Analysis Of The Impact Of Financial Resource Misallocation On Overcapacity Of Photovoltaic Company

Greenhouse effect,global warming is one of the most serious environmental problems in the world since the industrial revolution.Since the 1990 s,countries have concluded a series of agreements or treaties,such as the United Nations Framework Convention on climate change and the Paris Agreement.By April 2021,more than 100 countries around the world have officially announced that they will achieve the zero emission target by the middle of the 21 st century.China has listed the central economic seminar on "towards minimizing and neutralizing carbon emissions" in 2020 as the key work in 2021 as the "photoelectric" source with the greatest potential for carbon neutralization,Moreover,more and more developed countries and regions regard the development of green energy as the primary task.However,the manufacturing industry usually involves the problem of overproduction,and the photoelectric industry is no exception.Some scholars believe that the unreasonable allocation of resources is an important reason for overproduction.Financial resources are the most important resources that directly affect the number of factors of production.Although our financial market has developed for more than 20 years,the government accounts for a considerable proportion of financial resources,which are mainly controlled by state-owned banks,which will lead to improper distribution of financial resources and financial constraints.If capital flows to less efficient production sectors,it will lead to overproduction.Therefore,it is of theoretical and practical significance to study the impact of financial resource allocation on energy utilization of photoelectric industry.Based on the literature review,this thesis analyzes the definitions and reasons of overcapacity and improper allocation of financial resources,and analyzes the impact between them.On this basis,introduce financial ecological environment,take measures to adjust government intervention variables,and analyze the impact of financial resource allocation on the productivity of micro enterprises.Firstly,based on the data of 30 photovoltaic listed companies from 2013 to 2019,this thesis uses DEA method to calculate the performance of each enterprise.In addition,a regression board is developed to empirically analyze the variables of financial resource allocation,and the comprehensive impact of financial ecology and government intervention on the energy utilization rate of photoelectric enterprises.Secondly,it makes grouping and heterogeneity analysis on the mismatch of financial resources and industry chain.Finally,through the endogenous analysis and stability analysis of the model,the simulation results are more reliable.The results show that: first,improper allocation of financial resources has an adverse impact on capacity utilization.The more improper allocation of financial resources,the greater overcapacity of enterprises.Second,the regional financial ecological environment has a positive impact on capacity utilization and plays an active role in external management,which is conducive to enterprises to expand capacity utilization.However,in areas with favorable financial environment,the negative impact of improper allocation of financial resources on capacity utilization will intensify,Due to the favorable financial environment and environmental conditions,the financial resources in the market are more abundant,which intensifies the over investment of low-cost enterprises to a certain extent.Third,government intervention-both in the form of government subsidies and land support-can reduce the impact of the mismatch of financial resources on productivity,because government subsidies are a low-cost financial resource that allows enterprises to People with financial constraints have easier access to financial resources.Fourth,according to the results of heterogeneity analysis,the financing costs of photovoltaic enterprises are mostly higher than the industry average.The more expensive financing resource allocation of enterprises may significantly affect the capacity utilization of enterprises.