Research On Financing Efficiency And Influencing Factors Of Listed New Energy Vehicle Enterprises In China

With the increasingly serious global climate change and energy crisis,new energy vehicles,as an important way to replace traditional fuel vehicles,have become the focus of global attention.The development of new energy vehicles can help alleviate the problem of global climate change.By using batteries,fuel cells and other efficient energy conversion technologies,new energy vehicles can improve energy efficiency and reduce energy consumption.In October2020,The State Council issued the New Energy Automobile Industry Development Plan(2021-2035),pointing out that new energy vehicles have become the main direction of the transformation and development of the global automobile industry and an important engine to promote the sustainable growth of the world economy,and China’s new energy automobile industry has entered a stage of accelerated development.However,there are some problems such as weak innovation ability of core technology and increasing market competition.In order to achieve sustainable and healthy development,the ability to raise funds and allocate funds is also a key link.Therefore,this paper takes the financing efficiency of new energy automobile enterprises as the research focus.In order to understand the current financing efficiency of this industry,this paper selected the sample data of 56 listed new energy vehicle enterprises from 2016 to 2021,adopted two models of DEA and Malmquist to measure the financing efficiency,and conducted correlation analysis on the efficiency values of the upper,middle and downstream links of this industry chain.Finally,the Tobit model is used to analyze the influencing factors.Based on the empirical analysis,it is found that the financing efficiency of new energy automobile enterprises is generally low,and the scale efficiency of sample enterprises is generally greater than the pure technical efficiency of sample enterprises during the sample period.In the comparison of all links of the industrial chain,the financing efficiency of upstream enterprises is greater than that of midstream enterprises,and that of midstream enterprises is generally greater than that of downstream enterprises.The financing efficiency of upstream raw material enterprises is relatively high,but it shows a gradually declining trend,which is mainly caused by the significant decline in scale efficiency.The change trend of financing efficiency of midstream enterprises is similar to that of upstream enterprises,which is also mainly affected by scale efficiency.Although the financing efficiency of downstream enterprises is relatively low during most of the sample period,in 2021,its financing efficiency exceeds the other two links,and the pure technical efficiency and scale efficiency are both improved.According to each influencing factor,this paper carries on regression analysis.The results show that the debt structure has a significant positive impact on financing efficiency,while the asset-liability ratio,government support and enterprise scale have a significant negative relationship with financing efficiency.Finally,according to the research results,corresponding policy recommendations are put forward.