Research On Financing Efficiency Of Listing Corporation In China’s Energy Saving And Environmental Protection Industry

At present, China is in a critical period of economic restructuring and industrial upgrading, extensive development mode of high pollution and high energy consumption has been produced to the economic and social development constraints, the contradiction between economic and environment increasingly sharp. In October 2015, China’s first "beautiful China" included in the 13 th Five-Year Plan, showing the national level of energy saving and environmental protection seriously.China has put energy conservation and environmental protection industry in the first place of the seven strategic emerging industries, and the development of energy-saving environmental protection industry requires high technology, advanced management and financial support for a high degree of integration.Compared with western developed countries, China’s energy saving and environmental protection industry enterprises in the start-up period, the size of small, low income. Energy saving projects of environmental protection itself is a big investment, long payback period of investment characteristics also led to the problem of industrial financing difficulties, low financing efficiency. Based on this, the research on the financing efficiency of energy saving and environmental protection industry has become an important issue for the sustainable and healthy development of the industry. To explore the financing status of energy-saving environmental protection industry and how to improve the financing efficiency of the energy saving and environmental protection industry is the core issue of this paper.Based on the previous scholars’ research results, this paper defines the financing efficiency as enterprise unit cost of financing with the allocation of revenues in a macroeconomic environment. The financing efficiency of the listing Corporation of energy saving and environmental protection industry is determined by many factors, and the measure of financing efficiency is a multi input and multi output evaluation process. In this paper, the three indicators from the input, output and environmental factors to build a model to measure the financing efficiency of energy saving and environmental protection industry listed companies.In this paper, based on the classic DEA model, the four stage DEA model is adopted. Firstly, the BCC model is used to measure the financing efficiency of the sample enterprises. Then the TOBIT regression analysis is used to eliminate the influence of the environmental control variables on the efficiency measurement results. Finally, the modified sample data is used to measure the financing efficiency of the BCC model, and the difference between the final measurement results and the initial measurement results is analyzed. At the same time, based on the DEA model, this paper introduces the Malmquist index analysis method to make up the defect of the DEA model can not measure the panel data. the sample data of 65 listing Corporation of energy saving and environmental protection industry in 2012-2014 were selected to measure the financing efficiency of the sample and the change of financing efficiency in three years, respectively, from two aspects of static and dynamic analysis of financing efficiency. At the same time, the sample enterprises according to the subdivision of the industry and regional division, analysis of various segments of the industry and regional energy saving and environmental protection industry financing efficiency. The results show that the financing efficiency of the resource recycling industry is the highest, followed by the environmental protection industry, and the energy saving industry is lowest. The western region’s energy saving and environmental protection enterprises financing efficiency is the highest, followed by the eastern region, the central region is the lowest. The growth of the eastern region is the best, while the western region and the central region are more volatile. The financing efficiency of sample enterprises is increasing every year, but the growth rate is beginning to slow down. From two aspects of the enterprise itself and the external environment, this paper puts forward the policy and suggestions, aiming to improve the financing efficiency of listing Corporation in China’s energy saving and environmental protection industry, to promote better and faster development.