Research On Financing Efficiency Of Energy Conservation And Environmental Protection Enterprises In NEEQ

At present,China is in the critical period of economic transformation and industrial upgrading,and labor-intensive economic development model is increasingly unable to meet the needs of national development.China attaches great importance to the strategic development status of emerging industries.At the same time,in recent years,environmental issues are getting more and more public attention,the energy conservation and environmental protection industry has always been the darling of capital market because of its good concept and stability.China Securities Regulatory Commission is trying to solve the financing difficulties of SMEs and continue to support the listed financing of energy conservation and environmental protection enterprises in line with national industrial policies and listing conditions.This paper studied the financing efficiency of the energy conservation and environmental protection enterprises in the NEEQ,and defined the financing efficiency is the process of input and output of financing,the financing efficiency can be decomposed into money for efficiency and allocative efficiency.Of course,the evaluation of the financing efficiency of enterprises should be combined with external environmental factors,and the conclusions should be drawn from horizontal and vertical comparisons.This article selected 60 energy conservation and environmental protection enterprises belong to energy saving,resource recycling and environmental protection fields as sample enterprises.After the initial measurement of the input and output indexes of these companies in the classical DEA model,using Tobit regression model to measure the financing efficiency again when adding environmental factors.Then the measurement results were compared and analyzed.Finally,the Malmquist index method was used to analyze the change of financing efficiency in 2014-2016,namely,the financing efficiency was analyzed from the static and dynamic aspects,which made up for the lack of panel data of the classical DEA.The empirical results were analyzed based on the calculation and comparison of the financing efficiency in different regions and different subdivisions.Furthermore,it was concluded that the financing efficiency of neeq energy saving and environmental protection enterprises were not high and the reasons were mainly attributed to the lag of technological progress and the low pure technical efficiency.At the same time,countermeasures and suggestions were put forward to provide some basis for the further development of energy conservation and environmental protection industry in the NEEQ.