Digital Inclusive Finance And Investment Efficiency Of New Energy Enterprise

On the background of Chinese,economic upgrading and transformation,improving the effectiveness of corporate investment has emerged as a key concern.The new energy industry,as a technology-intensive industry and strategic newindustry in China,needs to improve the efficiency of the investment in order to optimise the allocation of energy use and realise the sustainable development of the new energy sector.Digital financial inclusion relies on big data and cloud computing in order to expand the range of financial services in our nation,Digital financial inclusion is based on big data and cloud computing to expand the range of financial services in our country,to improve the limited range of services in traditional financial models,and to greatly improve the quality of economic development in our nation.As such,it is of practical importance to explore the mechanism principle and the influence of digital inclusive finance on new energy ventures.In this thesis,we draw on information asymmetry theory,credit ratio theory,and financing constraints theory to analyse the relationship between inclusive digital finance and the investment efficiency of new energy companies,as well as the intermediation effect of financing constraints.For the purposes of this thesis,The research sample is drawn from a share of new energy firms from 2014 to 2020.The first one,the BCC-DEA model is adopted to analyse the investment efficiency of new energy companies and the results of investment efficiency under different characteristics of equity.The DCEA-Malmquist model is then used to thoroughly measure the investment efficiency of firms.The final step is to test the influence of digital finance on the investment efficiency of firms using the stepwise regression method,and then to investigate the financing constraint as an intermediate variable.The findings show that:(1)the overall level of efficiency of new energy companies is not high,and pure technological efficiency is the primary reason for the low overall the efficiency of new energy firms is not high,and pure technological efficiency is the main reason for the overall low efficiency value.(2)The investment efficiency level of state-owned enterprises is relatively stable,while the investment efficiency level of non-state-owned enterprises increases year by year.(3)Funding constraints are negatively correlated with investment efficiency of new energy companies.(4)Digital inclusion finance index correlates negatively with funding constraints,which indicates that digital inclusion finance will significantly ease financing constraints of new energy enterprises.(5)Digital Inclusion Finance Index is directly proportional to the efficiency of enterprise investment,digital finance can improve the efficiency of enterprise investment.Given the research findings above,the following suggestions are put forward:(1)Improving the development of digital inclusive finance-related infrastructure.(2)Clearing the way for digital finance to play a role in new energy enterprises.(3)Deepen the role of digital inclusion finance in driving non-state enterprises.(4)Strengthen regulation of digital finance.