# Co-operative Research on Financing Ecological and Efficiency of Industrial—Evidence from China’s New Energy Industry

Authors: Hairong Wang; Qiuchi Wu
Journal: Mathematical Problems in Engineering
 (2022)

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## Abstract

Since the existing research on the direct introduction of ecological principles into the financing field is very weak, there is no systematic and dynamic research on financing efficiency from the perspective of ecology. Through in-depth analysis, this paper finds that the industrial financing ecology affects financing efficiency through financing scale, financing cost, financing structure, financing speed, and capital allocation. At the same time, financing efficiency also affects the industrial financing ecology through industrial policy, financial system, legal culture, ecological displacement, and genetic reorganization, this leads to the interaction and coevolution of the industrial financing ecology and financing efficiency. To measure the degree of synergy between the financing ecology and financing efficiency, we construct a composite system synergy model and take the new energy industry as an example to carry out empirical research, the empirical results show that the synergy between China’s new energy industry financing ecology and efficiency at the current stage still has great room for improvement.


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## Body

## 1. Introduction

Efficiency is one of the core problems in economic research and generally regarded as the optimal state of resource allocation. In view of the relative decentralization, high marketization, socialization, and clear property rights system of property in western countries, the financing of western enterprises is naturally effective [1]. As a result, there is a lack of literature on the concept of corporate financing efficiency in the West, and it mainly carries out indirect research on financing efficiency based on the perspective of financing structure [2], financing mode [3], and resource allocation [4]. After putting forward the concept of “financing efficiency” by Zeng [5], Chinese scholars are gradually studying the connotation and evaluation of financing efficiency. The research on the connotation of financing efficiency was mainly carried out from the relationship between cost and income, the influence on enterprises, and micro and macroperspectives [6, 7]. The evaluation of financing efficiency mainly adopts the fuzzy comprehensive evaluation method [8–10], data envelopment analysis method [11, 12], and the index system evaluation method [13, 14]. In summary, the research mode of financing efficiency presents the characteristics of the solid and static state, and there is no systematic and dynamic research on financing efficiency from the perspective of ecology.Ecological problems have entered the field of human research since the 17th century AD. In 1866, Haeckel formally put forward “ecology,” which was defined as the science of biological organisms and their environmental relations. Then, by the way of systematic thinking, Tansley put forward the concept of “ecosystem” in 1935. With the growing influence of the ecological environment on people and the deepening of ecological research, the theoretical research of ecological economics gradually improved the path of evolution “Ecological Economics [15]-Industrial Ecology [16, 17] Enterprise Ecology [18, 19].” Most of the existing eco-economic studies focus on industrial ecology, commercial ecology, corporate ecology, and so on so that the direct introduction of ecological principles in the financing field [20, 21]is very weak.In view of the limitations of the existing research, this paper intends to creatively reexamine the financing efficiency from the ecological perspective. We took China’s new energy industry as an example and constructed a systematic research system framework on industrial financing ecology and efficiency [20, 22] to prove their relationship and offer advice.


## 2. Theoretical Analysis

### 2.1. Definition of Industrial Financing Ecology

The modern ecology theory proposes that the ecological function of ecological factors on the survival and development of organisms has the following characteristics: first, comprehensive. Every ecological factor plays a role in the interaction and restriction with other factors, and the change of any one factor will cause the change of other factors [23]. Second, nonequivalence. Among the many factors that act on living things, the effects of these factors are not completely equal, and one or two of them will play a leading role. Inspired by the results of modern ecology and previous studies of economic, this paper will introduce the idea of ecology to study the financing problem and extend the concept of “industrial financing ecology.”The industry is a collection of industrial forms which are closely related to interests, have a different division of labor and are composed of related industries, an industry is a group of organizations or enterprises that have the same technological process or produce the same kind of products or provide the same kind of labor service. Therefore, for a single enterprise in a microeconomy, the industry can be regarded as a collection of enterprise groups with the same nature. At the same time, given that financing in a broad sense is finance, financing in a narrow sense emphasizes the financial intermediation of enterprises and analogizes the connotations of the aforementioned natural ecology and financial ecology, and with the help of microenterprises, mesoindustry, and macroindustrial environment, the ecological thinking of coevolution, this paper holds that the financing ecology of industry refers to the collection of various environmental factors that can have an important impact on the financing of a new industry. Industrial financing ecology refers to the collection of various elements that can have an important impact on industrial financing, which is composed of industrial environment ecology, industry relationship ecology, and enterprise gene ecology. Industrial environment ecology, which is composed of economic and financial ecology (It mainly measures the macrofoundation frame that the economic finance creates for the industry finance), legal and cultural ecology (It mainly measures the influence of legal culture on the quality of industrial financing contracts) and industrial support ecological factors (It mainly reflects the investment support degree of the society to the industry and the financial support degree of the government), determines the macrobasic environment of industrial financing; industry relationship ecology, which is composed of industry competition ecology (It mainly reflects the influence of the difference of the market competition degree on the financing decision of the enterprises in the industry), and industry agglomeration ecological factors (It mainly reflects the influence of the different degree of industrial spatial agglomeration on the financing behavior of enterprises in the industry), determines the industry characteristic elements of industrial financing; enterprise gene ecology, which is composed of enterprise governance ecology (It is the premise of scientific financing decision-making to use the system or mechanism including internal or external, formal or informal to coordinate the interests of the stakeholders), internal control ecology (It comprehensively reflects the internal control environment, risk assessment, control activities, information and communication and supervision, and provides a management environment for enterprises to raise funds and configure) and production and operation ecological factors (Mainly reflects the level of business ecology, mainly by the technical capital and human capital factors), determines the endogenous gene conditions of industrial financing; the interaction of the three factors affects the scale of industrial financing, financing cost, financing risk, financing speed, and capital allocation.


### 2.2. Definition of Industrial Financing Efficiency

The existing literature not only defines the connotation of financing efficiency or emphasizes the concept of financing quantity [24, 25] but neglects the connotation of quality [26]. The study of financing efficiency is not systematic and dynamic. Therefore, this paper holds that the efficiency of industrial financing is mainly manifested in two aspects. On the one hand, from the aspect of “quantity” of financing, the main body of financing should melt the funds needed for business development with the lowest cost and risk, which calls the efficiency of financing, financing efficiency is not only related to the enterprises that can choose the lowest cost and lowest risk financing tools in the capital market, but also related to the question whether they can raise the required funds in time. The financing process is a two-way interactive process between the capital market and enterprises, which is restricted by such environmental factors as economy, finance, legal culture, and industry support and also depends on the energy enterprises in the industry competition and the degree of spatial concentration, reflecting the financing efficiency “Quantity” category. On the other hand, from the aspect of “quality” of financing, whether the funds obtained by the main body of financing through direct financing or indirect financing can be effectively utilized, that is, allocation efficiency [27]. Whether the funds obtained by enterprises can be used efficiently or not depends on whether they can obtain the highest benefit through reasonable system arrangement and the promotion of human capital and technical capital, thus to achieve a better profitability, operating capacity and development capacity determines the continued value of the enterprise. The “Quantity” and “Quality” of financing efficiency complement each other and influence each other.


### 2.3. Analysis on Dynamic Synergy Mechanism of Industrial Financing Ecology and Financing Efficiency

Economic and financial ecology is an important basic environmental condition to determine the adequacy of industrial financing resources. It affects the efficiency of industrial financing by influencing the financing scale, financing cost, and financing convenience of the industry. Generally speaking, the level of economic ecological factors and the efficiency of industrial financing change in the same direction. When the level of economic and ecological factors is high, there will be sufficient capital supply in the market, and the possibility of capital investment in new energy and other emerging industries will be greatly enhanced, the increase of capital supply will lead to the decrease of capital price, that is, the financing cost, so the financing difficulty of the industry will be alleviated and the financing efficiency will be improved. At the same time, the improvement of financing efficiency also provides the necessary capital conditions for the rise of industry.The legal and cultural ecological factors that guarantee the compulsory performance mechanism and self-performance mechanism of the financing contract jointly determine the quality of the financing contract for the industry, and the financing efficiency also gives birth to the demand for legal norms of the industry. The effective improvement of both will have a positive impact on the financing efficiency of the industry. It plays an important role in the perfection of the social legal system.Industrial support ecological factors can increase the scale of industrial financing and promote the efficiency of industrial financing through direct or indirect effects. On the contrary, the improvement of enterprise financing efficiency will promote the systematic improvement of industrial financing efficiency.The ecological factors of industry competition can have a profound impact on the financing decision of enterprises through the risk of competition plunder in the product market, the intensification of industry competition can promote the optimization of industry capital structure and the reduction of capital cost to improve financing efficiency.The externality effect of industry agglomeration ecological factor can help enterprises break through the information asymmetry obstacle of the credit market, the information sharing effect brought by industry agglomeration can also help to reduce the risk degree of individual enterprises’ decision-making failure, to narrow the range of business performance fluctuation caused by individual business risk and reduce the financing risk, thus improving financing efficiency. Financing efficiency will also promote industrial agglomeration to survive in a good regional space and form a good market competition.Enterprise genetic ecology is essentially the choice of corporate governance mechanism, which has a decisive impact on the efficiency of capital allocation. High quality internal control can ensure the smooth implementation of investment and financing decisions, thus promoting the financing efficiency of enterprises. When the ecological factors of production and operation are at a high level, the enterprise has better technical capital and human capital, which can produce higher asset management, risk control, and profitability, and then bring good business performance to the enterprise. Good performance pursued by investors naturally leads to the improvement of financing efficiency. On the contrary, enterprises with better financing efficiency will have appropriate financing structure and financing scale, and there is a very close relationship between the enterprise financing structure and its governance structure and results. The two interact with each other and develop harmoniously.From the ecological point of view, the financing efficiency of industry is the efficiency of the financing ecosystem of industry, and the essence of the ecosystem is coevolution. In the financing ecosystem of the industry, the financing efficiency of the enterprises is constantly evolving under the influence of the financing ecology, and the financing ecology of the industry is also constantly evolving under the influence of the financing efficiency, which both realizing dynamic coevolution through coevolution mechanism. The dynamic collaborative framework of industrial financing ecology and financing efficiency is shown in Figure1.Figure 1
Dynamic synergy framework of industrial finance ecology and financing efficiency.


## 2.1. Definition of Industrial Financing Ecology

The modern ecology theory proposes that the ecological function of ecological factors on the survival and development of organisms has the following characteristics: first, comprehensive. Every ecological factor plays a role in the interaction and restriction with other factors, and the change of any one factor will cause the change of other factors [23]. Second, nonequivalence. Among the many factors that act on living things, the effects of these factors are not completely equal, and one or two of them will play a leading role. Inspired by the results of modern ecology and previous studies of economic, this paper will introduce the idea of ecology to study the financing problem and extend the concept of “industrial financing ecology.”The industry is a collection of industrial forms which are closely related to interests, have a different division of labor and are composed of related industries, an industry is a group of organizations or enterprises that have the same technological process or produce the same kind of products or provide the same kind of labor service. Therefore, for a single enterprise in a microeconomy, the industry can be regarded as a collection of enterprise groups with the same nature. At the same time, given that financing in a broad sense is finance, financing in a narrow sense emphasizes the financial intermediation of enterprises and analogizes the connotations of the aforementioned natural ecology and financial ecology, and with the help of microenterprises, mesoindustry, and macroindustrial environment, the ecological thinking of coevolution, this paper holds that the financing ecology of industry refers to the collection of various environmental factors that can have an important impact on the financing of a new industry. Industrial financing ecology refers to the collection of various elements that can have an important impact on industrial financing, which is composed of industrial environment ecology, industry relationship ecology, and enterprise gene ecology. Industrial environment ecology, which is composed of economic and financial ecology (It mainly measures the macrofoundation frame that the economic finance creates for the industry finance), legal and cultural ecology (It mainly measures the influence of legal culture on the quality of industrial financing contracts) and industrial support ecological factors (It mainly reflects the investment support degree of the society to the industry and the financial support degree of the government), determines the macrobasic environment of industrial financing; industry relationship ecology, which is composed of industry competition ecology (It mainly reflects the influence of the difference of the market competition degree on the financing decision of the enterprises in the industry), and industry agglomeration ecological factors (It mainly reflects the influence of the different degree of industrial spatial agglomeration on the financing behavior of enterprises in the industry), determines the industry characteristic elements of industrial financing; enterprise gene ecology, which is composed of enterprise governance ecology (It is the premise of scientific financing decision-making to use the system or mechanism including internal or external, formal or informal to coordinate the interests of the stakeholders), internal control ecology (It comprehensively reflects the internal control environment, risk assessment, control activities, information and communication and supervision, and provides a management environment for enterprises to raise funds and configure) and production and operation ecological factors (Mainly reflects the level of business ecology, mainly by the technical capital and human capital factors), determines the endogenous gene conditions of industrial financing; the interaction of the three factors affects the scale of industrial financing, financing cost, financing risk, financing speed, and capital allocation.


## 2.2. Definition of Industrial Financing Efficiency

The existing literature not only defines the connotation of financing efficiency or emphasizes the concept of financing quantity [24, 25] but neglects the connotation of quality [26]. The study of financing efficiency is not systematic and dynamic. Therefore, this paper holds that the efficiency of industrial financing is mainly manifested in two aspects. On the one hand, from the aspect of “quantity” of financing, the main body of financing should melt the funds needed for business development with the lowest cost and risk, which calls the efficiency of financing, financing efficiency is not only related to the enterprises that can choose the lowest cost and lowest risk financing tools in the capital market, but also related to the question whether they can raise the required funds in time. The financing process is a two-way interactive process between the capital market and enterprises, which is restricted by such environmental factors as economy, finance, legal culture, and industry support and also depends on the energy enterprises in the industry competition and the degree of spatial concentration, reflecting the financing efficiency “Quantity” category. On the other hand, from the aspect of “quality” of financing, whether the funds obtained by the main body of financing through direct financing or indirect financing can be effectively utilized, that is, allocation efficiency [27]. Whether the funds obtained by enterprises can be used efficiently or not depends on whether they can obtain the highest benefit through reasonable system arrangement and the promotion of human capital and technical capital, thus to achieve a better profitability, operating capacity and development capacity determines the continued value of the enterprise. The “Quantity” and “Quality” of financing efficiency complement each other and influence each other.


## 2.3. Analysis on Dynamic Synergy Mechanism of Industrial Financing Ecology and Financing Efficiency

Economic and financial ecology is an important basic environmental condition to determine the adequacy of industrial financing resources. It affects the efficiency of industrial financing by influencing the financing scale, financing cost, and financing convenience of the industry. Generally speaking, the level of economic ecological factors and the efficiency of industrial financing change in the same direction. When the level of economic and ecological factors is high, there will be sufficient capital supply in the market, and the possibility of capital investment in new energy and other emerging industries will be greatly enhanced, the increase of capital supply will lead to the decrease of capital price, that is, the financing cost, so the financing difficulty of the industry will be alleviated and the financing efficiency will be improved. At the same time, the improvement of financing efficiency also provides the necessary capital conditions for the rise of industry.The legal and cultural ecological factors that guarantee the compulsory performance mechanism and self-performance mechanism of the financing contract jointly determine the quality of the financing contract for the industry, and the financing efficiency also gives birth to the demand for legal norms of the industry. The effective improvement of both will have a positive impact on the financing efficiency of the industry. It plays an important role in the perfection of the social legal system.Industrial support ecological factors can increase the scale of industrial financing and promote the efficiency of industrial financing through direct or indirect effects. On the contrary, the improvement of enterprise financing efficiency will promote the systematic improvement of industrial financing efficiency.The ecological factors of industry competition can have a profound impact on the financing decision of enterprises through the risk of competition plunder in the product market, the intensification of industry competition can promote the optimization of industry capital structure and the reduction of capital cost to improve financing efficiency.The externality effect of industry agglomeration ecological factor can help enterprises break through the information asymmetry obstacle of the credit market, the information sharing effect brought by industry agglomeration can also help to reduce the risk degree of individual enterprises’ decision-making failure, to narrow the range of business performance fluctuation caused by individual business risk and reduce the financing risk, thus improving financing efficiency. Financing efficiency will also promote industrial agglomeration to survive in a good regional space and form a good market competition.Enterprise genetic ecology is essentially the choice of corporate governance mechanism, which has a decisive impact on the efficiency of capital allocation. High quality internal control can ensure the smooth implementation of investment and financing decisions, thus promoting the financing efficiency of enterprises. When the ecological factors of production and operation are at a high level, the enterprise has better technical capital and human capital, which can produce higher asset management, risk control, and profitability, and then bring good business performance to the enterprise. Good performance pursued by investors naturally leads to the improvement of financing efficiency. On the contrary, enterprises with better financing efficiency will have appropriate financing structure and financing scale, and there is a very close relationship between the enterprise financing structure and its governance structure and results. The two interact with each other and develop harmoniously.From the ecological point of view, the financing efficiency of industry is the efficiency of the financing ecosystem of industry, and the essence of the ecosystem is coevolution. In the financing ecosystem of the industry, the financing efficiency of the enterprises is constantly evolving under the influence of the financing ecology, and the financing ecology of the industry is also constantly evolving under the influence of the financing efficiency, which both realizing dynamic coevolution through coevolution mechanism. The dynamic collaborative framework of industrial financing ecology and financing efficiency is shown in Figure1.Figure 1
Dynamic synergy framework of industrial finance ecology and financing efficiency.


## 3. Model Selection

To verify the dynamic synergy between industrial financing ecology and financing efficiency, we refer to [28, 29] the “complex system synergy model” proposed by the order-parameter principle and the slaving principle in the system theory, choosing to construct the industrial financing ecology and the financing efficiency synergy measure model so that we can realize the effective measurement of the order degree and the cooperation degree between the systems.The compound system of industrial financing ecology and financing efficiency is expressed byS = {S1, S2}, which means industrial financing ecosystem (S1) and industrial financing efficiency system (S2). Considering subsystem Sj, j∈ (1, 2), we assumed the order parameter in the development of the subsystem is ej = (ej1, ej2, …, ejn), n ≥ 1, βji ≤ eji ≤ αji, i = 1,2, …, n. αji and βji is the upper and lower limit of the state order parameter component at the critical point of system stability. Assuming ej1, ej2, …, ejn as a positive index, the larger the value, the higher the order degree of the system, whereas the smaller the value, the lower the order degree of the system. Assuming ej(h + 1), ej(h +2 ), …, ejn as a negative index, the smaller the value, the higher the order degree of the system. Then the system order degree model of ordered parametric components ejn is(1)vjeji=eji−βjiαji−βji,i∈1,h,vjeji=αji−ejiαji−βji,i∈h+1,n.In the above-given model,vjeji∈0,1 is the order degree of the subsystem, the largervjeji shows the larger contribution of the state component eji to the order of the system. The overall order degree of the system is determined by the value of each parameter and the combination form, referring to Gao and Weidong [28], the linear weighting method is used to average the order of each element in the subsystem, that is,(2)vSj=∑i=1nλiveji,λi≥0,∑λi=1,veji∈0,1.The weight coefficientλi reflects the role and position of the subparameter eji in maintaining the orderly operation of the system. vSj is the degree of synergy of the jth subsystem. The greater the value, the higher the synergy degree of the subsystem, and the greater the contribution to the composite system.Assuming that at the initial timet0, the order degree of the industrial financing ecology and the financing efficiency system is v0(S1), v0(S2), and the order degree at the time is v1(S1)v1(S2), the synergy degree of the two composite systems is(3)C=θv1S1−v0S1×v1S2−v0S2,θ=1,v1S1×v0S1≥0,v1S2×v0S2≥0,−1,other.In general, ifC∈ (−1, 0.3), the composite system is at the low level of collaborative development. If C∈ (0.3, 0.8), the composite system is at the middle level of collaborative development, and if C∈ (0.8, 1), the composite system is at the high level of collaborative development.


## 4. Index System Construction

To verify the dynamic synergy between industrial financing ecology and financing efficiency, this paper selects China’s new energy industry as an example to verify. According to the definition of industry financing efficiency, new energy industry financing efficiency (E0) can be classified into efficiency of funding(E1) and configuration efficiency(E2) and evaluate them. The index variables of financing cost, financing risk, and financing time are selected as input indicators, the amount of debt financing and the amount of equity financing are selected as intermediate indicators to represent the financing scale of enterprises, and the index variables of profitability, operating ability and development ability of enterprises are selected as output indicators. The specific financing efficiency evaluation index system is shown in Table 1.Table 1
Evaluation index system of new energy industry financing efficiency.
Input/outputIndicator nameIndicator variablesCalculation formulaInput indicatorsFinancing costsDebt financing costsInterest expenditure/(short-term borrowing + long-term borrowing + bonds payable)Equity financing costsCapital asset pricing modelFinancing risksProperty rights ratioTotal liabilities/total shareholder equityFinancing timeFunding speedNet cash inflow from sales/financing activitiesIntermediate indicatorsDebt financingLiabilitiesCurrent liabilities + non-current liabilitiesEquity financingOwner’s incomeTotal shareholder equityOutput indicatorsProfitabilityNet interest rate on assetsNet profit/total assetsOperational capacityTotal assets turnoverSales income/total average assetsCapacity developmentNet profit growth rateTotal net profit growth/total net profit of previous yearBased on 130 listed companies in China’s new energy industry from 2011 to 2017, a two-stage chain DEA network structure model is constructed to evaluate the financing efficiency of the new energy industry. According to the composition factors of industrial financing ecology, the corresponding indexes are selected from the aspects of industrial environment ecology (ST1), industry relationship ecology (ST2), and enterprise gene ecology (ST3) On the ecological level of industrial relations, it mainly distinguishes the two aspects of industrial competition ecology and industrial agglomeration ecology; on the Industrial Agglomeration, the E-G index is a measure of the degree of industrial agglomeration constructed by Allison–Glaeser on the basis of Keeny’s space coefficient proposed by Paul Krugman, the index can be used both to estimate the concentration of a single industry and to compare across time zones and countries across different industries; at the level of the genetic ecology of enterprises, further subdivides into the Enterprise Management Ecology, the internal control ecology as well as the production management ecology three aspects. The correlation matrix weighting method is used to calculate the weights of each state variable in the financing ecology and financing efficiency of the new energy industry, according to this method, the weights of the 21 index variables representing the financing ecology of the new energy industry in the total financing ecology of the new energy industry and the weights of the two index variables representing the financing efficiency of the new energy industry in the total financing efficiency of the new energy industry are calculated as shown in Table2. The descriptive statistics and index weights of the corresponding state variables are shown in Tables 2and3.Table 2
Ecological index system and index weight of new energy industry financing.
FinancingIndicator variablesMaximum valueMinimum valueMeanStandard deviationIndicatorweightsIndustrial environment (ST1)Economic and financial ecology (J J)GDP per person in per province (JJ1)1289941611749861.7423014.480.029345Provincial money supply/provincial GDP (JJ2)2.2711.7661.9240.1630.031247Extent of social financing in per province/provincial GDP (JJ3)0.3480.2060.2530.0370.032781Added value of finance in the provinces/provincial GDP (JJ4)0.0870.0550.0640.0170.029282Ecological legal culture (FW)Number of law firms in per 10,000 population of per province (FW1)1.1210.0980.3320.3050.024754Completion rate of provincial people’s courts (FW2)0.9950.5380.8120.2840.025963Number of teachers per 10,000 population per province (FW3)173.41880.279107.74825.9540.025972Expenditure on education per capita (FW4)5498.0991300.2392205.127708.7240.024849Industry support ecology (CZ)Provincial energy industry investment/provincial fixed assets investment (CZ1)0.2660.0230.0740.0630.041736Expenditure on environmental protection in the provinces/total expenditure in the provinces (CZ2)0.1420.0210.0530.0390.075358New energy generation for industries above provincial scale and all industries above provincial scale electricity generation (CZ3)0.5390.0840.1580.2360.043155Industry relations ecology (ST2)Industry competition ecology (HZ)New energy sector HHI index (HZ1)0.2380.0420.1290.0820.073465Monopolistic rents in new energy industries (HZ2)2.8470.0010.3560.9940.072172Industry agglomeration ecology (HJ)New energy sector E-G index (HJ1)0.0630.0420.0560.0070.069742Location entropy of new energy industry in provinces (HJ2)1.730.160.7310.4330.054107Enterprise genetic ecology (ST3)Corporate governance ecology (ZL)Companies nankai governance index (ZL1)73.62847.54659.8657.7950.057741Internal control ecology (NK)Dibo internal control index (NK1)843.76558.732368.654143.8980.057727Production business management ecology (SJ)Patent technology, non-patent a natural logarithm of the total net book value of technology, systems, software, etc.(SJ1)20.349.7113.234.040.057988Natural logarithm of corporate R&D expenditure (SJ2)24.5810.0715.263.790.057519Employees with college degree or above per company/total employees per company (SJ3)0.890.140.480.250.057972Natural logarithm of remuneration payable by companies (SJ4)14.726.319.212.570.057125Table 3
Descriptive statistics and indicator weights of new energy industry financing efficiency.
EfficiencyMaximum valueMinimum valueMeanStandard deviationIndicator weightsEfficiency in funding (E1)10.0920.4330.2470.486472Configuration efficiency (E2)10.0270.6560.2290.513528Financing efficiency (E0)10.0340.2760.2011


## 5. Results and Discussion

Using mean standard deviation methods, we handle the standardized treatment of new energy industry financing efficiency (E1) and configuration efficiency (E2) in Tables2 and 3, and its industrial environment ecology (ST1), industry relation ecology (ST2), and enterprise gene ecology (ST3) index data, by introducing the formula, we can get the order degree of the order parameter component of the new energy industry financing ecology and financing efficiency subsystem as shown in Table 4. The order degree of the order parameter component of each subsystem in Table 4 and the weight of each order parameter component in Tables 2 and 3 can be brought into the formula to obtain the order degree of the new energy industry financing ecology and financing efficiency system as shown in Table 5. Then the data in Table 5 can be substituted into the compound agreement model to obtain the compound agreement result of financing ecology and financing efficiency of the new energy industry (Figure 2).Table 4
The order degree of each component of new energy industry financing ecology and financing efficiency subsystem.
YearFinance ecosystemFinancing efficiency subsystemIndustrial environment (ST1)Industry relations ecology (ST2)Enterprise genetic ecology (ST3)Funding efficiency (E) annex1)Configuration efficiency (E) annex2)20110.15620.09620.09330.09660.105220120.17830.08450.08420.11420.098520130.19750.07780.07190.08680.081520140.21270.08350.08160.11810.107420150.22430.08520.08280.13050.115820160.23990.08070.07610.12750.110620170.24620.08090.07830.12840.1132Table 5
Order of new energy industry financing ecology and financing efficiency subsystem During 2011–2017.
YearOrderliness of financing ecosystemsOrderliness of financing efficiency subsystems20110.1182630.10355520120.1204570.10894820130.1217760.08584620140.1325120.11577420150.1378450.12672620160.1403110.12234420170.1435480.124225Figure 2
New energy industry financing ecology and financing efficiency composite system synergy line during 2011–2017.Through the calculation of the order degree and synergy degree of financing ecology and financing efficiency system of the new energy industry in China from 2011 to 2017, the following results can be drawn:(1)
The order degree of the two subsystems of new energy industry financing ecology and financing efficiency are increasing significantly, indicating that the evolution process between them is gradually becoming increasing orderly, but the order degree of the new energy industry financing efficiency system is accompanied by a significant decline in 2013, which shows the instability of the development of new energy industry financing efficiency.(2)
The synergy degree of the complex system of financing ecology and efficiency of the new energy industry fluctuates between (0.04,0.09), and the change trend of the synergy degree of the complex system is the same as that of the financing efficiency subsystem. However, although the synergy between the financing ecology and the financing efficiency of the new energy industry is positive, it is still a low level of synergy development, which means that the ecological synergy effect of the financing efficiency of the new energy industry still has great room for improvement.


## 6. Conclusions

In view of the fact that the existing research directly introduces ecological principles into the field of financing is very weak, there is no systematic and dynamic research on financing efficiency from the ecological point of view. Based on the in-depth analysis of the dynamic synergy mechanism of industrial financing ecology and financing efficiency, this paper measures the synergy degree of financing ecology and financing efficiency of China’s new energy industry by constructing a composite system synergy model. The empirical results show that there is a trend of synergistic development between financing ecology and financing efficiency in China’s new energy industry at the present stage, but the synergy degree is low. The main reason is that China’s new energy industry is still in the early stage of industrial development, external economic and financial markets, industry competition and agglomeration, internal governance of enterprises, and other aspects of deficiencies so that the synergy between financing ecology and financing efficiency is affected.By improving the quality and efficiency of economic growth, we can build a diversified financing path for industries, perfect the socialist legal system with Chinese characteristics, strengthen the excellent cultural identity of the whole society, and strengthen the macroguidance of industrial policies. By giving full play to the role of market resource allocation, promoting the healthy competition of the industry, dynamically adjusting the strategy of industry agglomeration, and improving the level of agglomeration of industry, the ecological coordination and improvement of industry relations are carried out. By strengthening the ability of enterprise governance, giving full play to the role of enterprise governance mechanism, perfecting the internal control system, improving the execution effect of internal control, improving the efficiency of technology and human capital, shape the ecological advantages of production and management to improve the ecological utility of enterprise genes. In addition, it is necessary to implement more accurate financing ecological optimization countermeasures according to the industry and regional differences of financing efficiency of industry and the different influence degree of financing ecological factors on financing efficiency.



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