| Environmental pollution problems have been increasingly got attention of the people and government.The government positively puts forward series of environmental regulations together with positively promoting concept of green and sustainable development.Environmental regulation is a forward looking choice of national economy's further development and the people's lasting happiness.In addition,strengthening environmental regulation has become normality of government regulation.Financing level is the key factor of enterprises' future survival and development.Due to “Porter Hypothesis”,that is environmental regulation has effect on industry performance,regional economy or technology innovation,how environmental regulation affects enterprise financing is lack of research.The thesis chooses financing efficiency as evaluation indicator of enterprise financing way,and through empirical analysis method,it explores different industrial characteristics' effect on enterprise financing efficiency under government environmental regulation.It aims to finding relationship among environmental regulation,industrial characteristic and enterprise financing efficiency,and putting forward relevant policy suggestions,so as to providing theory and data support for environmental regulation policy makers,and helping establish environmental regulation policy system,together with providing help for enterprise managers making financial planning.Firstly,the thesis systematically cards and summarizes related research on environmental regulation definition,relationship between environmental regulation and industrial characteristic,relationship among environmental regulation,industrial characteristic and enterprise financing efficiency from scholars at home and abroad.Based on this,it elaborates on related theory of environmental regulation,industrial characteristic and financing efficiency in detail.Secondly,on the basis of classical economic theory,it puts forward research hypotheses,namely,environmental regulation intensity is negatively related with enterprise financing efficiency;industrial concentration is negatively related with enterprise financing efficiency;industrial innovation level is positively related with enterprise financing efficiency;energy consumption intensity,emission intensity,governance intensity are negatively related with enterprise financing efficiency.What's more,the thesis constructs measure indicator system of environmental regulation intensity from three aspects,namely,energy consumption intensity,emission intensity,governance intensity.It chooses total asset,asset-liability ratio and major business cost as input indicators,with return on asset,major business revenue growth and total asset turnover as output indicators,so as to building DEA model for enterprise financing efficiency evaluation.Then,it establishes regression model of environmental regulation,industrial characteristic and enterprise financing efficiency.Thirdly,it carries out empirical analysis based on combing development course of China's environmental regulation,present situation of industrial characteristic and situation of enterprise financing efficiency.It finds out that comprehensive intensity of environmental regulation,industrial concentration have significantly negative relationship with enterprise financing efficiency,and that energy consumption intensity,emission intensity have significantly negative relationship with enterprise financing efficiency,along with the result that governance intensity is positively related with enterprise financing efficiency.Finally,it puts forward countermeasures and suggestions from making environmental regulation,managing industrial market and enhancing enterprise financing efficiency. |
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