| In the post-financial crisis era,on the one hand,the world economy has entered a period of shock adjustment and global economic growth has declined;on the other hand,the ecological environment has been severely damaged and resources have been rapidly depleted.In order to maintain its own advantages in the new round of international economic competition and to cope with the dual crises of severe environmental pollution and resource depletion,the Chinese government’s economic development actually regards "strategic emerging industries" as new economic growth points,and energy conservation and environmental protection.The industry ranks first among the seven strategic emerging industries.China’s energy conservation and environmental protection industry is still in the initial stage of development,with weak technical force and weak core competitiveness.Compared with other industries,the energy conservation and environmental protection industry has a relatively large amount of initial capital investment,a long return period of investment income,and relatively high risks.These characteristics of the energy conservation and environmental protection industry determine that the cultivation and development of the industry cannot be separated from long-term stable financial support.The shortage of funds and financing difficulties are still key issues that restrict the development of the energy conservation and environmental protection industry.Therefore,the development and growth of the energy-saving and environmental protection industry requires strong support in financial,technology,and management under the guidance of national policies.The scarcity of financial resources makes it possible to improve the efficiency of financial support to better promote the development of energy conservation and environmental protection industries.Giving full play to the blood function of financial economic development and effectively promoting the supporting role of the financial system will benefit the development of China’s energy conservation and environmental protection industry without any harm.This article firstly analyzes the mechanism of financial support for the energy-saving and environmental protection industry,and further elaborates the current development status and existing difficulties of the energy-saving and environmental protection industry in China.On this basis,selecting 84 listed companies in the energy conservation and environmental protection industry in China as the research objects,set the asset-liability ratio and the proportion of outstanding shares as input variables supported by financial institutions and the capital market,the return on net assets,and the growth rate of main business As the output variables of the company’s operating results,the DEA-Malmquist method is used to measure the efficiency and changes of China’s energy-saving and environmental protection industry financial support from 2010 to 2018 from both static and dynamic levels,and to compare and analyze the three financial indicators of total asset turnover rate.The regional and industry differences in the efficiency of financial support for the energy-saving and environmental protection industries are analyzed.On this basis,comprehensively considering the external macroeconomic environment and internal micro-enterprises’ own factors,an indicator system of influencing factors of financial support efficiency was constructed,and the limited dependent variable Tobit model was used to empirically analyze the direction and direction of the effects of various indicators on the efficiency of financial support for the energy saving and environmental protection industry.Taking into account the impact of economic policy uncertainty on the efficiency of financial support for the energy saving and environmental protection industry,this paper further empirically analyzes the impact of economic policy uncertainty on the efficiency of financial support for the energy saving and environmental protection industry and its mechanism.This article includes seven parts,the main content of each part is briefly described as follows:The first part is an introduction.This part first clarifies the research background and research significance.Through a review of the literature,the research content,ideas and methods are clarified,and the frame structure and chapter arrangement are introduced.The second part is the theoretical basis and related concepts.The theoretical basis includes financial development theories such as financial structure,financial deepening,and financial constraints,financial development and economic growth theory,and financial support mechanism theory that finances the development of energy-saving and environmental protection industries.In terms of related concepts,the energy conservation and environmental protection industry and the efficiency of financial support are clearly defined,and financial support and its efficiency are analyzed.The third part is the analysis of the financial support status of China’s energy conservation and environmental protection industry.Based on the relevant data collected on the energy conservation and environmental protection industry,it elaborated the current overall situation of China’s energy conservation and environmental protection industry,and further analyzed the financial support status of China’s energy conservation and environmental protection industry,as well as the existing support dilemma.The fourth part to the sixth part are empirical research parts,which are the focus of this article.In the fourth part,the DEA-Malmquist method is used to measure the financial support efficiency and its changes in China’s energy-saving and environmental protection industry.The financial support efficiency of the energy-saving and environmental protection industry in different regions,provinces,and industries is elaborated and compared.The calculation results show that the resource allocation efficiency of my country’s financial system in the process of supporting the development of energy conservation and environmental protection industries has been increasing from 2010 to2018,but the Malmquist index of financial support efficiency has a clear downward trend in general.The results of decomposed Malmquist index reveal that the main reason for the decline in the overall efficiency of financial support is the low resource allocation efficiency of the financial system and the low technical level of Energy Saving and Environmental Protection Industry.The results show that the effect of China’s financial system in promoting the development of energy-saving and environmental protection industries needs to be improved,and the transmission channels of technological innovation,resource allocation and scale efficiency need to be further improved.The fifth part examines the influencing factors of financial support efficiency of energy conservation and environmental protection industry.Based on the measurement and analysis of the financial support efficiency of China’s energy conservation and environmental protection industry through the DEA-Malmquist model,an indicator system of influencing factors is constructed from the external economic environment and internal characteristics of the enterprise,and the Tobit model is used to explore the financial support of various indicators for energy conservation and environmental protection industry The degree and direction of efficiency.The empirical results in this section show that: financial structure,equity investment,company age,equity concentration,and broad money growth rate are positively correlated with comprehensive efficiency,company ownership and company size are negatively correlated with comprehensive efficiency,and the impact of marketization on comprehensive efficiency Not significant.However,the above factors have differences in the impact of financial support efficiency in the six sub-sectors of the energy conservation and environmental protection industry.The sixth part studies the heterogeneous influence and mechanism of various factors on the efficiency of financial support for the energy-saving and environmental protection industry under the impact of economic policy uncertainty.In this part,the Tobit model is used for multiple regression analysis.After solving the endogenous problem and using multiple methods for robustness testing,the research results show that: China ’s economic policy uncertainty has a significant inhibitory effect on the financial support efficiency of the energy conservation and environmental protection industry.However,with the support of the government’s financial policy,this inhibitory effect is relatively lower than other industries.Economic policy uncertainty negatively regulates the financial structure,positively regulates the effects of ownership forms and company size on the financial support efficiency of the energy conservation and environmental protection industry,but economic policy uncertainty affects equity investment,company age,equity concentration and market The effect of the degree of change and thus the adjustment of the financial support efficiency of the energy conservation and environmental protection industry is not obvious.In the analysis,the possible reasons for the adjustment of various influencing factors of economic policy uncertainty and thereby affecting the financial support efficiency of the energy conservation and environmental protection industry were elaborated in detail.The seventh part puts forward suggestions to improve the financial support efficiency of China’s energy conservation and environmental protection industry.This article believes that to effectively improve the financial support efficiency of China’s energy conservation and environmental protection industry,it is necessary to pay equal attention to both inside and outside and work together to effectively promote it.The outside should continue to improve the policy support system,innovate the bank credit mechanism,and promote the construction of the capital market.Energy-saving and environmental protection companies themselves must increase investment in technology research and development,improve their independent innovation capabilities,and improve and optimize their capital structure and shareholding structure,andactively promote the construction of social credit system,credit guarantee system and financial supervision system.The eighth part is the research conclusion and prospect of this article.The research contributions of this article are mainly reflected in the following three aspects: First,from a micro perspective,the topic selection fits the reality of economic development.The energy-saving and environmental protection industry is an important economic growth point for China’s economy to "cultivate new kinetic energy for development and obtain new competitive advantages in the future".Based on a micro perspective,this article combines the financial industry’s task of "serving the real economy is a duty" and locks the research object as " "Financial support for energy conservation and environmental protection industry" closely conforms to the spirit of "improving the efficiency and level of financial services to the real economy".The relatively novel and practical topics can help solve important theoretical and practical problems in the field of economic construction in China.Taking listed company data as the research object,exploring the supporting role and effects of financial resources on the energy conservation and environmental protection industry,the research paradigm is more scientific and effective,and the research conclusions are more abundant and reliable.Second,the perspective of micro research with listed companies as samples.A review of domestic and foreign literature shows that existing research focuses on government macro-policy discussions and lacks empirical research from the micro-level of companies.This article starts from a micro perspective and studies the supporting role and effects of financial resources for the energy conservation and environmental protection industry from the perspective of listed companies.The research paradigm is more scientific and effective,and the research conclusions are more abundant and reliable.systematic and differentiated index construction and measurement methods.In view of the systematic characteristics of"multiple input-multiple output" exhibited by the financial support efficiency of the energy conservation and environmental protection industry,the input-output indicators of the financial support efficiency of listed companies in the energy conservation and environmental protection industry were appropriately selected.In contrast,previous studies have often ignored the industrial characteristics of the research objects in the selection of indicators,and failed to effectively distinguish the differences in indicator construction under different support methods.multi-dimensional and comprehensive comparison analysis and large sample inspection.This article breaks the thinking limitation of traditional literature,and compares financial support efficiency from three dimensions of region,province,and industry in an all-round way,which is helpful to comprehensively analyze the role of financial support in energy conservation and environmental protection industry.The description of internal and external influencing factors of efficiency is independent,and it is not a system.Based on the large sample data of listed companies and the Tobit model,this paper empirically tests the influencing factors of financial support efficiency in the energy conservation and environmental protection industry,and systematically demonstrates the improvement path of financial support efficiency.Third,based on the perspective of economic policy uncertainty,it studies the adjustment effect and mechanism of various factors that affect the financial support efficiency of the energy conservation and environmental protection industry,supplementing the research results of the factors affecting the energy conservation and environmental protection industry.Existing literature rarely studies the impact of economic policy uncertainty on the efficiency of financial support,and rarely studies the impact of economic policy uncertainty on the financial support efficiency of energy-saving and environmental protection industries and its regulatory role.In summary,the research in this paper finds that the efficiency of financial support for China’s energy conservation and environmental protection industry has been at a low level during 2010-2018 and has a significant downward trend,indicating that the effect of China’s financial system in promoting the development of energy conservation and environmental protection industries has yet to be improved.Technological innovation,resource allocation and Transmission pathways such as scale efficiency need to be further improved.Judging from the decomposition results of the Malmquist index,the overall efficiency of China’s financial support for the development of energy conservation and environmental protection industries is not high,and neither the scale efficiency nor the technical efficiency has reached the optimal state.The lower scale efficiency is caused by the overall efficiency of China’s energy conservation and environmental protection industry financial support The main reason for the low level.From a regional perspective,affected by the economic environment and industrial development level of each region,China’s energy conservation and environmental protection industry financial support efficiency shows obvious regional differences.The financial support efficiency level is from low to high in the central,western and eastern regions.From the perspective of influencing factors,a variety of factors such as micro-level enterprise scale,asset structure and equity structure,macro-level economic growth,and financial market conditions significantly affect the efficiency of financial support for the energy-saving and environmental protection industry.However,when economic policy uncertainty increases,it will have a significant impact on the efficiency of financial support for the energy conservation and environmental protection industry.However,due to the ownership form,company size,equity investment,company age,equity concentration,and regional financial There are poor differences in structure and degree of marketization,and there are also large differences in the adjustment effect of economic policy uncertainty.Based on the actual development of China’s energy-saving and environmental protection industry,the research conclusions and countermeasures are helpful to promote the cultivation and development of China’s energy-saving and environmental protection industry,and to promote the social and economic upgrading and transformation has very important theoretical and practical significance. |
PDF Full Text Request