Financial Ecological Environment, Ownership Structure and the Financing Efficiency of New Energy Industry in China

DOI

10.2991/icitme-18.2018.21How to use a DOI?

Keywords

financial ecological environment; ownership structure; financing efficiency; new energy industry

Abstract

Financing efficiency is reflected in the ability of enterprises to integrate funds with the lowest cost and risk, and to use the integration of funds for bring the highest profits to the company in a specific macro environment. Its effective promotion cannot be separated from the external financial ecological environment and internal governance foundation. Take the sample of 132 listed companies of China’s new energy industry from 2010 to 2016, then use a generalized DEA model which is based on panel data to measure its dynamic financing efficiency, and construct a systematic GMM model to empirically examine the impact of financial ecological environment and ownership structure on the financing efficiency of new energy industry, the research shows that the financing efficiency of new energy industry has obvious inertial effect and time cumulative effect, and it has entered a steady upward track, while there is still much room for improvement. The economic foundation and the level of financial resources are positively related to the financing efficiency of new energy industry. The influence of the legal honest environment and humanistic social environment on the financing efficiency of new energy industry is not yet obvious. The non-state-owned new energy listed companies with relatively dispersed equity in the eastern and central regions have higher financing efficiency, and the state-owned new energy listed companies with relatively concentrated equity in the western region have higher financing efficiency. It is necessary to further improve the benign development mechanism of capital financing and scientific allocation of new energy industry in allusion to the differences of the financial ecological environment and ownership structure of enterprises in different regions.

Copyright

© 2018, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Hairong Wang
AU  - Chengxuan Geng
PY  - 2018/08
DA  - 2018/08
TI  - Financial Ecological Environment, Ownership Structure and the Financing Efficiency of New Energy Industry in China
BT  - Proceedings of the 2018 International Conference on Information Technology and Management Engineering (ICITME 2018)
PB  - Atlantis Press
SP  - 102
EP  - 107
SN  - 1951-6851
UR  - https://doi.org/10.2991/icitme-18.2018.21
DO  - 10.2991/icitme-18.2018.21
ID  - Wang2018/08
ER  -