新能源电力企业债权融资效率研究
发布时间：2018-09-04 05:41
【摘要】：研究影响新能源产业快速稳健发展的制约因素,对保障能源安全、应对气候变化、改善生态环境、促进经济发展等均具有重大战略意义,其中分析中国新能源企业面临的融资现状,研究其融资效率问题并探索其制约因素对于促进我国新能源产业发展与能源结构转型具有重要的理论价值与现实意义。本文通过梳理理论界对融资效率的概念研究和评价研究成果,引出本文的研究命题。通过对新能源产业的融资现状的分析,从理论角度分析中国新能源企业融资面临的困境。再选取44家沪深两市A股上市的新能源电力上市公司2011~2015的财务数据作为研究样本,采用两阶段DEA方法构建债权融资效率评价模型并进行了实证分析。本文的主要创新点在于债权融资效率评价模型的建立。基于前人的理论成果总结出融资效率的普遍内涵:一是资金筹集效率即融资成本的最小化;二是资金使用效率即将筹集的自己投入生产获得最大的投资报酬。通过改进的两阶段DEA模型构建了本文的债权融资效率评价模型,并在指标设计、样本选择和数据处理方面保证了科学性、客观性、准确性。特别是引入对照组的分析研究,使得分析结果更加的科学合理、具有理论和现实意义。实证分析结果表明:一是探究新能源电力上市公司债权融资效率非有效的直接原因,主要是由于债权筹资效率的不足导致,因此想提高新能源各子产业整体的债权融资效率水平,必须将焦点集中在债权筹资阶段的效率改进。追求债权融资风险和债权融资成本之间平衡是企业优化债权融资效率的关键。二是通过与对照组的比较分析,本文发现上游企业的债权融资效率普遍高于中下游企业。且该行业具有显著的规模经济效应,新能源电力产品及服务营收占比高的公司具有更高的债权融资效率,换言之,企业规模和存续时间对企业的债权资金筹集效率影响很大。三是通过对新能源各子产业企业的债权融资效率的比较分析,本文发现宏观经济形势及相关政策变化会对新能源企业的经营造成直接而巨大的影响,从而使企业资金使用阶段的效率发生剧烈的波动。四是虽然中国新能源电力企业积极开发融资模式,比如融资租赁、金融租赁等等,但仍暴露出融资方式单一、融资结构简单、抵御风险能力较弱的特点。企业应该主动积极地加强财务管理能力特别是流动性管理,控制好短期运营资金和长期运营资金的比例,深刻而明确地认识到企业面临的潜在风险,做好风险防范措施。最后,由于作者的研究水平所限,本文在对研究对象的设定上、在研究方法的选定以及在指标体系的构建上仍存在很大的改进空间,今后可以适当扩大研究范围并优化研究模型对该课题进行进一步的展开和深入。
[Abstract]:It is of great strategic significance to study the restrictive factors affecting the rapid and steady development of the new energy industry, which is of great strategic significance for ensuring energy security, coping with climate change, improving the ecological environment, and promoting economic development. Among them, it is of great theoretical value and practical significance to analyze the current financing situation of Chinese new energy enterprises, to study its financing efficiency and to explore its restrictive factors for promoting the development of new energy industry and the transformation of energy structure in China. By combing the theoretical research on the concept of financing efficiency and evaluation of research results, this paper leads to the research proposition. Through the analysis of the financing situation of the new energy industry, this paper analyzes the predicament of the financing of the new energy enterprises in China from the theoretical point of view. The financial data of 44 new energy and power listed companies listed in Shanghai and Shenzhen A-shares are selected as the research samples, and the evaluation model of debt financing efficiency is constructed by using two-stage DEA method and the empirical analysis is carried out. The main innovation of this paper lies in the establishment of the evaluation model of creditor's rights financing efficiency. Based on the previous theoretical results, the general connotation of financing efficiency is summarized: first, the efficiency of raising funds is the minimum of financing costs; the other is that the efficiency of capital use is about to raise their own investment and production to obtain the largest return on investment. Through the improved two-stage DEA model, this paper constructs the evaluation model of creditor's rights financing efficiency, and ensures the scientific, objective and accuracy in the aspects of index design, sample selection and data processing. Especially the analysis of the control group makes the results more scientific and reasonable, and has theoretical and practical significance. The results of empirical analysis show that: first, the direct reason why debt financing efficiency of new energy power listed companies is not effective is mainly due to the deficiency of debt financing efficiency. Therefore, in order to improve the efficiency of debt financing in all sub-industries of new energy, we must focus on the improvement of the efficiency in the stage of debt financing. The key to optimizing the efficiency of creditor's rights financing is to pursue the balance between the risk of creditor's rights financing and the cost of creditor's rights financing. Second, the paper finds that the debt financing efficiency of upstream enterprises is higher than that of middle and downstream enterprises. The industry has significant economies of scale, and companies with high revenue ratio of new energy and power products and services have higher debt financing efficiency. In other words, the size and survival time of enterprises have a great impact on the efficiency of raising debt funds. Third, through the comparative analysis of the debt financing efficiency of each sub-industry enterprise of new energy, this paper finds that the macroeconomic situation and related policy changes will have a direct and huge impact on the operation of new energy enterprises. Thus, the efficiency of the use stage of enterprise funds fluctuates violently. Fourth, although China's new energy and power enterprises actively develop financing models, such as financial leasing, financial leasing and so on, it still exposes the characteristics of single financing mode, simple financing structure and weak ability to resist risks. Enterprises should actively strengthen the ability of financial management, especially liquidity management, control the proportion of short-term operating funds and long-term operating funds, deeply and clearly understand the potential risks faced by enterprises, and do a good job of risk prevention measures. Finally, due to the limitations of the author's research level, there is still much room for improvement in the setting of the research object, the selection of the research method and the construction of the index system. In the future, we can expand the research scope and optimize the research model to further expand and deepen the subject.
【学位授予单位】：华北电力大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7
本文编号：2221178
[Abstract]:It is of great strategic significance to study the restrictive factors affecting the rapid and steady development of the new energy industry, which is of great strategic significance for ensuring energy security, coping with climate change, improving the ecological environment, and promoting economic development. Among them, it is of great theoretical value and practical significance to analyze the current financing situation of Chinese new energy enterprises, to study its financing efficiency and to explore its restrictive factors for promoting the development of new energy industry and the transformation of energy structure in China. By combing the theoretical research on the concept of financing efficiency and evaluation of research results, this paper leads to the research proposition. Through the analysis of the financing situation of the new energy industry, this paper analyzes the predicament of the financing of the new energy enterprises in China from the theoretical point of view. The financial data of 44 new energy and power listed companies listed in Shanghai and Shenzhen A-shares are selected as the research samples, and the evaluation model of debt financing efficiency is constructed by using two-stage DEA method and the empirical analysis is carried out. The main innovation of this paper lies in the establishment of the evaluation model of creditor's rights financing efficiency. Based on the previous theoretical results, the general connotation of financing efficiency is summarized: first, the efficiency of raising funds is the minimum of financing costs; the other is that the efficiency of capital use is about to raise their own investment and production to obtain the largest return on investment. Through the improved two-stage DEA model, this paper constructs the evaluation model of creditor's rights financing efficiency, and ensures the scientific, objective and accuracy in the aspects of index design, sample selection and data processing. Especially the analysis of the control group makes the results more scientific and reasonable, and has theoretical and practical significance. The results of empirical analysis show that: first, the direct reason why debt financing efficiency of new energy power listed companies is not effective is mainly due to the deficiency of debt financing efficiency. Therefore, in order to improve the efficiency of debt financing in all sub-industries of new energy, we must focus on the improvement of the efficiency in the stage of debt financing. The key to optimizing the efficiency of creditor's rights financing is to pursue the balance between the risk of creditor's rights financing and the cost of creditor's rights financing. Second, the paper finds that the debt financing efficiency of upstream enterprises is higher than that of middle and downstream enterprises. The industry has significant economies of scale, and companies with high revenue ratio of new energy and power products and services have higher debt financing efficiency. In other words, the size and survival time of enterprises have a great impact on the efficiency of raising debt funds. Third, through the comparative analysis of the debt financing efficiency of each sub-industry enterprise of new energy, this paper finds that the macroeconomic situation and related policy changes will have a direct and huge impact on the operation of new energy enterprises. Thus, the efficiency of the use stage of enterprise funds fluctuates violently. Fourth, although China's new energy and power enterprises actively develop financing models, such as financial leasing, financial leasing and so on, it still exposes the characteristics of single financing mode, simple financing structure and weak ability to resist risks. Enterprises should actively strengthen the ability of financial management, especially liquidity management, control the proportion of short-term operating funds and long-term operating funds, deeply and clearly understand the potential risks faced by enterprises, and do a good job of risk prevention measures. Finally, due to the limitations of the author's research level, there is still much room for improvement in the setting of the research object, the selection of the research method and the construction of the index system. In the future, we can expand the research scope and optimize the research model to further expand and deepen the subject.
【学位授予单位】：华北电力大学(北京)
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7
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