Research On Financial Support Efficiency And Its Influencing Factors Of Listed Companies In China’s New Energy Industry

For a considerable period of time,C hina has pursued development through the strategic perspective of harmonious coexistence between man and nature.The endeavors behind ecological civilization construction and low-carbon economy development have persisted unaba ted.Subsequently,the concept of "carbon peak and carbon neutral" is gradually becoming the catalyst behind C hina’s energy system overhaul,presenting society with an opportunity to nurture a low-carbon economy.Against this backdrop,the competitiveness of the new energy industry that boasts’ zero carbon’ attributes,which corresponds to the spirit of the times,is improving continuously and has become the main engine behind the carbon neutral revolution.In light of the novel energy industry’s spirited growth,it is indispensable to receive financial backing.Thus,research into the efficient financial support of the new energy industry,and the factors that influence it,holds tremendous practical significance and value.Consequently,this essay begins b y analyzing C hina’s new energy industry’s fundamental situation,followed by empirical research through the deployment of the DEA-BCC model and Malmquist index model,aimed at measuring the financial support efficiency and exploring the actual state of financial support efficiency culled from reports from 85 listed companies,spanning the time period 2016 to 2020.Based on the measurement results,the Tobit model was used to examine the factors influencing financial efficiency from the viewpoint of macro-environment and enterprise-specific factors.The research yields the following conclusions: Firstly,the new energy industry reveals a significant upward growth trend in terms of installed capacity and consumption proportion;therefore,it can be foreseen to hold great promise for future growth.Secondly,a static analysis of annual financial support efficiency shows minimal fluctuation and a marginal upward trend.Thirdly,when scrutinizing financial support efficiency’s temporal variation,the Malmquist index’s mean value was consistently less than 1,inferring a progressive diminishment in financial support efficacy.Furthermore,through an analysis of the decomposition indexes,technological regression,or the decrease in production capacity,was determined to be the primary culprit behind annual efficiency decay.Finally,the regression analysis revealed that company size and asset-liability ratios negatively affected the financial support efficiency of new energy listed companies.O n the other hand,the a nnual GDP growth rate,the growth rate of added value of the financial industry,the shareholding ratio of the largest shareholder,market competitiveness,and social responsibility exhibited a significant positive impact.The culmination of the research findings leads to practical prescription for enabling the development of the new energy industry and enhancing the efficiency of financial support.Firstly,promote research and development innovation within enterprises and prioritize the transformation of their accomplishments.Secondly,appropriately manage the scale of enterprises and their assets and liabilities,and augment their management skills through the utilization of digital technology.Thirdly,at the governmental level,continue to enhance policy support for the new energy industry,establish investment guidance funds for the new energy industry,and strengthen market-oriented guidance.Lastly,at the financial market level,innovate enterprise evaluation strategies,motivate the growth of digit al transformative capacities for the new energy industry,and enhance the stock market and bond market’s infrastructure.