搜索
I新能源上市公司融资效率研究——以新疆金风科技股份有限公司为例摘要国内传统能源发展已经走入了困境，现今，新能源产业备受世人关注，因其具有环保、可循环性等特征，已成时下投资热点。此行业的发展离不开金融支撑，对此，国内外研究人员认为，决定融资渠道发展方向的关键因素是金融支持的变化，唯有努力提升新能源企业的融资效率，才能维持产业健康发展，这对改善金融服务具有极大的推动作用，使其同步发展。对国内新能源产业来说，企业的融资效率是其成败关键所在，这就是国内新能源产业融资效率研究所具有的理论和实践意义新能源产业，即使排除自有资本，依然可以通过外部融资方式获得经营建设所需资金。只是不同的融资渠道可以获得不同的融资效率，这会极大影响到新能源的出产效率及可持续发展。此文针对能够影响新能源产业融资效率的因素加以探究，并对其上市公司融资效率给予科学评价。通过湘电股分公司的例子，对其上市公司的融资效率方式进行深入研究。本文针对国内融资效率等问题进行的研究，是以国外学者融资理论作为基础，并将其观点加以整合，综合得出了新能源、融资效率等概念等相关理论。同时，还全面系统地分析了影响融资效率的诸多因素；通过DEA数据包络法，静态评价了新能源上市公司五年的融资效率问题，并通过Malmquist-DEA对五年效率的变化值加以运算，其结果便是动态融资效率。对融资效率进行分析，必须立足于新能源上市公司的融资实际，经过普遍性分析以后，再结合湘电股份发展现状进行详细的案例分析，对湘电股份的静态和动态融资效率进行评价，参考湘电股份的发展阶段、资本结构和经营状况进行详细分析，并基于分析结论对湘电股份融资效率的提高作更为具体和详细的建议。关键词：新能源；融资效率；DEA；Malmquist-DEAIIAbstractThetraditionalenergysourcesareindilemmabecauseofit’snon-renewable,sothenewenergyindustrybecomesahotspotforinvestmentbecauseofit’suniqueadvantageofcirculation,environmentalprotection.Thenewenergyindustryisinneedoffinancialsupportduringitsdevelopmentperiod.scholarsfromdomesticandforeignsuggestthatchangesofthefinancialsupportdecidethedevelopingofthefinancingroad,therefore,thenewenergyindustryfinancingefficiency’simprovementwillacceleratethedevelopingprocessofthenewenergyindustries,acceleratingthefinancialservicesinnovationwhilepromotingtheeconomicgrowthofthenewenergyindustries,bothmutualpromotionandcommondevelopment.ThestudyofthefinancingefficiencyofChina’snewenergyindustryhasimportpracticalsignificance.III摘要...................................................................................................................................................IAbstract...........................................................................................................................................II第一章绪论...................................................................................................................................11.1研究背景及意义................................................................................................................11.1.1研究背景...............................................................................................................11.1.2研究意义.................................................................................................................11.2国内外文献综述................................................................................................................21.2.1国外研究现状.........................................................................................................21.2.2国内研究现状.........................................................................................................31.3研究内容和逻辑框架.......................................................................................................51.3.1研究内容...............................................................................................................51.3.2逻辑框架...............................................................................................................61.4研究方法与创新...............................................................................................................71.4.1研究方法...............................................................................................................71.4.2研究创新...............................................................................................................7第二章新能源上市公司融资效率相关理论及效率评价方法...................................................72.1融资效率相关概念...........................................................................................................72.1.1新能源产业...........................................................................................................72.1.2融资的界定...........................................................................................................82.1.3效率的概念...........................................................................................................82.1.4融资效率的界定...................................................................................................82.2融资效率相关理论...........................................................................................................92.3融资效率的影响因素.....................................................................................................112.3.1规模及资产结构....................................................................错误!未定义书签。2.3.2融资成本和融资风险.........................................................................................112.3.3融资渠道及融资结构.........................................................................................122.3.4企业的盈利能力.................................................................................................122.3.5企业成长性.........................................................................................................122.4融资效率评价方法.........................................................................................................132.4.1DEA静态效率评价方法......................................................................................132.4.2Malmquist-