Research On Financing Efficiency And Behavior Of Environmental Protection Enterprises Under The New Situation Of Environmental Protection Trends

With the more serious negative externalities of economic development on the environment,the environmental protection industry gradually played a vital role in the whole nation.The industry itself is mutual intersecting with other factors,also with high technical and capital barriers.It needs to absorb much funds,for it’s long investment cycle and slow payment collection,which is also the main reason for the difficulty in financing of this industry.The research on the financing efficiency of the environmental protection industry is practically important for promoting industry development.This thesis analyzing financing behavior and efficiency from 2017 to 2021 of environmental protection industry based on DEA-BCC model and stepwise regression analysis.The results show that the overall financing efficiency level of the environmental protection industry was lowing,and the proportion of enterprises that was DEA effectiveness was low either.The lowing TC index is the main reason for the decline of financing efficiency.As the influencing factors,invested capital return,property rights,R&D expenses,senior executives’ shareholding and long-term debt proportion have significant impact on financing efficiency improvement.As of financing behavior,S company was changing from early equity financing tendency to debt financing tendency;from internal financing to external financing,and gradually tends to long-term interest-bearing liabilities.As of financing efficiency,EC,PET,SE and TC of S company are unstable.As of financing efficiency affecting factors,invested capital return has declined,level of R&D capitalization is unstable,and shareholding ratio of executives is declining.The research conclusions have guiding significance for S company to improve financing efficiency,and also provide reference for environmental protection industry to improve financing efficiency.