A Research On Financial Support Efficiency Of Environmental Protection Industry In China

Since the 18 th National Congress of the Communist Party of China,“ecological civilization construction” and “green development”,which be written into the party constitution and party law,indicating the way for China’s economic development model.It is an inevitable choice to realize the sustainable development of economy,though changing the mode of economic growth and taking the road of green development.The environmental protection industry as the main force of green development,facing major challenges and also ring in major development opportunities.As the driving force of contemporary economic development,finance plays a very important role in supporting the development of environmental protection industry.Due to the scarcity of financial resources,it is of great significance to improve the efficiency of financial support to promote the vigorous development of environmental protection industry.Firstly,the paper defines the concept of environmental protection industry and financial support efficiency,and analyzes the mechanism of financial support in the development of environmental protection industry,and expounds the current situation of China’s environmental protection industry development and the financial support of environmental protection industry.Based on the theoretical research,selecting 36 listed companies of environmental protection in China as the research object,and inputting variables are selected from direct financial support and indirect financial support.Four financial indicators that can represent the operation ability,profitability ability,development potential and innovation capacity of enterprises are as the output variables.The efficiency of financial support of environmental protection industry is measured by DEA-BCC model,and the financial support efficiency of different financing methods was measured separately,and then comparing the financial support efficiency of environmental protection listed companies in different listed sectors.Next,Malmquist index is applied to measure the dynamic changes of financial support efficiency during the sample observation period.Finally,use the Tobit model to explore the direction and degree of the impact of macro and micro indicators on the financial support efficiency of the environmental protection industryThe research is shown that: from 2010 to 2018,the financial support efficiency of energy conservation and environmental protection industry in China is relatively high,but it is not effective,and the overall decline trend,indicating that the support effect of China’s financial system on the development of environmental protection industry through capital formation,financial resource optimization and allocation,technological innovation etc,which need to be improved.From the perspective of the listing plate,the financial support efficiency of energy-saving and environmental protection enterprises on Growth Enterprise Board is the highest,Small and Medium Enterprise Board is the second,Main Board is the lowest.In terms of influencing factors,the degree of financial industry development,corporate competitiveness,equity structure is positively correlated with financial support efficiency,company size and capital structure are negatively correlated with financial support efficiency,the systemic risk of the capital market and the time of establishment of the enterprise are not significant.Based on the results of empirical analysis,the paper puts forward suggestions on improving the financial support efficiency of China’s environmental protection industry in terms of improving the policy support system,expanding financing channels,and improving corporate management.