Research On The Financing Efficiency Of Listed Companies In The New Energy Industry And Its Influencing Factors

The new energy industry is an important industry that supports the transformation of the country’s energy structure,and is also one of the important industries to achieve the strategic goal of "carbon peaking and carbon neutrality".However,due to the characteristics of the new energy industry,its development requires a high level of technology,and the improvement of technical capabilities is inseparable from strong financial support.Therefore,studying the impact mechanism of the financial market on the financing efficiency of the new energy industry can improve the efficiency of the new energy industry.Industrial financing efficiency has a certain promoting effect.After clarifying the relevant concepts,this paper sorts out the research status of the new energy industry and its financing efficiency.Based on the research results of previous scholars,through the classification of the wind database,353 listed companies related to the new energy industry are extracted,and those with missing data and abnormal data are excluded.Enterprises,278 sample enterprises were finally selected,and four input indicators were selected,namely,the total assets,financial expenses,asset-liability ratio and total number of employees of the enterprise,total financing as an intermediate index,return on total assets,growth rate of operating income,total assets Turnover rate and growth rate of intangible assets are used as output indicators,and the two-stage correlation network DEA model is used for empirical analysis.The research shows that the efficiency of capital raising of enterprises is higher than the efficiency of capital allocation,and the total financing efficiency of listed companies in the new energy industry is mainly affected by the low efficiency of capital allocation;from 2017 to 2021,the Theil index has been showing a downward trend,with an overall decline of 33%.%,which shows that while the financing efficiency of the new energy industry has gradually improved,the gap has also narrowed significantly,and the overall financing efficiency of the company has improved;the comprehensive technical efficiency of the company is in a non-DEA effective state,and the pure technical efficiency of the company from 2017 to 2021 will be greater than The comprehensive technical efficiency and scale efficiency show that the pure technical efficiency of the enterprise contributes more to the financing efficiency of the enterprise than the other two.The scale efficiency of the enterprise is relatively low,indicating that the existing management level,enterprise scale,financing amount,operating conditions and technical level of the existing new energy industry do not match.to improve financing efficiency.Finally,this paper puts forward suggestions to improve the financing efficiency of the new energy industry from six aspects: standardizing the government subsidy process,improving the business focus of new energy enterprises,improving the technical level of new energy enterprises,improving the compatibility between scale and efficiency,appropriately reducing the concentration of management rights and providing guarantees with credit guarantee insurance.