Research On Capital Allocation Efficiency Of Energy Enterprises Under The Influence Of Financing Constraints

Energy industry is the cornerstone of national economy,which is related to the sustainability of energy security and development in China.As a national capital-intensive pillar industry,the total amount of capital investment in energy industry is large,and the payback period of capital is relatively long.The problems of capital cost and efficiency should not be despised.Therefore,it is of great theoretical and practical significance to study the efficiency of capital allocation of energy enterprises under the influence of financing constraints from a micro perspective.This paper first introduces the theoretical basis and related concepts in detail,and provides theoretical support for the further research.Secondly,through the analysis of the effect of capital input and output of energy enterprises in China,it is found that although the efficiency of capital allocation of energy enterprises in China has improved,it is still at a low level compared with other industries.And China’s energy enterprise capital input and output effect is not exactly matched,there is inefficient investment.Through analyzing and calculating the financing constraint level of 71 energy listed companies in China in 2010-2019,this paper analyzes the influence of financing constraint on the capital allocation efficiency of energy enterprises from the two aspects of property right nature difference and management category difference.Through the relevant research,this paper can find that the reduction of financing constraints of energy enterprises in China is helpful to reduce the inefficient investment of energy enterprises and promote the efficiency of capital allocation of enterprises.Compared with the traditional energy enterprises,the financing constraints of new energy enterprises play a more important role in the reverse effect of capital allocation efficiency.Improving the financing constraints of new energy enterprises is easier to promote the efficiency of capital allocation of energy enterprises.From the perspective of property rights,although the relaxation of financing constraints helps to improve the efficiency of capital allocation for non-state-owned energy enterprises,the reverse effect of binding restrictions on capital allocation efficiency of state-owned energy enterprises is not obvious.In view of the results obtained above,in order to enhance the effectiveness of capital allocation of energy enterprises in China,this paper puts forward some constructive countermeasures and points out the research direction of this topic in the future.