融资方式与投资效率--基于新能源行业的实证研究

Financing Mode and Investment Efficiency:An empirical study based on new energy industry

新能源产业发展对中国经济绿色转型有着重要意义,避免新能源企业非效率投资,促进整个行业的健康发展成为急需解决的重要问题。针对当前我国新能源企业的投资现状,选取中国A股上市的新能源企业2013-2018年度财务报告数据,检验了股权融资以及不同期限的债务融资对新能源企业非效率投资的影响。结果发现:股权融资手段虽为新能源企业发展提供了重要支撑,但是其作用并不显著;短期负债能对过度投资起到约束作用,而长期负债对于企业有效投资支出具有促进作用。在此基础上,从融资方式优化、技术提升、加强政府调控等方面提出了改善新能源企业投资效率的建议。

The development of the new energy industry is of great significance to the green transformation of China's economy,and avoiding inefficient investment in new energy enterprises and promoting the healthy development of the whole industry have become important issues that need to be addressed urgently.To address the current investment situation of new energy enterprises in China,this paper selects data from the 2013-2018 annual financial reports of Chinese A-share listed new energy enterprises and examines the impact of equity financing and debt financing of different maturities on the inefficient investment of new energy enterprises.The paper finds that equity financing is an important support for the development of new energy enterprises,but its role is not significant;short-term debt can play a restraining role in over-investment,while long-term debt has a catalytic effect on the efficient investment expenditure of enterprises.On this basis,suggestions for improving the investment efficiency of new energy enterprises are put forward in terms of optimizing financing methods,improving technology and strengthening government regulation.