Research on the Financing Efficiency of listed Companies in China's Photovoltaic Industry

Qian Zhang; Chen Zhang

doi:10.54691/bcpbm.v25i.1751

Authors

Qian Zhang
Chen Zhang

DOI:

https://doi.org/10.54691/bcpbm.v25i.1751

Keywords:

Photovoltaic industry, Financing efficiency, DEA-Tobit model

Abstract

Through sorting out the theory of financing efficiency, the influencing factors and empirical methods of financing efficiency at home and abroad, taking the panel data of 29 listed companies in the photovoltaic industry in China from 2017 to 2021 as the research object, the DEA-Tobit model was used to study the financing efficiency and influencing factors of China's photovoltaic industry. The results show that in recent years, the financing efficiency of listed companies in the domestic photovoltaic industry has fluctuated greatly, and there is a certain downward trend as a whole, and there is still a broad room for improvement; There are significant positive effects on net profit, net profit margin on sales, cost of main business, cash ratio and corporate financing efficiency, while current liabilities and corporate financing efficiency show significant negative effects. Based on this, suggestions are put forward to optimize the scale of listed companies, broaden financing channels, and introduce new financing methods by relevant government departments.

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