我国新能源上市公司融资效率评价研究

发布时间：2019-01-05 18:04

【摘要】：能源是全球经济发展的根本动力，是一种战略资源，决定着一个国家的经济是否能够可持续地发展下去。过度开采和使用的传统石油煤炭能源也造就了当前日益突出的环境和气候问题。全球各个国家都在寻找一条途径，解决能源需求和环境保护之间的矛盾关系，新能源的开发就是在这种背景下越来越受关注，蓬勃发展。新能源企业由于行业特点，属于资本密集型产业，在企业发展生命周期的各个阶段都需要巨额资金，尤其是技术研发和投建阶段。新能源企业想要获得跨越式发展，仅仅靠企业内源资金和国家的扶持是远远不能满足需求的，还需要外源资金的筹集。而除了少数技术较成熟和依托传统能源企业发展起来的新能源企业，大部分的新能源企业由于技术条件不成熟，市场占有率小，还处于起步发展阶段，，相比其他企业，融资更难。因此面对严峻的融资现状，研究新能源企业的融资效率，对我国新能源企业健康有序经营，提升企业价值、实现规模化具有重要意义。本文以新能源企业中最具发展优势，能代表整个新能源行业融资效率水平的新能源上市公司作为研究对象，运用熵值法对其进行融资效率评价。第一，梳理了国内外融资效率的研究成果，确定融资效率的涵义和构成；第二，结合新能源上市公司的特点和融资效率理论，分析新能源企业融资效率现状；第三，构建新能源上市公司融资效率评价指标体系，选取54家沪深两市A股上市的新能源上市公司2013年的财务数据作为研究样本，首先从筹资效率、资金配置效率和融资风险指标对融资效率进行描述性统计，再运用熵值法对选取的数据进行分析。第四，总结了本文的研究结论：我国新能源上市公司融资效率普遍较低，并对提高我国新能源上市公司的融资效率提供对策及建议。
[Abstract]:Energy is the fundamental driving force of global economic development and a strategic resource, which determines whether a country's economy can be developed sustainably. Overexploitation and use of traditional petroleum and coal energy also create increasingly prominent environmental and climate problems. Every country in the world is looking for a way to solve the contradiction between energy demand and environmental protection. New energy enterprises are capital-intensive industries because of their industry characteristics. They need a huge amount of capital in all stages of the life cycle of enterprise development, especially in the stage of technology development and investment. New energy enterprises want to achieve leap-forward development, only relying on enterprise endogenous funds and state support is far from meeting the demand, but also need to raise foreign funds. Except for a few new energy enterprises with more mature technology and relying on traditional energy enterprises, most of the new energy enterprises are still in the initial stage of development because of their immature technical conditions and small market share, compared with other enterprises. Financing is harder. Therefore, in the face of the severe financing situation, it is of great significance to study the financing efficiency of new energy enterprises for the healthy and orderly operation of new energy enterprises in our country, to enhance the value of enterprises and to realize the scale of new energy enterprises. In this paper, the listed new energy companies, which have the most advantages in the development of new energy enterprises and represent the financing efficiency level of the whole new energy industry, are taken as the research object. The entropy method is used to evaluate the financing efficiency of the new energy companies. First, combing the domestic and foreign research results of financing efficiency, determine the meaning and composition of financing efficiency; second, combined with the characteristics of new energy listed companies and financing efficiency theory, analyze the current situation of financing efficiency of new energy enterprises; Thirdly, it constructs the evaluation index system of financing efficiency of new energy listed companies, selects 54 new energy listed companies listed in Shanghai and Shenzhen A-shares as the research sample in 2013, first from the financing efficiency. Capital allocation efficiency and financing risk index are used to describe the financing efficiency and then the entropy method is used to analyze the selected data. Fourthly, the conclusion of this paper is summarized: the financing efficiency of new energy listed companies in China is generally low, and the countermeasures and suggestions to improve the financing efficiency of new energy listed companies in China are provided.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.2;F275

【参考文献】