Research On Financing Efficiency Of New Energy Vehicle Companies

With the aggravation of environmental problems,the transformation of energy structure has become a worldwide trend.As a strategic emerging industry,the new energy vehicle industry plays an important role in getting rid of the dependence on traditional energy.Moreover,because of its great social and economic benefits,it has received strong support from policies.In just over a decade of development,the industry has achieved explosive growth.By 2019,the sales volume of new energy vehicles in China has continuously exceeded 1.2 million,which has become an important starting point for industrial upgrading and energy conservation and emission reduction.What is not compatible with its important market position is that due to the unique industrial characteristics of new energy vehicles: large investment amount,long payback period and high technical requirements,most companies in the growth stage of the industry are faced with high financing costs and low efficiency after financing.In addition,under the influence of the tightening of China’s capital market,how to improve the financing efficiency has become an important topic for new energy vehicle companies to face.Therefore,it is of practical significance to study the financing efficiency of this industry.In this paper,a combination of literature research,data envelopment analysis and comparative analysis is adopted to study the financing efficiency of 49 sample companies of new energy vehicles.First of all,the theoretical basis and related concepts are defined to provide support for the following paper.Secondly,the paper analyzes the current situation of financing environment,financing channels and operating effects of new energy vehicle companies,and summarizes the problems existing in the financing process.Thirdly,DEA static and dynamic models are used to measure and analyze the financing efficiency of new energy vehicles.First,the static and dynamic efficiency of the sample as a whole is analyzed.Through static analysis,it is found that the overall technical efficiency of new energy vehicle companies is low and showing a declining trend,and the pure technical efficiency is high but decreasing year by year.Most companies in the industry are in the stage of increasing returns to scale.Non-DEA effective companies with more input redundancy should pay attention to the control of financing cost and risk.Through dynamic analysis,it is found that the decrease of pure technical efficiency index is the main reason for the decrease of efficiency.Secondly,from the perspective of industrial chain,the sample enterprises are divided into three parts:battery materials,vehicle manufacturing,and electric motor control,and their static and dynamic efficiency is analyzed.The research finds that the financing efficiency of vehicle manufacturing is the highest.Thirdly,from the perspective of enterprise nature,the sample enterprises are divided into state-owned enterprises and private enterprises and the other two parts for static and dynamic analysis.The research finds that private enterprises and other financing efficiency is higher than that of state-owned enterprises.Finally,based on the research conclusions,this paper puts forward suggestions to improve the financing efficiency from the perspectives of enterprises themselves,industrial chains and the government.