本科学位论文-新能源企业融资现状及对策研究().doc

新能源企业融资现状及对策研究 摘要 从传统能源的枯竭到沙尘、PM2.5等严重环境问题的出现，越来越多的人开始思考能源的合理使用问题。新能源作为一个新兴产业，在推动我国产业结构升级、促进经济发展、改善生活环境等方面具有重要作用。近年来国家也相继出台了相关政策对新能源产业的发展进行引导，在今年的两会上，更提出了要对新能源行业进行大部制改革，即重组国家能源局；体现了国家进一步统筹能源管理的思路，对于新能源的市场化改革具有极大的导向作用。然而，新能源企业资金需求较高，相应的融资渠道却过窄，资金短缺、融资困难是制约新能源产业持续健康发展的关键因素。如何拓宽新能源企业的融资渠道、优化其资本结构，是促进新能源企业持续健康发展急需解决的重要问题。 基于上述思考，对我国上市新能源企业的融资状况进行了深入研究，主要通过理论分析与实证分析相结合来探讨适合新能源企业的融资策略。文章首先对国内外相关研究情况进行了回顾，介绍了资本结构、融资成本理论，针对新能源企业的现实经营状况深入分析了其融资问题；并在此基础上进行了如下实证分析，对行业内69家新能源企业从2006年至2012年的财务数据进行了描述性分析，反映出新能源企业偏好于债务融资，资产负债率水平整体较高，且短期负债水平高于长期负债水平，但是近年来短期负债呈下降趋势、长期负债呈上升趋势等特点；进而再依据一定的标准选择行业内7家代表企业进行回归分析，探索企业债务结构、股权结构与企业价值的相关关系。寻找合理的融资方式以优化企业资本结构、提升企业价值，解决企业融资难问题。 关键词：新能源企业，融资现状，实证分析，融资对策 The study of new energy companies’ financing situation and strategies Abstract Owing to the draining of traditional energy and the severe environmental problems, more and more people are coming to considering the issues of using new energy appropriately. The new energy industry is one of the new rising industries, it plays an important role in upgrading the adjusting the structure of the industry, promoting the development of the economy and improving the living environment. In recent years, the government has also enacted related policies to guide the new energy industry into the correct road. In the NPC CPPCC of this year, the problem of recomposing the state energy company has been put forward; it shows the train of thought of administering the new energy industry consolidately. And it shows a direction of marketing reform for the new energy industry. However, the new energy companies haven’t existed for a long time, the lack of asset is the key problem for the companies. How to make the channel of financing for the new energy companies more broad is a question that worth studying seriously. This thesis is aiming at analyzing the financing situation of the new energy companies on the basis of theoretical investigation and empirical study, and raise appropriate strategies to convenient t