Research On The Financing Efficiency Of Photovoltaic Industry In The Provinces Along The “Belt And Road”

Facing the shortage of resources and environmental pollution,the country needs to develop new energy.Photovoltaic companies have great advantages,but for the photovoltaic industry,financing difficulties have always been a problem affecting the scale development of the entire industry.At the same time,the photovoltaic industry has suffered from the background of shrinking international markets,frequent double-reverse investigations,and excess domestic capacity.In this case,President Xi Jinping put forward the "Belt and Road" initiative to consume excess domestic capacity and drive Economic development along the Belt and Road.This article takes the "Belt and Road”initiative as the boundary,sorts out the development of the photovoltaic industry in 2009-2012 and 2013-2018,explains the problems encountered in the development of the photovoltaic industry.The impact of the "Belt and Road" initiative on the photovoltaic industry is also analyzed.In this paper,74 listed companies in the photovoltaic industry are selected as representatives of the entire industry.The two-stage model of data envelope analysis is used to analyze the data of listed companies of photovoltaic companies from 2009 to 201 8.The overall financing efficiency,scale returns,The efficiency of fund raising and utilization of funds and the efficiency of photovoltaic companies before and after the"Belt and Road”initiative were compared with the efficiency of photovoltaic companies along and along the "Belt and Road".Then,the comprehensive efficiency was selected as the explanatory variable,and the panel Tobit regression was performed using the macroeconomic development level,policy factors,the size of the enterprise,the capital structure of the enterprise,and the profitability of the enterprise as variables.Then evaluate the specific status of the financing efficiency of the photovoltaic industry.The results of the study indicate that the overall financing efficiency of the photovoltaic industry in the provinces along the "Belt and Road" has not reached the most effective state at all stages,and the financing efficiency still needs to be improved.The "Belt and Road" initiative has a positive impact on the financing efficiency of the photovoltaic industry,but it is not significant.One is that the background of the "Belt and Road" initiative was that it was subject to EU anti-counterfeit investigations abroad,shrinking demand,and excess domestic capacity,which led to a steep decline in financing efficiency in 2013,making financing efficiency after 2013 not as obvious as before.Secondly,because the overall economic development of the provinces along the "Belt and Road" is relatively low,and the corresponding financing efficiency is also low,the data of the "Belt and Road"initiative did not have a significant impact on the financing efficiency of the provinces along the line..From a macro perspective,the level of macroeconomic development has a significant positive effect on the financing efficiency of the photovoltaic industry;micro-consideration of the size of a company has a significant negative correlation with financing efficiency,a company's capital structure has a significantly negative correlation with financing efficiency,and the profitability of enterprises is significantly related to the financing efficiency of the photovoltaic industry..To improve the financing efficiency of the photovoltaic industry,companies need to improve financing efficiency in the fund raising and use stages,optimize internal governance structures,and do a good job of technology research and development to grasp market demand;the state needs to improve economic development and improve the financial development system,and at the same time,it must guide policy and support.