the financing efficiency of China’s new energy industry fluctuates from 0.571 to 0.644.Although the value has improved,its absolute value is still at a low level,and there is still a large space for improvement.Theil Index showed a trend of rising volatility after 2016,indicating that the competition within the industry is becoming increasingly fierce.（2）There are obvious regional and sectoral differences in financing efficiency of new energy industry.By region,from 2014 to 2020,the financing efficiency of listed new energy companies in eastern China is relatively high in absolute value and fast in improvement.The relatively high Thiel index in the central region reflects increasing competition among companies in the region.In terms of different industries,in the sample period,the absolute value of financing efficiency of smart grid companies is high,but the improvement speed is slow.The financing efficiency of wind energy companies increases rapidly,but the absolute value of financing efficiency is in the middle level.The absolute value and growth rate of financing efficiency of biomass energy companies are at a low level in the five industries.（3）Using Tobit model factors affecting the empirical analysis,found the company size,capital structure,research and development investment,competition ability and ownership concentration these five kinds of micro factors and environmental uncertainty,government subsidies,local economic development of the company,financial industry development status,the four macro factors will have a striking impact on the financing efficiency of listed new energy companies.Based on the results of experimental analysis,this paper comes up with corresponding countermeasures and suggestions from the two dimensions that the government should optimize the industrial financing environment and the company should improve its internal governance model. |
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