RESUMO
The new-energy industry, which is a key area for coping with climate change, faces serious credit-financing difficulties. This study used a bilateral stochastic frontier model to measure the bargaining power of new-energy companies in China's credit-financing market. We then examined the main factors affecting the bargaining power of new-energy enterprises by comparing the results of the firms in different groups, including corporate-related factors, government policies, and financial development levels. The results showed that the bargaining power of both banks and enterprises had an important influence on the final financing price. In the bargaining process, new-energy companies were at a disadvantage, and financing prices were 17.2% higher than fair prices. The nature of state-owned enterprises hinders the improvement of the bargaining power of new-energy enterprises. Technology competence and relationships with banks are useful ways for new-energy enterprises to improve their bargaining power. In solving the financing difficulties in the credit market of new-energy enterprises, government subsidies are usually ineffective, while improving the financial development level is effective.