| Photovoltaic industry has great development potential and is suitable for large-scale development.It is the main force to realize carbon neutralization.With policy support,it has entered the golden track.Due to the huge amount of investment in the capacity expansion of photovoltaic equipment and the construction and operation of photovoltaic power stations,the internal funds of enterprises can not meet the demand,so it is necessary to expand the scale of external financing.However,the long return period of project investment,high risk and the lack of self owned core technology of enterprises make it difficult for many private enterprises to integrate the required funds at low cost,which becomes a key factor restricting the financing efficiency of photovoltaic enterprises in China.Therefore,this paper will take the financing efficiency of photovoltaic industry as pointcut and take Sunshine Power Co.,Ltd as an example to explore the methods to improve the financing efficiency of enterprises.On the basis of summarizing the financing efficiency evaluation methods and analyzing the financing status and difficulties of China’s photovoltaic enterprises,this paper selects 64 photovoltaic listed enterprises as samples,constructs DEA-BCC model to measure and analyze the static financing efficiency of China’s photovoltaic enterprises from 2015 to the first three quarters of 2021,and to combine the Malmquist index method to make dynamic measure and evaluation of financing efficiency.And the SFA method is used to study the impact of external factors such as the regional macro-economy and financing environment on the financing efficiency,and Tobit regression is used to analyze the impact of the internal management and operation mode and technical level of the enterprise on the financing efficiency.Finally,Sunshine Power Co.,Ltd.is taken as an example.The research shows that: in the past three years,the scale efficiency and pure technical efficiency of the photovoltaic enterprises have decreased,while the efficiency of technological progress has rebounded slightly.The proportion of enterprises that reached the comprehensive financing efficiency in the first three quarters of 2021 in the total sample is only 10.94%,and 89.06% of enterprises are increasing returns to scale,indicating that photovoltaic enterprises can further increase the financing scale,there is still room to improve the efficiency of comprehensive financing.In view of this,this paper throw out several suggestions: From the perspective of enterprises,improve the financing structure,reasonably increase the financing scale,improve the technical level and the efficiency of capital use;From industry perspective,innovate financing mechanism to provide diversified and low-cost financing mode for enterprises;From government perspective,provide more preferential financing policies,and policy banks can help photovoltaic enterprises integrate funds in the form of multi-party cooperative lending,and actively promote the issuance of enterprise green bonds. |
