The Research On Financing Efficiency And The Influencing Factors Of Environmental Protection Industry Of China

Environmental protection industry is the natural environment and socio-economic development of supply and demand long-term accumulation spawned new industries,first appeared in the 1970 s in the developed countries.According to statistics,the market size of the global environmental protection industry has grown from $ 250 billion in 1992 to $ 2013 of $ 600 billion,an average annual growth rate of 8%,far exceeding the growth rate of the global economy,all countries attach great importance to become a "sunrise industry." The United States called "environmental industry",Japan is called "eco-industry." In the "National Economic and Social Development Twelfth Five-Year Plan" proposed to accelerate the transformation of economic growth,vigorously develop the circular economy,protect the environment;accelerate the construction of resource-saving and environment-friendly society,to promote economic and population,resources,and environmental development.Environmental protection industry is an emerging industry,has obvious advantages.Therefore,vigorously develop the environmental protection industry is the trend of social development.Finance as a core element of the development of modern society and economy,plays a fundamental role in supporting the efficient allocation of capital to finance the process.Theory and foreign experience shows that investment diversification,diversification of financing channels,high-efficiency investment and financing mechanism is a prerequisite for the development of environmental protection industry.After decades of development,it has formed a "multi-channel co-existence," the environmental investment and financing system,and promote the development of China's environmental protection industry.But generally speaking,the current development of China's environmental protection industry is still in its infancy,there are still some problems in terms of investment and financing,the emergence of the reasons for these problems is the environmental protection industry in most SMEs,internal financing can not meet their own development need,when external financing,because of problems with credit and guarantees,difficult to use existing financing channels into the capital.Difficulties in financing or financing efficiency deeper look at a problem that can not be adjusted corporate financing and financing structure of enterprises according to their own profitability,asset structure and risks.Therefore,financial support to build a sound system,grasp the main factors affecting changes in the environmental protection industry financing efficiency and improve financing efficiency of environmental protection industry,environmental protection industry to solve the problem of financing as well as to promote the development of environmental protection industry has an important guiding significance.In this paper,DEA model,from technological advances,pure technical efficiency and scale efficiency respectively from the perspective of both static and dynamic analysis of China's environmental protection enterprises in 2009-the change in 2013 of financing efficiency and use Tobit model to estimate the enterprise financing,business scale,enterprise quality,equity structure,macroeconomic conditions and other financing efficiency.The results showed that: 2009--2013 year downward trend in financing efficiency;expansion of business scale,enterprise quality improvement and increase GDP growth will improve financing efficiency of enterprises;however,the increase in corporate debt financing,the majority shareholder stake increase upgrading and CPI will reduce the financing efficiency.Accordingly,the proposed countermeasures to improve the efficiency of environmental protection industry financing.