| With the increasingly prominent domestic economic development and environmental problems,vigorously cultivating and developing energy-saving and environmental protection industry has become an inevitable requirement and strategic choice for China to promote economic transformation and upgrading and realize green sustainable development.Green finance plays an important role in supporting the development of energy conservation and environmental protection industry.However,most of China's energy conservation and environmental protection enterprises are small in scale and low in revenue.The projects of energy conservation and environmental protection industry have the characteristics of large investment scale and long recovery cycle,which will cause the financing difficulties of energy conservation and environmental protection industry and the low efficiency of green financial support.On this basis,it is of great significance for the sustainable and healthy development of the industry to deeply study how green finance can help the energy conservation and environmental protection industry.This paper chooses the energy conservation and environmental protection industry in the strategic emerging industry as the research object and on the basis of relevant theories,combined with Cobb Douglas theory research,collects the relevant data of 51 listed companies in tonghuashun energy conservation and environmental protection concept stock,and conducts multiple linear regression empirical analysis on the efficiency of green finance supporting energy conservation and environmental protection industry combined with the requirements of financial supply side structural reform Influencing factors.Select indicators: total assets,total market value,interest payable,intangible assets,employee compensation payable to reflect the operation,direct financing,indirect financing,technical level and scale effect of energy conservation and environmental protection enterprises.In order to find out the difference of the effect of different factors on the development of energy-saving and environmental protection industry,the paper analyzes the support efficiency of green finance for energy-saving and environmental protection industry from two aspects of fund raising and fund allocation,and puts forward targeted optimization countermeasures and suggestions for the empirical results.The empirical results show that the direct financial system dominated by capital market plays a more significant role than the indirect financial system dominated by bank credit.The investment of technology plays a significant role in promoting the development of energy-saving and environmental protection enterprises,and the scale effect also plays a significant role in promoting the development of energy-saving and environmental protection enterprises.Improve the supporting system of green financial support by improving relevant supporting standards and incentive and restraint policies;optimize the green financial system by optimizing the green financial structure,developing multi-level capital market,innovating green financial products,developing green insurance and other means,and strengthen the support of green financial to energy conservation and environmental protection industry;at the same time,energy conservation and environmental protection enterprises should strengthen their own technology investment In order to get more effective support from green finance and realize the vigorous development of energy conservation and environmental protection industry,it is necessary to enter and operate the construction and consciously disclose the green environment information. |
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