通过对2005-2012年新能源上市公司数据建立面板固定效应模型,基于区域差异的视角,重点研究融资结构对公司绩效的影响。并引入沪深300样本进行整体比较。结果表明,新能源上市公司平均绩效、内源融资率低于沪深300样本,具有股权融资偏好,两种样本的债务融资均没有体现出负债税盾效应。区域中,东部地区的新能源上市公司绩效、内源融资率具有较高水平。区域间资产负债率、短期有息负债率与公司绩效呈负相关,长期有息负债率对于绩效影响有所差异。融资优序理论得以验证。结论表明,推动新能源上市公司发展,需根据区域禀赋合理优化企业融资结构,改善区域金融生态环境。

Based on the data of new energy listed companies in 2005-2012, the paper establishes a fixed effect model to study the influence of financing structure on the company"s performance based on the perspective of regional differences. The CSI 300 Index is introduced for comparison. The results show that the average performance of new energy listed companies is less than that of listed CSI 300 samples, having equity financing preference. There are no tax shield effects in both of the samples. As to regional differences, the new energy performance of listed companies located in the east area has a higher level of performance and internal financing. Besides, both the ratio of liabilities to assets and short-term interest-bearing debt are negatively correlated with the performance, and the impact of long-term interest-bearing debt ratio on company performance varies in different areas. Pecking order theory has been verified in the empirical analysis. In conclusion, in order to promote the development of new energy listed companies, the nation should optimize the financing structure based on regional endowment and improve the regional financial ecological environment.

F275.5

教育部人文社会科学重点基地重大项目“西北资源开发生态补偿金融支持政策体系研究”(12JJD790020)