Research On Green Finance Allocation Efficiency Of Cnpc

Under the background that China's environmental resources are facing a crisis,which forces the green economy to transform and develop green finance,green finance has also been included in the national strategy.Therefore,this article adopts quantitative indicators from the fund supply side under the supervision of China's implementation of green finance policies.To analyze the development level of green finance of a single company,that is,CNPC,due to the possibility of adverse selection or moral hazard caused by information asymmetry,this article constructs green finance allocation efficiency indicators from the capital demand side of the entity company.CNPC and companies in the same industry are the research objects to analyze the impact of their corporate environmental performance on debt financing,that is,the company's green financial allocation efficiency,and the changes in the level of green financial allocation efficiency when CNPC faces the government's green fiscal policy.First of all,this article analyzes the status quo of CNPC 's green finance allocation and empirically analyzes its green finance allocation efficiency from 2010 to 2019;secondly,this article analyzes the average level of green finance allocation efficiency in the entire petroleum industry.The results were measured and compared with CNPC.Finally,the robustness test was used to demonstrate the robustness of the results.We can find from the research that: First,the better environmental performance of CNPC and its peers helps to obtain more new loans.In other words,the green finance allocation efficiency of CNPC and its peers is relatively high.High level.However,CNPC 's green finance allocation efficiency level is not higher than the industry average.Second,through comparative analysis,we found that CNPC 's green finance allocation efficiency is not higher than the industry average,which also shows that CNPC 's green finance allocation efficiency has not been significantly improved in recent years.Third,the government's fiscal policy of the registered place,that is,the proportion of Beijing's environmental protection investment in the year's GDP,has a significant positive impact on the efficiency of CNPC 's green financial allocation.Fourth,the lack of green supervision within the CNPC 's Group will also inhibit the positive effect of the government's green fiscal policy on the efficiency of CNPC 's green financial allocation.The results of the empirical analysis also have a guiding role in improving the efficiency of CNPC 's green finance allocation.From the analysis results,we can see that the lack of green supervision within CNPC has affected its environmental performance and the level of green financial allocation efficiency,and has also inhibited the positive effect of government investment in green environmental protection to a certain extent.Therefore,on the one hand,CNPC needs to strengthen internal green supervision and form a complete monitoring or supervision system to restrict its behavior,so that CNPC' s green financial allocation efficiency can be improved.Secondly,the government should further strengthen the construction of the green financial policy system,and further improve the multi-dimensional green policy system.If this multi-dimensional,multi-level green financial system can be improved day by day,it will effectively improve the green finance of enterprises.Financial allocation efficiency.In the third aspect,the government should strengthen the allocation efficiency of environmental protection fiscal expenditures.For example,in Beijing,the registered place of CNPC,relevant government departments should make more efforts to increase the scale of energy conservation and environmental protection fiscal expenditures.While increasing preferential subsidy measures,they also need to strengthen Its configuration efficiency.