Research On Financing Efficiency And Its Influencing Factors Of Renewable Energy Enterprises

At present,China is in a critical period of implementing the goals of "carbon peaking" and "carbon neutralization",vigorously promoting the revolution of energy production and consumption,and realizing the high-quality development of renewable energy.During this period,it is necessary to continuously increase the proportion of non-fossil energy consumption,reduce fossil energy consumption and effectively improve the energy structure.Therefore,focusing on micro enterprises level can effectively study whether the renewable energy industry can achieve development of high quality.The key to the high-quality development of the industry is that enterprises get sufficient financing and take advantage of funds to the maximum.However,renewable energy enterprises are technology intensive enterprises which have the problems of large capital demand,long turnover time and difficult transformation of technological achievements.These problems have seriously affected the financing efficiency of renewable energy enterprises.Therefore,it has become a crucial research topic to comprehensively understand the current financing status of Chinese renewable energy enterprises and seek ways to improve their financing efficiency reasonably.Firstly,this paper defines the types of renewable energy and the concepts of efficiency and financing efficiency,and systematically combs the relevant literature.Secondly,using the modified generalized DEA model to measure and analyze the financing efficiency of 72 listed renewable energy companies in China.Finally,the Tobit regression model is used to analyze the influence factors where the main factors affecting the financing efficiency of renewable energy enterprises are verified.The results show that:(1)From the perspective of the overall financing efficiency of enterprises,the overall level of financing efficiency of Chinese renewable energy enterprises has not reached an effective state.For example,among the 72 sample enterprises,only 20.8% are in a high efficiency state,while 38.9%enterprises are in a low efficiency state.However,from the overall development trend,the financing efficiency of Chinese renewable energy enterprises shows an upward trend.(2)From the perspective of regional financing efficiency,the financing efficiency of renewable energy enterprises in the eastern region is better than that in the central region,while that in the central region is better than that in the western region,that is,the financing efficiency of renewable energy enterprises in different regions is in a non-equilibrium state.(3)From the influencing factors of enterprise financing efficiency,the return on net assets,quick ratio,main business costs and financial expenses all have a significant positive effect on the comprehensive efficiency and technical efficiency of enterprise financing;Total assets and asset-liability ratio have a significant negative impact on the comprehensive efficiency and technical efficiency of enterprise financing.