Research On The Financing Efficiency Of Listed Companies In China’s Carbon Neutral Sector

With the gradual intensification of global warming,energy conservation and emission reduction,low-carbon environmental protection are becoming more and more popular,"carbon neutrality","carbon peak" and other concepts have been mentioned continuously,"carbon neutrality" has become a national policy,and will be a strategic goal for a long time to come.Combined with the research of scholars at home and abroad,this paper constructs a model through three dimensions: input index,output index and environmental factors to measure the financing efficiency of "carbon neutral" enterprises.The article collects the data of 82 listed companies in the A-share "carbon neutral" sector from2016 to 2020,constructs the DEA-Tobit model to measure the sample enterprises,first constructs the input-oriented BCC model to obtain the static efficiency value,and at the same time introduces the Malmquist index to calculate the dynamic efficiency value,then calculates the input relaxation,uses the Tobit regression analysis method to eliminate the impact of environmental variables on the input variable,and finally calculates the revised sample data again with the BCC model.At the same time,the Malmquist index is introduced again to calculate the dynamic efficiency value,and the difference between the static and dynamic efficiency of the two stages is calculated separately.Through empirical calculations,it is found that the adjusted comprehensive efficiency,pure technical efficiency and scale efficiency are lower than before the adjustment.It shows that China’s carbon-neutral enterprises are significantly affected by environmental factors,and environmental factors have a positive impact on the financing efficiency of carbon-neutral enterprises.From the perspective of different industries,the financing efficiency of the four major industries can be discharged from large to small: energy conservation and emission reduction,carbon absorption,energy substitution,and carbon trading.From a regional point of view,the spatial distribution of the number of carbon-neutral enterprises in China is uneven,and the financing efficiency shows spatial differences.The northeast region has the highest financing efficiency,but the smallest growth;The western region is inefficient in financing,but it has the highest growth.According to the empirical research results of the article,relevant policy recommendations are put forward from the government level and the enterprise level to improve the financing efficiency of carbon-neutral sector enterprises.At the government level,we should strengthen supervision and improve information disclosure;Expand the scale of the market and improve the allocation of funds;Construct an incentive feedback mechanism in the carbon neutrality process of enterprises.At the enterprise level,the capital structure should be rationally allocated and the financing channels should be broadened;Accelerate technological innovation;Expand the scale of enterprises and form a collaborative mechanism.