Study On The Financing Efficiency Of Listed Green Enterprise In China

Since 2016 seven ministries jointly issued by the "guidance on building green financial system",the departments promote the development of green finance actively.Under the policy of party and state policy guidance,more and more social capital flew into the green enterprise.So,green enterprises in financing support at the same time,we should also focus on whether green enterprise will use their financing funds rationally,and whether they solve their financing problem effectively.We should pay close attention to its financing efficiency whether is improved.Therefore,the comprehensive measurement and evaluation of green enterprise’s financing efficiency and analyzes factors that influence efficiency of financing,is help to boost green corporate expansion,and in order to promote the reform of China’s green financial system.In this article,through combing previous scholars on the study of connotation of the green enterprise,On the basis of the previous definition of green enterprise,it gives a more comprehensive,accurate and clear definition,green enterprises have the characteristic of developing rapidly,high technology content,high contribution to the society,the public value and the large dependence on government subsidies.It researches on financing efficiency and overall evaluation of 57 green enterprises listed on the stock exchange by using data envelopment analysis method.From the overall,China’s listed green enterprises’ financing efficiency is low.From the perspective of the distribution of comprehensive efficiency,green enterprise comprehensive financing efficiency of listed company appeared polarization.From the point of the span of time,the sample companies for five consecutive years of comprehensive efficiency and pure technical efficiency values can explain Chinese listed green enterprise financing efficiency is on the decline.In this paper,on the basis of qualitative analysis,using a limited dependent variable model,the related influence factors of green enterprises’ financing efficiency for quantitative analysis.Analysis: the scale of the enterprise,the quality of the enterprise,the enterprise’s capital structure,the enterprise ownership structure,enterprise economic level is the area of the main factors affecting the financing efficiency of Chinese public green firms.On the basis of qualitative analysis,using a limited dependent variable model,it analysis the related influence factors of green enterprises’ financing efficiency quantitatively.It is believed that the technical level,the enterprise’s capital structure and funds utilization are the main factors affecting the financing efficiency of Chinese public green firms.On the conclusion,it is suggested that on how to promote our country the financing efficiency of the green enterprise and points out the shortcomings in the course of study and future research prospects.