我國新能源上市公司融資效率評價研究
發(fā)布時間：2019-01-05 18:04
【摘要】：能源是全球經(jīng)濟發(fā)展的根本動力，是一種戰(zhàn)略資源，決定著一個國家的經(jīng)濟是否能夠可持續(xù)地發(fā)展下去。過度開采和使用的傳統(tǒng)石油煤炭能源也造就了當(dāng)前日益突出的環(huán)境和氣候問題。全球各個國家都在尋找一條途徑，解決能源需求和環(huán)境保護之間的矛盾關(guān)系，新能源的開發(fā)就是在這種背景下越來越受關(guān)注，蓬勃發(fā)展。 新能源企業(yè)由于行業(yè)特點，屬于資本密集型產(chǎn)業(yè)，在企業(yè)發(fā)展生命周期的各個階段都需要巨額資金，尤其是技術(shù)研發(fā)和投建階段。新能源企業(yè)想要獲得跨越式發(fā)展，僅僅靠企業(yè)內(nèi)源資金和國家的扶持是遠遠不能滿足需求的，還需要外源資金的籌集。而除了少數(shù)技術(shù)較成熟和依托傳統(tǒng)能源企業(yè)發(fā)展起來的新能源企業(yè)，大部分的新能源企業(yè)由于技術(shù)條件不成熟，市場占有率小，還處于起步發(fā)展階段，，相比其他企業(yè)，融資更難。因此面對嚴峻的融資現(xiàn)狀，研究新能源企業(yè)的融資效率，對我國新能源企業(yè)健康有序經(jīng)營，提升企業(yè)價值、實現(xiàn)規(guī)�；哂兄匾饬x。 本文以新能源企業(yè)中最具發(fā)展優(yōu)勢，能代表整個新能源行業(yè)融資效率水平的新能源上市公司作為研究對象，運用熵值法對其進行融資效率評價。第一，梳理了國內(nèi)外融資效率的研究成果，確定融資效率的涵義和構(gòu)成；第二，結(jié)合新能源上市公司的特點和融資效率理論，分析新能源企業(yè)融資效率現(xiàn)狀；第三，構(gòu)建新能源上市公司融資效率評價指標體系，選取54家滬深兩市A股上市的新能源上市公司2013年的財務(wù)數(shù)據(jù)作為研究樣本，首先從籌資效率、資金配置效率和融資風(fēng)險指標對融資效率進行描述性統(tǒng)計，再運用熵值法對選取的數(shù)據(jù)進行分析。第四，總結(jié)了本文的研究結(jié)論：我國新能源上市公司融資效率普遍較低，并對提高我國新能源上市公司的融資效率提供對策及建議。
[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.
【學(xué)位授予單位】：中國地質(zhì)大學(xué)（北京）
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.2;F275
本文編號：2402120
[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.
【學(xué)位授予單位】：中國地質(zhì)大學(xué)（北京）
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.2;F275
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