The Research On Debt Financing Efficiency And Influencing Factors Of Energy Conservation And Environmental Protection Listed Companies In China

With the continuous deterioration of the environment,protection of the environment has become the urgent demand of most of Chinese.In addition,the government proposes lots of policies and regulations for energy conservation,emission reduction and environmental protection,which provide a golden opportunity for the development of China's energy conservation and environmental protection industry.But financing difficulties limits the further development of this industry.In essence,financing difficulties are due to low financing efficiency.As debt financing will be the main way of financing in the future,it is meaningful to research on debt financing efficiency of energy conservation and environmental protection listed companies in China.First of all,based on the theory of debt finance efficiency and DEA methodology,this paper selects 32 energy conservation and environmental protection companies listed before December 31,2011.Secondly,according to the definition of debt financing efficiency,this paper constructs the evaluation index system of debt financing efficiency.Thirdly,this paper evaluates the debt financing efficiency of energy conservation and environmental protection listed companies in China with factor analysis and two-stage associated network DEA model.Finally,in order to improve the efficiency of debt financing,this paper analyzes the influencing factors from the macro and micro perspectives,and conducts empirical analysis with the Tobit model.According to the results,because of the low efficiency of fund-raising and capital allocation,the debt financing efficiency of energy conservation and environmental protection listed companies is low.In addition,Lots of influencing factors,like corporate size,debt financing costs,profitability,growth capacity,and equity structure,will have an important impact on debt financing efficiency.Last but not least,based on the empirical results,the paper proposes many suggestions for improving the debt financing efficiency of energy conservation and environmental protection listed companies from micro perspectives.