Author(s)

Yiting Zhang ¹, Xianghan Cao ¹

Affiliation(s)

¹ Department of Business, Xianda College of Economics & Humanities Shanghai International Studies University, Shanghai, China

Corresponding Author

Xianghan Cao

ABSTRACT

Among the new energy enterprises strongly supported by China, there are many emerging products involved, so they will require a large amount of research and operation funds, which involves the financing problem of enterprises. Among the numerous research objects, financing efficiency has become one of the important factors. If enterprises want to become leaders in the industry, they must have high financing efficiency. Researchers have analysed the efficiency of corporate financing from different dimensions and levels, and have achieved a series of impressive research results. This article provides an example of 182 new energy listed companies, analysing and exploring their financing efficiency from the following micro data: financial expenses, proportion of non-tradable shares, total corporate funds, equity concentration, and shareholding ratio of the largest shareholder. The article uses the DEA-Logit model to study the impact of various factors on financing efficiency and draw conclusions. The research results indicate that, except for the positive impact of an increase in total assets on a company's financing efficiency, other factors such as shareholder equity ratio, equity concentration, non-tradable share ratio, and financial expenses have a negative impact on financing efficiency. Finally, based on the results of data analysis and combined with the actual situation, we propose micro and macro suggestions for the financing situation of new energy listed companies.

KEYWORDS

Double Carbon Policy, Financing Efficiency, Listed New Energy Companies, Logistic Regression Model

CITE THIS PAPER

Yiting Zhang, Xianghan Cao, Analysis of the Financing Efficiency of China’s Listed New Energy Companies under the Goal of Peak Carbon Emissions and Carbon Neutrality. Financial Engineering and Risk Management (2023) Vol. 6: 109-116. DOI: http://dx.doi.org/10.23977/ferm.2023.061115.

REFERENCES

[1] Zeng K. How to View Direct Financing and Indirect Financing [J]. Southwest Finance, 1993(10):7-11.
[2] Du, L., Han, S. Research on Financing Efficiency and Influencing Factors of Port Listed Companies [J]. Financial and Accounting Communication, 2018 (06): 91-95.
[3] Ma, K., Lei, H. Research on Financing Efficiency of Listed Companies in China Based on DEA and Logit Models [D]. Xinjiang University of Finance and Economics, 2014.
[4] Li, C. Research on Financing Efficiency of Small and Medium-sized Enterprises in Liaoning Province's New Third Board Based on DEA Model [D]. Bohai University, 2019.
[5] Berensmann K, Lindenberg N, “Green Finance: Actors, Challenges and Policy Recom-mendations”, Social Science Electronic Publishing, 2016, (6).
[6] Muhammad Kaleem Khan, Ying He, Umair Akram, Suleman Sarwar. Financing and monitoring in an emerging economy: Can investment efficiency be increased [J]. China Economic Review, 2017, 45.

Sponsors, Associates, and Links

---

• Information Systems and Economics
  
  
• Accounting, Auditing and Finance
  
  
• Industrial Engineering and Innovation Management
  
  
• Tourism Management and Technology Economy
  
  
• Journal of Computational and Financial Econometrics
  
  
• Accounting and Corporate Management
  
  
• Social Security and Administration Management
  
  
• Population, Resources & Environmental Economics
  
  
• Statistics & Quantitative Economics
  
  
• Agricultural & Forestry Economics and Management
  
  
• Social Medicine and Health Management
  
  
• Land Resource Management
  
  
• Information, Library and Archival Science
  
  
• Journal of Human Resource Development
  
  
• Manufacturing and Service Operations Management
  
  
• Operational Research and Cybernetics