Research On Financing Efficiency Of Wind Power Enterprises In China

Recently years,China’s economy grew rapidly,and energy needs was also increased in kinds of industries.However,our energy construction was unbalanced,and we excessively depended on traditional energy sources.Carbon emissions increased every year.China proposed a strategic goal of "carbon neutrality".Adjusting the energy structure was the main way to achieve the "carbon neutrality" goal and developing of wind power had become the main means to adjust the energy structure.Because the wind power industry was not only a technology-intensive industry but also a capital-intensive industry.In the early period of businesses,the technological development and the construction of wind turbine projects requiring large-scale funding which meant that it was difficult for companies to meet their huge capital needs by themselves.Financing had become a key issue for the healthy and stable development of wind power companies.The high financing cost,financing difficulties,and unreasonable operation of integrated funds had hindered the development of wind power companies.Therefore,considering that financing efficiency wsa a key part that affects financing effectiveness,this paper took my country’s listed wind power companies as the research object,studied their financing efficiency,and analyzed the current situation of financing efficiency and the reasons for its low effectiveness.At the same time,Zhongmin Energy,a listed wind power company with excellent financing performance,was selected for case analysis.From the perspective of financing efficiency,it provided targeted suggestions for wind power enterprises to alleviate financing problems and develop healthily.In this paper,based on the theory of financing,we first reviewed the current situation of China’s wind power industry development in terms of output value,technology and policy.Analyze the reason of financing difficulties,from the supply and demand side of wind power enterprise financing based on the current situation.It could be seen that wind power enterprise financing methods were limited,the project requireed a long funding cycle and the time mismatched with the supply side of the funds,and the key core technology was still insufficient.Second,this paper selected 31 listed wind power enterprises as a sample and analyzes their financing efficiency during 2017-2020 using DEA-Malmquist method from both static and dynamic perspectives.It was found that: currently,the wind power industry was in a new period of rapid expansion.Therefore,most enterprises could further strengthen their output and development by expanding their investment scale.However,the overall effectiveness of the financing efficiency of China’s wind power enterprises was not high,there was more room for improvement and the weak management capacity of wind power enterprises was the key link that drags down the financing efficiency which should be focused on.Finally,this paper used the case analysis method to sort out the financing arrangements of Zhongmin Energy,a company with better financing performance,its backdoor listing and private placement,and the methods for improving financing efficiency.In order to find a way to alleviate the financing problem that could be used for reference by wind power enterprises.To sum up,this paper put forward specific suggestions based on the previous discussion and empirical results: First of all,from the perspective of the government,the first was to give full play to government guidance and policy support.While increasing targeted financial subsidies,it was necessary to simplify the process and strengthen management to increase the actual rate of subsidy distribution.The second was to build a multi-level technology exchange platform,led by the government,shared by advanced enterprises,and encouraged to cooperate with all parties in the society to form a synergistic effect.The third was to set up a special wind power industry fund to effectively drive financial and industrial capital to follow up through government-led funding.The participation of capital made the investment process more transparent and improved the efficiency of financing use.The Fourth was to improve the financial support system and green financial tools and strengthen the construction of capital markets at all levels and eliminate the mismatch between capital demand and supply through multi-angle green financial innovation.Secondly,from the perspective of the enterprise itself,the first was to improve the management level of the enterprise,mainly by improving the production and operation system of the enterprise,formulating efficient processes,and embedding internal control into the organizational structure as a part of the management process;The second was to maintain a reasonable R＆D investment of the enterprise,mainly to upgrade R＆D and production equipment.At the same time,through the introduction and learning of advanced technology,strengthen the training of scientific research personnel to improve the enterprise’s own technological innovation ability;The third was to optimize corporate financing decisions,scientifically measure the return on investment of projects,reasonably plan financing methods,financing costs and financing terms,and continuously expand financing channels to improve financing efficiency.