A Study Of The Efficiency Of Industry-finance Integration Of New Energy Listed Companies

China’s new energy industry has broad development prospects.The National Fourteenth Five-Year Plan underlines the safety of development,incorporates carbon emissions into the task of ensuring the ecological environment,clarifies carbon reduction targets,and emphasizes the development of new energy.In the meanwhile,however,some new energy driven companies are obstructed by many adverse factors which generate cash flow problem and decrease the efficiency of production and operation.To solve this dilemma,both internal and external companies need to find effective solutions: the nation proposes to guide and increase financial support and promote the healthy and orderly development of the new energy industry.Under the guidance and support of external policies,China’s new energy companies should also explore more effective methods based on their own developing pace.The combination of industry and finance has become one of the main resources to build a powerful moat for Chinese new energy companies with its model advantages.This paper focuses on the efficiency of Chinese new energy companies in implementing the strategy of integrating industry and finance,and provides a benchmark for enterprises in the industry through scientific methods of measuring the efficiency of industry and finance integration,and promotes the optimization of the structure and efficiency of the entire new energy industry.This article selects new energy listed companies who hold equity in financial institutions from 2015 to 2019 as the research object,sorts out the track,the types of financial institutions that participate in the sample,and the area in which they are located;Compares and calculates the three semi-parameters of the Total Factor Productivity methods—Olley-Pakes method,Levinsohn-Petrin method,and Ackerberg-Caves-Frazer modified measurement results.Finally,Olley-Pakes method is selected as the main research method.By constructing a regression model between total factor productivity and shareholding ratio,the track,and the type of financial institutions involved,the estimation result of the generalized least square method is selected to measure the final industry-finance integration efficiency.This paper analyzes the calculation results from four dimensions(timelines,district,track,financial types)and finds that: First,during the period from 2015 to 2018,the efficiency of industry-finance integration of listed new energy companies in my country showed a slow downward trend until 2019.This trend can be regarded as the deepening of the efficiency of industry-finance integration of my country’s new energy listed companies in my country’s financial system.The adjustment of the reform process has declined;in the long run,with the continuous deepening of reforms and the gradual improvement and optimization of the system,the efficiency of the integration of industry and finance in my country’s new energy industry will be steadily improved after a benign transformation in 2019.From the perspective of regional distribution,the average efficiency of industry-finance integration of new energy listed companies in eastern my country is slightly higher than that of new energy listed companies in central and western regions.Second,Chinese new energy listed companies that choose to partner with securities companies have the highest industry-finance integration efficient rate,followed by companies that partner with financial companies.Companies that choose to partner with fund companies and financial leasing companies have similar industry-finance integration efficient rate,while those choose to partner with banks have the lowest efficient rate;the efficient rate of industry-finance integration of financial companies in the eastern region is more concentrated than those of the central and western regions,and the efficiency rate of industry-finance integration of equity participation funds and financial leasing companies in the eastern and central and western regions is more consistent.Third,the efficiency levels of industry-finance integration of solar and wind power track are similar,and there is a relatively large difference in corporate efficiency within the track;The average industry-finance integration efficiency of the hydrogen energy track is relatively high and stable;the nuclear power track’s efficient rate is relatively concentrated,and the average level of the biomass energy track is the highest,but has large internal differences.