Research On Financing Efficiency Measurement And Influencing Factors Of Listed Companies In Environmental Protection Industry In China

Under the social background of the continuous advancement of urbanization and industrialization,the contradiction between environmental protection and economic development has become more and more prominent,and the construction of ecological civilization has become an indispensable and important link in economic and social development.Promoting the healthy and sustainable development of listed companies in the environmental protection industry is the focus of ecological civilization construction,and it is also an urgent need to optimize the economic structure and promote industrial upgrading.Financial support is the basis for the prosperity and development of listed companies in the environmental protection industry.However,due to their huge capital demand,long recovery cycle,strong dependence on the government,and the imperfect development of my country’s capital market,the funds of listed companies in my country’s environmental protection industry are limited.Demand cannot be fully met.Accurately measuring and analyzing the financing efficiency of listed companies in the environmental protection industry,exploring its main influencing factors,and improving the financial support system and policies are of great significance to promoting the healthy and long-term development of listed companies in the environmental protection industry and promoting the construction of ecological civilization.This thesis mainly includes the following seven chapters: Chapter 1 Introduction,on the basis of a general introduction to the research background and significance,expounds the research ideas and research methods of this thesis,and describes the research framework through the technical roadmap,so as to draw the conclusion of this thesis.Innovation points and shortcomings;The second chapter is a review of domestic and foreign research,mainly from the four perspectives of corporate financing efficiency research,financing efficiency evaluation methods,factors affecting financing efficiency,and environmental protection enterprise financing efficiency.Based on the relevant theories of corporate financing efficiency,the chapter analyzes the impact mechanism of macro and micro factors on the financing efficiency of listed companies in the environmental protection industry,provides the corresponding theoretical basis for the empirical part,and provides reference for the Tobit regression index system;The company’s development and financing status are statistically analyzed,and the current financing characteristics and problems of listed companies in the environmental protection industry are summarized.Chapter 5 builds a financing efficiency evaluation index system based on the status quo and relevant theoretical foundations,and eliminates environmental factors and random factors through the SFA model.After the interference of noise,the three-stage DEA model is used to effectively measure the financing efficiency of listed companies in China’s environmental protection industry from a static perspective.At the same time,the DEA-Malmquist index model is used to further calculate and analyze its dynamic changes in each year;Chapter VI analyzes the panel data of 133 listed companies in the environmental protection industry from 2016 to 2020,and uses the Tobit regression model to explore the influencing factors of financing efficiency.At the same time,it further analyzes the influence of regional heterogeneity and property right heterogeneity.Chapter 7 puts forward suggestions and research prospects from the perspectives of government,financial market and enterprise on the basis of summarizing the research conclusions of this thesis.The results show that:(1)The overall level of financing efficiency of listed companies in my country’s environmental protection industry is low,and has not yet reached a fully effective state,and there are very few companies that have reached the optimal state.Most of the listed companies in the environmental protection industry are in the stage of increasing returns to scale.There is still room for improvement in terms of level,operation management,capital utilization,and financing scale;(2)From the perspective of decomposition indicators,total factor efficiency is mainly affected by technological progress,and comprehensive technical efficiency is mainly affected by pure technical efficiency.Technological progress and pure technical efficiency play a leading role in the financing efficiency of listed companies in my country’s environmental protection industry;(3)From the perspective of the heterogeneity of financing efficiency,compared with the eastern region,the environmental protection industry listed companies in the western region have slightly higher financing efficiency,while the environmental protection industry listed companies in the central region have the lowest financing efficiency.The financing efficiency of listed companies in the non-state-owned environmental protection industry is better than that of listed companies in the state-owned environmental protection industry;(4)From the analysis of influencing factors,technological innovation profitability and enterprise quality have a significant positive impact on financing efficiency,while corporate assets Scale and financing structure have a significant negative impact on financing efficiency.In addition,the positive impact of technological innovation profitability on the financing efficiency of listed companies in the environmental protection industry in the eastern and central regions is more obvious,and the concentration of corporate equity has a significant positive effect on the financing efficiency of listed companies in the environmental protection industry in the western region and non-state-owned environmental protection industry listed companies to influence.