Research On Financing Efficiency Of Energy Saving And Environmental Protection Enterprises And Its Influencing Factors

With the proposal of carbon peak and carbon neutrality,green and low-carbon transition has become the main task of social and economic development.Low-carbon development urgently needs technical support and green equipment from energy-saving and environmental protection enterprises,and the energy-saving and environmental protection industry has become one of the key green industries supported by the state.At the same time,energy-saving and environmental protection enterprises in the critical period of digital transformation have strong financing needs,but financing difficulties and low financing efficiency have become bottlenecks restricting their high-quality development.Therefore,to explore the main economic factors affecting the financing efficiency of energy-saving and environmental protection enterprises will help to reveal the efficient financing operation mechanism of energy-saving and environmental protection enterprises,and then promote the high-quality development of energy-saving and environmental protection enterprises.This paper takes energy saving and environmental protection enterprises as the research object,uses literature analysis method and empirical research method to study their financing efficiency.Firstly,the concepts of energy-saving and environmental protection enterprises,financing efficiency and green technology innovation are defined by sorting out relevant policies and reading relevant literature.Secondly,according to the relevant studies of existing scholars,the evaluation system of financing efficiency is established from the perspective of financing methods.DEA and Malmquist index are used to measure financing efficiency,and the status quo of financing efficiency is deeply analyzed from static and dynamic aspects.Finally,based on the comprehensive analysis framework of the mechanism of influencing factors,the influencing factors are selected from four levels of scale,technology,structure and benefit,and the influencing factor model of financing efficiency is constructed.The Tobit method is used to conduct regression analysis on the model.The research finds that the financing efficiency of energy conservation and environmental protection enterprises is in an inefficient state as a whole.The size of enterprises is negatively correlated with financing efficiency.Digital transformation,green technological innovation,asset-liability ratio,profitability and operating capacity are positively correlated with financing efficiency.In order to effectively improve the financing efficiency of energy-saving and environmental protection enterprises,relevant countermeasures and suggestions are put forward from the government level,capital market level and enterprise level.