Research On Financing Efficiency Of Green Listed Enterprises Based On Three-stage DEA Model

In recent years,against the background of vigorous economic development and global warming,more and more environmental problems have appeared in people’s view,and the increasingly serious environmental problems have effectively affected people’s daily life.Changing the way of economic development and promoting environmental protection have become the most important strategic goals of all countries at this stage.Our government also realizes that environmental protection is an important prerequisite for sustainable economic development,and the development of green environmental protection industry is a necessary measure to change the economic development in the current situation.China’s green environmental protection industry itself has a long investment period,large investment scale,financing is difficult,the threshold is high.The main areas within the industry are controlled by a few state-owned and large private enterprises,and most environmental protection enterprises are small in scale and low in revenue,which cannot support the strategic goals of China at this stage in a practical sense.Based on this background,this paper chooses to explore the financing efficiency of green listed companies in the hope of improving the financing efficiency of green companies on the one hand;on the other hand,it has a certain degree of theoretical and practical significance for promoting the orderly development of the green industry.Based on this,this paper,on the basis of summarizing the existing research results,takes the data of green listed enterprises in 2019 as the research object,combines the characteristics of the green environmental protection industry,and identifies suitable research indicators by re-screening the initial set of indicators to construct a financing efficiency evaluation index system.Subsequently,the sample data were standardized and a three-stage DEA model study was conducted,i.e.,the traditional DEA method and Tobit regression analysis were used to measure the sample data and produce the empirical results.Based on the empirical results,the empirical results are analyzed from three aspects:financing mode,financing efficiency of industry segments and financing efficiency of different regions.The empirical results show that(1)the overall financing efficiency of the sample enterprises is low and the dispersion between the data is large;(2)the environmental variables have an impact on the financing efficiency of the sample enterprises,and the removal of environmental variables can make the measurement results more accurate.Based on the findings,and taking into account China’s national conditions and the current situation of the development of the green industry,this paper proposes countermeasures from both the enterprise and government levels,hoping to provide new ideas for the government and the green industry to improve the financing efficiency of enterprises and promote the sustainable,healthy and rapid development of enterprises.