The Research On Financing Efficiency Evaluation And Its Influencing Factors Of The Green And Low-carbon Enterprises

With the deteriorating resource environment,the Chinese government has successively introduced multiple policies to support the development of the green and low-carbon industry.Driven by the government supportive policies and market demand,the green and low-carbon industry currently has become an important part of China Industrial Economy.However,the chinese green and low-carbon enterprises are facing with severe financing difficultiy.How to obtain sufficient funds at lowest cost and lowest risk and how to allocate funds reasonably and effectively to get maximize revenue,the solution is promoting the improvement of the financing efficiency of the enterprise.That is crucial to the development of green and low-carbon industriy.The paper uses the three-stage DEA to measure the financing efficiency of the green and low-carbon listed companies from 2015 to 2017.The paper incorporates financing environmental factors into the measure model of financing efficiency.Evaluating financing efficiency in heterogeneous environment and financing efficiency in homogeneous environment.Then the Tobit regression model was adopted to estimate the impacts of the influencing factors at the enterprise level on financing efficiency of the green and low-carbon enterprises.The results show that:(1)In homogeneous environment,the low value of financing efficiency of green and low-carbon enterprises is mainly restricted by financing pure technical efficiency.The average value of financing scale efficiency in 2015-2017 is generally higher than that of financing pure technical efficiency.The vast majority of green and low-carbon enterprises are currently in the stage of increasing returns to scale,indicating that green low-carbon enterprises need to pay attention to strengthening the optimization of their internal R& D capabilities and governance structure,while increasing the scale of financing to achieve the best scale.(2)The financing efficiency of the green and low-carbon enterprises is greatly affected by the regional financing environment such as the local economic environment,financial development environment,local government’s support to the industry,and technology environment.The financial development environment and the technology environment can significantly lower input waste,thereby improving the financing efficiency of the green low-carbon enterprises.(3)In the homogeneous external environment,the influencing factors at the enterprise level such as the proportion of current liabilities,the concentration of equity,the proportion of employees with bachelor degree or above and the size of the enterprise have a significant positive impact on financing efficiency.Optimizing corporate governance structure,improving the technical level and comprehensive quality of employees,and expanding the scale of production of enterprises are all conducive to improving the financing efficiency of the green and low-carbon enterprises.Based on the above conclusions,this article puts forward the following suggestions from government,financial market and enterprise three aspects: the government needs to play its policy guiding role,improve the relevant support policies for green and low-carbon industries,and create favorable external policies for enterprise financing surroundings.In the financial market,financial institutions need to innovate financial services,establish a credit evaluation mechanism,and provide more financing channels for enterprises.Enterprises should optimize the financing structure,increase the cultivation of talent teams,improve management levels and technical capabilities.