Financial Support Efficiency Of Energy Saving And Environmental Protection Industry

With the shortage of resources and environmental pollution,the vigorous cultivation and development of energy-saving and environmental protection industry has become an inevitable requirement for China to promote economic transformation and achieve sustainable development.As an important factor in the modern economy,finance plays a vital role in supporting the development of energy conservation and environmental protection industry.Improving the efficiency of financial support will promote the sound development of energy conservation and environmental protection industry.Based on the analysis of the financial support mechanism and development status of financial support,the paper selects 65 energy-saving and environmental protection listed companies in China as the research object,and selects input variables from three aspects: direct financial support,indirect financial support and government subsidy.Using the three financial indicators representing the company’s profitability,growth ability and operational capability as output variables,the DEA-Malmquist model is used to measure the financial support efficiency and efficiency changes during the sample period,and the financial support efficiency of energy conservation and environmental protection industry in different regions is carried out.Further,the influencing factors index system is constructed from the external economic environment and the internal enterprise itself,and the Tobit model is used to explore the influence degree and direction of each index on the financial support efficiency of the energy conservation and environmental protection industry.The research shows that the financial support efficiency of China’s energy conservation and environmental protection industry is at a low level during 2008-2017,which displays the tendency declining.It indicates that financial system promotes the development of energy conservation and environmental protection industry through capital formation,optimization of resource allocation and risk control in China need to be improved.From the perspective of decomposition indicators,scale efficiency and pure technical efficiency have not reached the optimal state,the low scale efficiency is the main reason for the overall inefficiency.In terms of regions,the financial support efficiency of energy conservation and environmental protection enterprise in the eastern region is relatively high,followed by the lowest in the western region and the central region,which is closely related to the economic environment and industrial development level of each region.In terms of influencing factors,macroeconomics,financial markets,enterprise scale,asset structure and shareholding structure have a significant impact on the overall technical efficiency of financial support for energy conservation and environmental protection industries.Specifically,the sound macroeconomic environment,the high level of financial market development,and the reasonable expansion of the size of the enterprise will improve the financial support efficiency of the energy conservation and environmental protection industry,while the excessively high asset-liability ratio and the high concentration of ownership structure are not conducive to the effective use of financial resources by enterprises.