| The 19th session of congress listed ecological civilization construction as the"millennium project" for social and economic development,and green development will become the main direction of national economic development.Now China is in the midst of the economic structure optimization and upgrade industry development strategy of key stage,environmental pollution and resources shortage is very serious,the development of energy saving and environmental protection industry improve the ecological environment and resource utilization,promote the construction of ecological civilization is of great significance,is to adjust the pattern of economic development,the inevitable choice to promote the development of green.The 12th five-year plan regards the energy saving and environmental protection industry as the top priority in accelerating the cultivation and development of strategic emerging industries.The 13th five-year plan lists the energy saving and environmental protection industry as the core industry in the green and low-carbon sector,which has an unshakable core-status.Financial support is the basis of energy saving and environmental protection industry booming,although the country is to promote the development of supporting energy saving and environmental protection industry green financial system,but as a result of energy saving and environmental protection industry of initial investment,long payback period of investment,policy dependence is strong,the technical barriers to higher characteristic,combined with the immature capital market in China,the current scale of financial support is difficult to meet the capital requirements of energy saving and environmental protection industries,energy saving and environmental protection industry financing scale,financing efficiency is low.In addition,the unreasonable capital structure,low management level and inadequate risk control of energy saving and environmental protection enterprises lead to the irrational use of financing funds,resulting in low financing efficiency.Therefore,an in-depth study on the financing efficiency of the energy saving and environmental protection industry has become the key to the sustained and vigorous development,and to further become the pillar industry of China’s national economy.By reading relevant research results,it can be seen that there are relatively few studies on financing efficiency in foreign academic circles.Although the domestic research is abundant,there are still some deficiencies.Firstly,most of the existing literature is in the static level to measure the financing efficiency of enterprises,so it is impossible to judge the dynamic change of financing efficiency in each year.Secondly,in the literature related to the financing efficiency of the energy saving and environmental protection industry,only the influencing factors were analyzed qualitatively,but the effects of the influencing factors were not discussed in depth.Based on this background,based on the energy saving and environmental protection industry listed companies as the research object,build DEA-Tobit model,introducing the Malmquist index,a measure of energy saving and environmental protection industry from two aspects of static and dynamic efficiency of financing,and then quantitative analysis on the factors of the financing efficiency.and on this basis to provide the relevant policy recommendations,hope to have positive role to the development of energy saving and environmental protection industry.This paper mainly uses the method of combination of qualitative analysis and quantitative analysis.Firstly,based on the research status and relevant theories,this paper studies the financing status and influencing factors of the development of the energy saving and environmental protection industry through qualitative analysis method.On this basis,an index system for the evaluation of the financing efficiency is constructed.In the empirical analysis,this paper firstly conducts statistical analysis to clarify the basic financial situation of enterprises,then uses DEAP2.1 software to calculate the static and dynamic financing efficiency,and quantitatively studies the impact of various factors on the financing efficiency through Tobit model.The conclusion of this study is as follows:the overall financing efficiency of listed companies in China’s energy saving and environmental protection industry is generally low,and the financing scale cannot meet the overall financing demand,but the financing efficiency level of each year has been improving.Economic development level,government support,enterprise scale and operation capacity have significant positive effects on financing efficiency;profitability and growth have non-significant positive effects on financing efficiency;property right ratio and equity concentration have significant inhibiting effect on financing efficiency.This paper is divided into five parts,and the main research content is as follows:Part I.introduction.The introduction briefly introduces the research background of the financing efficiency of the energy saving and environmental protection industry studied in this paper.expounds the importance and significance of the research.and then lays a theoretical foundation for the research on financing efficiency through the review and review of relevant studies at home and abroad.At last,this part explains the main research content.research methods and possible innovation points of this paper.Part II,related concept and theory foundation.Firstly,this part defines the concept of energy saving and environmental protection industry and financing efficiency,and then introduces the financing theory and efficiency theory basis,laying the foundation for the subsequent research.Part III,theoretical analysis of the financing efficiency of China’s energy saving and environmental protection industry.First.this part introduces the current situation of the development of energy saving and environmental protection industy in China,then expounds the financing status.including funding needs.policy support and the main financing channels.Finally,by the methods of qualitative analysis,the study factors affecting the financing efficiency,to provide theoretical basis for the empirical analysis in this paper.Part IV.empirical study on the financing efficiency and influencing factors of energy saving and environmental protection industry.This part firstly introduces the DEA model used in this article and Malmquist index,choose DEA evaluation of input and output index,and then through the DEA model and Malmquist index of 74 listed companies from 2013 to 2017.the relevant data analysis,to detect the financing efficiency of static and dynamic,and finally through the empirical analysis of energy saving and environmental protection industry Tobit model the influence factors of the financing efficiency of listed companies,find out the cause of the financing efficiency is low.Part V,conclusion and policy recommendations.Firstly,the empirical conclusions are summarized.Based on the previous research and from the perspective of government,financial market and enterprises,the ways to improve the financing efficiency are summarized to provide suggestions for the future development of China’s energy saving and environmental protection industry.In this paper,the main innovation points embodied in:first,this article from the financing efficiency of the overall situation,the financing efficiency of distribution,financing scale reward and dynamic perspective of the financing efficiency of the financing efficiency of the empirical analysis,and use the Tobit model for energy saving and environmental protection industry to the influence factors of the financing efficiency measure,is advantageous to the all-round,multi-angle measure of energy saving and environmental protection industry listed companies financing efficiency,the study has certain innovative ideas;Secondly,when analyzing the factors influencing the financing efficiency of the energy saving and environmental protection industry,this paper selects the indicators from the macro and micro levels,and takes the government subsidy as the factor into consideration-It proves that it has a significant impact on the financing efficiency,which has certain variable innovation.The shortcomings of this paper are as follows:the research sample selected in this paper is limited.Due to the availability and validity of the data,only 74 listed companies of energy saving and environmental protection industry listed in Shanghai and Shenzhen are selected as research samples in the empirical study.Therefore,to some extent,it will affect the completeness and comprehensiveness of the conclusion of the financing efficiency of China’s energy saving and environmental protection industry. |
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