Research On Financing Efficiency And Influencing Factors Of New Energy Vehicles Listed Companies

Since General Secretary Xi Jinping proposed my country’s "3060" carbon emission target in September 2020,the development of the energy sector has ushered in a major transformation,and carbon emission and carbon neutrality have become the main focus of economic development.The carbon emission reduction of the automobile industry is particularly important for my country to achieve the goal of carbon peaking and carbon neutrality.Vigorously developing the new energy automobile industry has become one of the important measures to achieve the carbon peaking and carbon neutrality goals.The new energy vehicle manufacturing industry chain involves the traditional automobile manufacturing industry and high-tech industries such as batteries,motors and electronic controls.The extension of the industrial chain requires the expansion of financial services from depth and breadth.The efficiency of financial support affects the development of the entire industry chain of new energy vehicle enterprises..In this context,this paper takes the financing efficiency problem in the development of the new energy automobile industry as the research object,and analyzes the path of financial support for the development of the new energy automobile industry.By sorting out the existing literature,this paper studies the financing efficiency level and influencing factors of China’s new energy vehicle listed companies from multiple perspectives.In the literature review part,it summarizes and sorts out three aspects: the definition and calculation method of financing efficiency,the financing efficiency of new energy vehicles and the influencing factors of financing efficiency.Secondly,in the theoretical research part,it defines the concepts related to financing of the new energy vehicle industry,introduces the financial efficiency theory,and analyzes the application of the financial efficiency theory in the new energy vehicle market.Finally,in the empirical research part,47 new energy vehicle listed companies from 2015 to 2020 were selected as research samples,and the new two-stage chain super-efficiency SBM-DEA model was used to measure the level of corporate financing efficiency.The stage and the overall stage were analyzed separately,and then the comprehensive efficiency of the overall stage was selected as the explained variable,and the Tobit model was used to carry out regression analysis on the 8 impact indicators.Through theoretical and empirical analysis,the paper finds that: First,the financing efficiency of China’s new energy vehicle listed companies has not changed much between the capital allocation stage and the financing stage,but increased slightly.The pure technical efficiency in the financing stage is higher,and the scale efficiency in the financing stage is higher.The overall financing efficiency of the new energy vehicle industry has shown a steady rise over time.Second,the level of financing efficiency of my country’s new energy vehicle listed companies has a significant positive correlation with the GDP growth rate,enterprise scale,government subsidy,and CPI growth rate of the registered provinces in the explanatory variables,and is positively correlated with R&D expenses and the number of personnel with a bachelor’s degree or above.Asset-liability ratio and M2 growth rate are significantly negatively correlated.Finally,based on the empirical results,it is recommended that the government optimize industrial policy support and improve the capital market system;it is recommended that enterprises improve the level of corporate governance,rationally plan the financing structure,and increase investment in scientific and technological research and development.