新能源上市公司融资结构特征和融资行为比较

发布时间：2018-06-18 02:32

本文选题：新能源上市公司 + 融资结构特征　；参考：《企业经济》2017年06期

【摘要】：本文选取2005-2015年中国沪深两市A股和外国新能源公司为样本,发现国外比国内公司外源融资占比高。A股新能源公司融资特征(偏好顺序依次为债权融资、股权融资、内源融资)和融资行为(偏好顺序依次为内源融资、借款、股权融资、债券融资)发生偏离说明现有外源融资通道无法满足企业在资本市场的融资需求,体现了当前资本市场的金融抑制以及债券市场的发展滞后。不同性质的企业和行业也呈现了不同的融资结构,这对理解新能源企业融资行为和优化融资决策有重要的意义。建议政府发行"绿色债券"来解决政府补贴新能源企业的资金缺口;增加债权融资渠道的多样性,扩大企业债在外源融资的占比;对中小型新能源企业适当增加折旧比例而成熟上市公司不宜折旧比例过高;减少金融抑制,降低其股权和债权的融资准入门槛。
[Abstract]:This paper selects A shares and foreign new energy companies in China's Shanghai and Shenzhen stock markets from 2005 to 2015 as samples, and finds that the proportion of foreign companies' foreign financing is higher than that of domestic companies. The financing characteristics of A shares' new energy companies are listed as debt financing and equity financing. The deviation of endogenous financing and financing behavior (preference order is endogenous financing, borrowing, equity financing, bond financing) shows that the existing external financing channels can not meet the financing needs of enterprises in the capital market. Reflects the current capital market financial repression and the development of the bond market lags behind. Different enterprises and industries also present different financing structures, which is of great significance to understand the financing behavior of new energy enterprises and optimize financing decisions. It is suggested that the government should issue "green bonds" to solve the financing gap of government subsidies for new energy enterprises, increase the diversity of financing channels for creditor's rights, and expand the proportion of corporate bonds in foreign financing. For the small and medium-sized new energy enterprises, the depreciation ratio should be increased properly, but the depreciation ratio should not be too high for the mature listed companies; the financial repression should be reduced, and the threshold for the financing of their equity and creditor's rights should be lowered.
【作者单位】：北京大学经济学院;
【基金】：国家自然科学基金项目“中国可再生能源补贴机制的有效性及体系创新构建———基于生命周期与空间布局的经济-能源-环境-社会系统视角”(项目编号:71373014)
【分类号】：F406.7;F416.2

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