摘要
近年来，我国光伏产业发展的重心由之前的集中式光伏电站转变为分布式光伏
系统。不同于之前的集中式光伏系统，分布式光伏系统具有较小的规模和形式灵活
等特点。更重要的是，其投资的主体比较复杂，同时投资回收期较长，这就需要不
同种类的投资主体和金融支持方式。虽然分布式光伏系统所占的比重越来越大，但
是现阶段光伏产业金融支持的渠道是以支持建设大型集中式光伏电站为主。所以对
于光伏企业来说，传统的融资方式已经不能满足现在光伏产业的发展，其以银行信
贷、资本市场上市融资以及单纯的政府补贴等金融支持方式限制了光伏企业的经营，
甚至制约了整个光伏产业的发展。因此，本文从金融支持促进产业发展的角度出发，
研究了我国光伏产业的金融支持效率及其影响因素。本文的研究不仅在理论上具有
一定的指导意义，也有利于实现光伏产业与金融资本的融合，对产业发展和金融体
系的完善有一定的参考价值。
本文首先介绍了光伏产业、金融支持以及金融支持效率等概念，并对相关的理
论进行阐述。同时利用相关数据分析我国光伏产业的发展现状和金融支持现状并揭
示其中存在的问题。其次，在定性分析的基础上，本文主要研究了我国光伏产业具
有代表性的 36家上市企业，运用 DEA和 Logit模型对我国光伏产业的金融支持效率
及其影响因素进行定量分析。第一阶段进行效率评价，选用内部资金、政府补助、
银行信贷和股权融资四个投入指标，选用净资产收益率、总资产周转率和营业收入
增长率三个产出指标，评价金融支持光伏产业的整体效率。分别运用 DEA-BCC模型
以及 DEA-Malmqiust模型，对选择的光伏上市企业 2014-2020年期间的金融支持效
率从静态和动态两个角度进行测算；第二阶段以 DEA-BCC测算的金融支持效率值为
被解释变量，四个方面的金融资源的投入为解释变量，构建 Logit回归模型对金融支
持效率的影响因素进行实证分析，以期探究四个方面的金融支持对我国光伏产业效
率的具体影响。最后，根据定性与定量的结论，对提高我国光伏产业金融支持效率
提出相关的对策建议，使金融支持促进我国光伏产业的长期健康发展。
关键词：光伏产业；金融支持；效率；金融创新；
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ABSTRACT
Last several years, the center of photovoltaic industry development has changed from
the previous construction of large photovoltaic stations to more widely distributed
distributed photovoltaic systems. Different from the previous construction of large-scale
photovoltaic stations, the distributed photovoltaic system has the characteristics of small
scale and flexible form. More importantly, its investment subjects are complex and the
payback period is long, which requires different types of investment subjects and financial
support methods. Although the proportion of distributed photovoltaic systems is increasing,
the channel of financial support is still to support the construction of big photovoltaic
power stations. Therefore, for photovoltaic enterprises, the traditional financing methods
can not meet the current development of photovoltaic industry. The traditional bank credit,
capital market listing financing and simple government subsidies limit the healthy
development of photovoltaic enterprises and even the development of the whole
photovoltaic industry. Therefore, from the perspective of financial support promoting
industrial development, this paper studies the financial support efficiency and its
influencing factors of China's photovoltaic industry. It not only has certain guiding
significance in theory, but also helps to realize the integration of photovoltaic industry and
financial capital, and has a certain reference value for industrial development and the
improvement of financial system.
Fist of all, this paper explains the concepts of financial support, photovoltaic industry
and financial support efficiency, and introduces the relevant fundamental theory of financial
support of photovoltaic industry. At the same time, combined with the data over the years,
the development status, financial support status and problems of China's photovoltaic
industry is revealed. On this basis, this paper chooses 36 companions in the domestic
photovoltaic industry as the research object, and makes a quantitative analysis on the
financial support efficiency and its influencing factors of China's photovoltaic industry by
using DEA and Logit model. In the first stage, internal funds, government subsidies, bank
credit and equity financing are selected as input variables, and the return on net assets, total
asset turnover and operating income growth rate are selected as output variables to evaluate
the overall efficiency level of financial support for the development of photovoltaic industry.
DEA-BCC model and DEA -Malmquist model are applied to evaluate the financial support
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