An Empirical Study On Financial Support For The Development Of My Country’s Energy Conservation And Environmental Protection

The “14th Five-Year Plan”is a critical period for my country to further develop ecological civilization.It is a critical period to drive high-quality economic development with a high level of ecological environment.It is a window period for continuing to fight for pollution prevention and control.It is the foundation period for achieving the great goal of carbon neutrality and the goal of building a beautiful China.In a new era that advocates the concept of sustainable development,strategic emerging industries are still developing rapidly,and the development of energy conservation and environmental protection industries is still at an important critical moment in a period of strategic opportunities.As a strategic emerging industry with the dual nature of responding to environmental issues and driving economic growth——Energy saving and environmental protection industry,it is the driving force for my country’s supply-side structural reform during the “14th Five-Year Plan” period.Therefore,the degree of development of the energy conservation and environmental protection industry is an important factor affecting the high-quality and green development of my country’s economy,it is an important support for the green transformation of my country’s economic structure upgrade,it is the general trend to promote and support the development of energy-saving and environmental protection industries.At present,most of my country’s energy conservation and environmental protection industries are small and medium-sized enterprises.And it’s still in the upswing and development stage of the company.However,small and medium-sized enterprises in the energy-saving and environmental protection industries have low incomes,long investment periods for energy-saving and environmental protection-related projects,and long payback periods that make their development face financing difficulties.Green finance has the role of financing support for the energy-saving and environmental protection industry,and can help the energy-saving and environmental protection industry to alleviate the financing difficulties to a large extent.On this basis,we will conduct in-depth research on how financial support can help the energy-saving and environmental protection industry get out of the financing dilemma.And discuss what are the influencing factors of financial support for the development of energy-saving and environmental protection industries.It is of great significance to the development of the industry in the future.The research object selected in this article is the energy conservation and environmental protection industry as one of the strategic emerging industries.On the basis of some related theories such as external theory,based on the Cobb-Douglas production function model,the relevant data of 93 listed companies in the concept of energy conservation and environmental protection have been collected and compiled.It has determined that the total assets and total operating income of listed companies represent the development level of energy-saving and environmental protection enterprises;the sum of total equity and capital reserve represents the index of equity financing;the bond payable represents the index of bond financing;the sum of short-term loans and long-term loans represents an indicator of indirect financing;intangible assets represent an indicator of enterprise technology level;the number of employees represents an indicator of enterprise labor level.Due to the differences between different individuals and different times,Hausmann’s test was first carried out,and the two differences were added to the model as dummy variables to be considered,thereby establishing a two-factor fixed-effects model for individuals and time.Then a multiple regression model was constructed based on the production function,and the multiple regression analysis was performed and the regression results were obtained.Finally,the robustness test was carried out by replacing the explained variables,and the regression results were further tested.Since the results of the two regressions are consistent,the validity of the conclusions can be basically ensured.Empirically verify the impact of financial support from different financing modes on the energy conservation and environmental protection industry.The empirical results show that the financial support of direct financing from the capital market and the financial support of indirect financing from banks and other financial institutions have a positive impact on the total assets and operating income of energy conservation and environmental protection enterprises.But lower than the positive utility generated by direct financing.It shows that the indirect financing method promotes the development of the enterprise weaker than the direct financing method.This shows that in addition to increasing attention to green credit,we should also encourage and support the innovation of green financial products,such as green bonds,green stocks,green funds,green insurance,etc.Corresponding policies can be introduced to support the innovation of green financial products,and to give a certain degree of attention and openness to the direct financing market.Increase the financing methods that provide financial support for energy-saving and environmental protection enterprises,and help the development of energy-saving and environmental protection industries.In addition,the input of labor and technology has a positive effect on the development of energy-saving and environmental protection enterprises.It is possible to expand the scale of the enterprise through the input of labor,form the growth of the industry,and improve the efficiency of financial support through the input of technology,indirectly helping to alleviate the problem of corporate financing difficulties.In response to the problems found in the research process,proposing corresponding suggestions and countermeasures from the perspectives of the government,financial markets,and enterprises themselves.Pave a spacious road for the sound development of the energy-saving and environmental protection industry.From the perspective of the government: it is necessary to improve the credit rating mechanism of traditional commercial banks,establish technology banks,and expand the scale of indirect financing;accelerate the development of venture capital and promote the development of energy-saving and environmental protection industries;and build a multi-level government fund system.From the perspective of the financial market: it is necessary to improve the credit rating system;increase industrial financing channels;and improve the green financial system.From the perspective of the enterprise itself: the enterprise needs to disclose environmental information;it needs to increase its awareness of environmental responsibility;it needs to improve the corresponding technical level.