Research On Financing Efficiency Of Listed Environmental Protection Enterprises In China

With the aggravation of China’s resource shortage and environmental pollution,promoting the development of environmental protection industry and taking the road of green and sustainable development is the inevitable requirement of China’s economic transformation and upgrading.The development of environmental protection industry is inseparable from financial support.Financing efficiency has a far-reaching impact on the business expansion,development and progress of enterprises,and listed enterprises are an important pillar of the national economy.Improving the financing efficiency of listed environmental protection enterprises in China will help China achieve high-quality development in an all-round way.Based on the relevant theories of financing efficiency,this paper selects the panel data of 68A-share listed environmental protection enterprises from 2017 to 2021,calculates their financing efficiency by using DEA bootstrap model,analyzes the financing efficiency from static and dynamic perspectives,and explores the influencing factors of financing efficiency.This study found that the financing efficiency of China’s listed environmental protection enterprises showed an overall upward trend from 2017 to 2021,but most listed environmental protection enterprises still did not achieve DEA effectiveness,that is,the financing efficiency of most listed environmental protection enterprises was not optimal.The vast majority of listed environmental protection enterprises are in the stage of increasing returns to scale,and compared with scale efficiency,pure technical efficiency has a greater impact on financing efficiency.After the bootstrap correction,the financing efficiency of the sample enterprises decreased to a certain extent,in which the decline of pure technical efficiency was much greater than that of scale efficiency,and there were no enterprises with effective DEA.The five-year average value of the comprehensive efficiency of the sample enterprises is 0.339,and the overall financing efficiency is low,indicating that the financing efficiency of China’s listed environmental protection enterprises still has great room for improvement.Based on the calculation of financing efficiency,this paper makes a regression analysis on the influencing factors of financing efficiency of listed environmental protection enterprises in China.The results show that the degree of enterprise information disclosure and the shareholding proportion of general managers are positively correlated with financing efficiency.There is a negative correlation between the years of establishment,the nature of property rights and the GDP of the city where the enterprise is located and the financing efficiency.However,the government subsidy and the consistency between the working place of independent directors and listed companies have no significant impact on the financing efficiency.Based on the empirical results,this paper puts forward relevant suggestions from the policy level and enterprise level,in order to provide a theoretical basis for improving the financing efficiency of China’s environmental protection enterprises and promote their better and faster development.