Research On Water-Energy-Environmental Efficiency Evaluation And Green Credit Dynamic Game Allocation Method Of Iron And Steel Enterprises Based On Two-Stage DEA

With the rapid development of green finance,especially green credit,it is high time to develop green credit business for steel industry,China's iron and steel industry has great capacity in using energy more efficiently and reducing emission,although it is treated as a bigger polluter and a large energy consumer.Adapting to the trend of sustainable development is the way for China's iron and steel enterprises to survive,as well as the general trend of industrial development.Improving the availability of green credit for iron and steel enterprises can provide fund to ensure green development and low-carbon transformation inside enterprises.To enforce the reasonable allocation and accurate delivery of green credit among steel enterprises benefits to high-quality development,it is in line with the direction of financial supply side reform,and effectively correct the misallocation of financial resources at the enterprise level.Considering that lending green credit requires a thorough understanding of the environmental information that companies disclose,it is necessary to measure environmental performance and resource utilization efficiency of iron and steel enterprises before bank lending.Therefore,a new evaluation index named “water-energy-environmental efficiency” is studied in this paper,and a case study about performance evaluation and financial resource allocation in iron and steel enterprises is also conducted.DEA method is one of the mainstream methods to study performance evaluation and resource allocation at the same time.In this paper,by simplifying actual production process,this paper develops a two-stage SBM model and a search algorithm to study the water-energy-environmental efficiency of iron and steel enterprises,and the problems of resource recycling and sharing input are considered comprehensively.Based on the measurement results of enterprises and dynamic game theory,this paper further proposes an optimal allocation model of green credit and designs an iterative algorithm to spread out the allocation of green credit.Finally,the incentive characteristics of the apportionment method are tested by sensitivity analysis.It is found that our study sample's water-energy-environmental efficiency level is 0.5380,the existing business investment expenditure on environmental protection has not alleviated the negative effect of industrial production on the natural environment,and there exists the phenomenon of misallocation of financial resources within the steel industry,the enterprises located in water-energy-environmental frontier have not realized the collaborative improvement of individual efficiencies.In order to obtain a higher share of green credit,enterprises not only need to achieve "quantity" improvement,but also need to pay attention to "quality" improvement.Based on the research results of this paper,we make some recommendations from the perspective of credit participants in different positions in order to solving different problems in green development of iron and steel enterprises.The contribution of this paper is to provide a reference for speeding up the green development and low-carbon transformation of Chinese iron and steel enterprises,and help to improve innovation in green finance.