The Research On Factors That Influence The Growth Of The Listed Companies Of Saving Energy And Protecting Environment In China

With the concept about circular economy, low-carbon economy, sustainable development etc., the industry of energy conservation and environmental protection emerges as the times require. In2012, the Chinese government named energy conservation and environmental protection industry as the leading one of the seven strategic emerging industries, and proposed that, during the "twelfth five-year plan, the annual output value growth of energy conservation and environmental protection industries should reach to at least15%, by2015, its total output value should reach4.5trillion RMB, and the increased value should make up about2%of GDP. With frequent introduction of good policy about energy conservation and environmental protection industry and the increase of investment, it gradually becomes a new highlight of national economic growth. People feel potential opportunities from the stock of energy conservation and environmental protection and believe it is sunrise industry. And the growth, which is on behalf of the company growth ability, is the main reference for stock investors and capital operators. In view of this, through empirical analysis, this article is to discover what main factors affect the growth of listed companies of energy conservation and environmental protection in our country. This thesis can not only give advice about improving the growth of listed companies of energy conservation and environmental protection in our country, but also provide new ideas for the research of related issues.First, this thesis reviewed the domestic and foreign scholars’theory about the definition and development of enterprise growth, and combined many factors which are related to affect ing enterprise growth, including R&D investment, human capital, capital structure and ownership structure, provided theoretical basis for the subsequent empirical analysis.Second, it set up a index system for research of factor which will influence the growth of listed companies of energy conservation and environmental protection in our country, and briefly introduced the model and steps about factor analysis and regression analysis. Last,43listed companies of energy conservation and environmental protection in our country were chosen as samples, according to SPSS statistical software, after doing the factor analysis of14indicators of growth factors, we got five main factors and calculated the factor scores. Then do the factor analysis of the five indicators, we got a comprehensive score of the growth factor. At last, name the factor score as a independent variable, the comprehensive score as the dependent variable to do the multiple linear regression analysis. The empirical results show two aspects:on one hand, the growth of listed companies of energy conservation and environmental protection in China are mainly influenced by asset-liability ratio, current ratio, quick ratio, and the In total assets, among them, the In total assets, asset-liability ratio have positive influence on enterprise growth, the current ratio and quick ratio have negative influence on it. On the other, listed company’s growth of energy conservation and environmental protection in our country are also influenced by the net assets income ratio, operating cost ratio and cash flow of operating activities, among those factors, the net assets income ratio and cash flow of operating activities have optimistic influence on enterprise comprehensive growth and operating cost ratio has negative influence on it.In a conclusion, according to the result of empirical analysis, this thesis gave related advices about improving the growth of listed companies of energy conservation and environmental protection in China, at the same time, pointed out the deficiency of this study and direction for further research.