Analysis On Financing Efficiency Of Energy Conservation And Environmental Protection Industry

With the continuous aggravation of domestic resource shortage and environmental pollution,it is an inevitable requirement for China's economic transformation and upgrading to promote the development of energy conservation and environmental protection industry and take the road of green and sustainable development.The development of energy conservation and environmental protection industry cannot be separated from financial support.The mechanism of market system acting on enterprise financing efficiency is studied to promote the vigorous development of energy conservation and environmental protection industry.Based on the theories related to financing efficiency,this paper takes 91 listed companies in the energy conservation and environmental protection industry as samples,adopts the two-stage associated network DEA model to evaluate financing efficiency,and establishes the Tobit model to explore the influencing factors of financing efficiency.The research shows that the financing efficiency of energy conservation and environmental protection enterprises in China is at a medium level on the whole.From the perspective of financing and allocation efficiency,compared with financing efficiency,the capital allocation efficiency of enterprises is lower,and the possibility of invalid behavior is greater in the capital allocation stage.Therefore,enterprises should pay more attention to improve the utilization rate of funds while strengthening the ability of fund raising.From the perspective of corporate financing efficiency differences,the Theil index has been declining after a small rise,with an overall decline of 53.74%.This shows that the gap between the energy conservation and environmental protection industries has been significantly narrowed while the financing efficiency has been gradually improved.From the perspective of industrial spatial characteristics,the eastern region has the highest financing efficiency from 2015 to 2018,while the central region has the lowest financing efficiency and the growth lags behind.There are only 2-3 sample enterprises in the western region,but the financing efficiency is relatively high.Specific to each province,except fujian province,the other six provinces in the eastern region all improved significantly in 2018 compared with the previous years.The financing efficiency of the central provinces in recent years is at a low level and the improvement rate is also low.In the western region,sichuan and shaanxi provinces improved,but compared with the eastern region,the strength of improvement was weakened.From the perspective of efficiency mechanism,macro economic level,the level of financial development,enterprise scale,profitability,and government subsidies on energy conservation and environmental protection enterprise financing efficiency is a significant positive effect,development level and corporate governance structure on the financing efficiency of small,high ratio of property could suppress the improvement of the enterprise financing efficiency.