| With the global energy crisis and environmental governance issues becoming increasingly prominent,"new energy" is gradually closely linked with environmental protection and green,and countries around the world vigorously promote the development and utilization of new energy industry.At the same time,the new energy vehicle industry is also listed as one of China’s strategic emerging industries.At present,some of the new energy vehicle enterprises in the market have transformed from traditional automobile enterprises to new energy vehicle enterprises,while the other part is established by a new founding team and focuses on "new energy" vehicles.Both types of enterprises face different financing problems.The former faces difficulties in financing and insufficient financing,while the latter faces problems such as unreasonable resource distribution and limited financing channels.It is precisely because of these issues that the financing efficiency of new energy vehicle enterprises has become a highly valued indicator for investors and enterprises themselves.Studying the financing efficiency of the new energy vehicle industry and making improvements is of great significance for both enterprises and investors.This article first reviews and summarizes domestic and foreign literature,and finds that more scholars study the new energy vehicle industry as a whole,while few literature studies the performance of corporate financing efficiency from the perspective of the industrial chain,thus determining the direction of this article’s research on financing efficiency from the upstream,middle,and downstream of the industrial chain.Secondly,this article defines relevant concepts and clarifies the criteria for dividing the new energy vehicle industry chain.It then prepares for subsequent research by studying financing theory and efficiency theory.After completing the above preparations,the author collected and organized data on 177 new energy vehicle listed companies from 2016 to 2021,and grouped them into upstream,midstream,and downstream groups.The DEA-SBM model and Malmquist index were used to measure the overall industry financing efficiency and industry chain enterprise financing efficiency from both dynamic and static aspects,and the results were analyzed.Finally,to clarify the factors that affect the financing efficiency of the new energy vehicle industry,indicators were selected from both internal and external environments and validated using the TOBIT model.To explore whether there are differences in the factors that affect upstream and downstream enterprises and midstream enterprises,this article also conducted a heterogeneity analysis based on the direction of the industrial chain.Based on a series of empirical studies,the following conclusions were reached:(1)The total financing efficiency of the listed companies in NEF is low,and the problem of financing difficulty is significant.(2)Downstream enterprises lead in financing efficiency,while upstream and midstream enterprises continue to catch up.(3)In the past six years,the new energy vehicle industry has made certain improvements in both technology and scale.(4)Upstream and midstream enterprises focus on technological innovation in the early stage and scale expansion in the later stage,while downstream enterprises focus on technological improvement in the later stage of scale expansion.(5)Government subsidies,R&D expenditure,asset liability ratio and net return on assets have a negative impact on the financing efficiency of listed companies of new energy vehicles.The growth rate of main business income and the number of local patent authorizations have a positive effect on the financing efficiency.(6)The important factors that affect the financing efficiency of upstream and downstream enterprises are the growth rate of main business income and government subsidies.The important factors that affect the financing efficiency of midstream enterprises are R&D expenditure,ROE,asset liability ratio,and the growth rate of main business income. |
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