The Research On Financial Support Efficiency And Its Influencing Factors Of Low-Carbon Industry In China

From the perspective of efficiency,research the financial support efficiency of China's low-carbon industry and its influencing factors.Firstly,defines the relevant concepts of low-carbon industry and financial support efficiency,and analyzes the financial support theory and financial support mechanism of low-carbon industry development.Secondly,analyzes the current situation and obstacles of China's financial support of low-carbon industry.Thirdly,seclects 101 listed companies datas of low-carbon industry from 2007 to 2016 to establish DEA capital raising efficiency and capital allocation efficiency evaluation model,.At last,establishs Tobit model to analyze the factors influencing the efficiency of financial support.According to the DEA efficiency measurement of low-carbon industry,during the 10 years from 2007 to 2016,the financial support efficiency of China's low-carbon industry fluctuated slightly and was always lower than 0.6,and the average value was 0.458.It shows that China's low-carbon industry has a low ability to obtain funds at the lowest cost through various financing channels or financing methods,or to apply the obtained capital to production and operation to promote the maximization of efficiency output.Among them,the pure technical efficiency of financial support efficiency,whether of fund raising efficiency or fund allocation efficiency,is weaker than scale efficiency,indicating that the financial system and the low operation level and management efficiency of low-carbon industry are the main factors leading to the low financial support efficiency of low-carbon industry in China.Similarly,not reach a reasonable scaleAccording to the research on the influencing factors of the financial support efficiency of low-carbon industry shows that the scale of enterprises has a positive impact on the fund raising efficiency of low-carbon industries and private equity participation has a negative impact on the financing fund raising efficiency of low-carbon industries.Government support has a negative impact on the allocation efficiency of low-carbon industries.The stock and bond oriented financial structure has more advantages in improving the efficiency of capital allocation in low-carbon industries.Non-state-owned and private-owned companies have more advantages than state-owned and state-owned holding enterprises in the efficiency of capital allocation.Research suggestions that to improve the financial support efficiency of low-carbon industry should start from the following aspects:innovate the way of supporting low-carbon industries and improve the financial support mechanism.Promote equity investment mechanism innovation,standardize stock investment operation.Promote the innovation of banking mechanism and provide targeted support.Give full play to the guiding role of the government and speed up the multi-level construction of the financial system.Optimize the financial support environment and promote the construction of credit system.The follow-up study should be further expanded and improved in the selection of samples and indicators,and put forward specific details of financial support for low-carbon industries.