Research On The Refinancing And Financial Performance Impact Of The Photovoltaic Industry In The "Post Subsidy Era"

Refinancing mainly refers to the direct financing of listed companies in the securities market through equity placements,additional issuances,or issuance of convertible bonds in order to repay funds or increase their investment scale.In 2018,the subsidy for the photovoltaic industry declined,and the industry’s development was greatly impacted.How to meet the funding needs has become a major challenge for photovoltaic enterprises.Entering the post subsidy era,with the proposal of the dual carbon target and the relaxation of refinancing policies,it provides a good opportunity for enterprise development.As a leading enterprise in the photovoltaic industry,Longji Corporation is one of the few companies in the capital market that has implemented three types of refinancing methods.Studying the changes in refinancing decisions and their financial performance impact in the post subsidy era is representative.It can provide reference value for other enterprises in the photovoltaic industry to refinance and assist in the vigorous development of the photovoltaic industry.This thesis first reviews the relevant literature and theoretical basis of government subsidies,factors affecting refinancing,and the impact paths of refinancing on financial performance in the photovoltaic industry,as well as the impact of refinancing on financial performance;Secondly,the thesis introduces the financing situation of China’s photovoltaic industry and the evolution of subsidy policies,and analyzes the impact of refinancing changes in the photovoltaic industry on financial performance before and after the post subsidy era,combined with relevant financial indicators of the photovoltaic industry;Thirdly,analyze the implementation of refinancing before and after the post subsidy era of the case company Longji Co.,Ltd.,and summarize its changes.Based on the financial contingency theory and market timing theory,this thesis analyzes the reasons for the refinancing of Longji shares from the perspectives of external environment and internal demand;Fourthly,analyze the impact path of Longji’s refinancing on financial performance in the post subsidy era.Based on the financial data of Longji Co.,Ltd.,a comparative analysis method was used to compare the financial indicators of Longji Co.,Ltd.with the average of the photovoltaic equipment industry.The impact of Longji Co.,Ltd.’s refinancing in the post subsidy era on financial performance was analyzed,and it was validated through factor analysis;Finally,summarize the relevant conclusions and propose corresponding suggestions.Research has found that:(1)in the post subsidy era,the scale of refinancing in the photovoltaic industry continues to expand,and it has played a certain positive role in financial performance;(2)Longji’s refinancing decision is a reasonable choice made based on the company’s internal needs and external environment.Entering the post subsidy era,Longji’s refinancing scale is also continuously expanding;(3)Longji Group adheres to policy guidance and utilizes refinancing in a reasonable manner.The overall strategy of the enterprise has been successfully implemented,competitiveness has been improved,and the financial performance of the enterprise has been promoted.Based on the above conclusions,the thesis proposes specific suggestions from the perspectives of the enterprise itself,other enterprises in the same industry,investors,and the government to promote sustainable development of the industry.