Research On Listed Private Enterprises' Direct Financing Efficiency From The Perspective Of Green Development

With the continuous advancement of reform and opening up,private enterprises have continued to develop.As of December 2019,the proportion of the private economy in GDP has far exceeded 60%.At present,it can be said that it truly occupies almost half of the domestic market.However,in recent years,private enterprises have been deeply affected by financing problems and environmental problems,hindering their better and faster development.This article selects 1169 eligible private listed companies and divides them into95 green private companies and 1074 non-green private companies.Based on the analysis of the status of direct financing of listed private enterprises,it is found that the proportion of direct financing of listed private enterprises in recent years is commercial credit financing.The amount of equity financing and bond financing in listed private enterprises is decreasing year by year,but the downward trend of equity financing in non-green private enterprises is the most obvious,while the trend of bond financing in green private enterprises is the most obvious,which shows that green private enterprises are more inclined to equity financing,and development in bond financing is seriously hindered.Listed private enterprises are currently facing a series of issues,such as a low degree of greening and low information transparency,a lack of direct financing service systems,external prejudices,and a lack of green development laws and regulations.Based on the data of 2016-2018,we explore the equity and bond financing efficiency and its influencing factors of green private enterprises and non-green private enterprises from a green perspective.The study found that the equity financing efficiency of private listed companies has gradually improved.In 2018,the proportion of highly effective equity financing private companies has exceeded 60%,and the average equity financing efficiency of green private companies has been high the efficiency of non-green private companies.Bond financing efficiency of private listed companies is generally low effective.In 2018,the ratio of low-effective private bond financing to private companies accounted for more than 70%.The overall efficiency of bond financing of green private companies is higher than non-green bond financing low.On the whole,the efficiency of equity financing of listed private enterprises is higher than the efficiency of bond financing.This shows that the efficiency of equity financing of listed private enterprises is better,but theefficiency of bond financing needs to be improved urgently.According to the analysis of the influencing factors of equity and bond financing efficiency,it is found that the equity financing efficiency of listed private enterprises has a positive correlation with asset-liability ratio and external relationship,and has a negative correlation with enterprise size,total asset return rate,and equity concentration.The different point is that the equity financing efficiency of non-green private enterprises is negatively correlated with the intensity of R&D investment,and the equity financing efficiency of green private enterprises is negatively correlated with the liquidity ratio.The bond financing efficiency of listed private enterprises has a negative correlation with the size of the enterprise.The difference is that the bond financing efficiency of non-green private enterprises has a positive correlation with total asset return,equity concentration,liquidity ratio,and external relations.The bond financing efficiency of the green private enterprises has a negative correlation with the asset-liability ratio and liquidity ratio.We have put forward some suggestions for a series of problems faced by listed private enterprises.The specific opinions are to improve the greening degree and information sharing system,build and improve the direct financing system of private enterprises,optimize the transformation and upgrading of private enterprises,and force green development of enterprises.These recommendations are intended to facilitate listed private enterprises to better direct financing.