Evaluation Of LONGKING’s Financing Efficiency And Study Of Influencing Factors

Environmental protection enterprises play an indispensable role in the construction of ecological civilization and pollution prevention,helping China’s economy to develop in a green and high-quality way,and are a key part of achieving the "double carbon" goal.Environmental protection enterprises are technology-intensive,capital-intensive and risky.The financing problem of environmental protection enterprises restricts the healthy development of China’s environmental protection industry,which is mainly manifested in the inefficient financing of environmental protection enterprises.The increase in financing costs,the lengthening of financing terms,and the strong reliance on environmental financing policies have led to inefficient financing for environmental protection enterprises.Therefore,it is particularly important to study the financing efficiency of environmental protection enterprises.This thesis starts the study of the financing efficiency of environmental protection enterprises and the influencing factors with specific cases,and finally puts forward targeted suggestions for improving the level of financing efficiency.This thesis takes LONGKING as the representative to study the issue of financing efficiency and influencing factors of environmental listed enterprises,which is divided into six parts: the first part is the introduction,which mainly introduces the research background,significance and the research framework of this thesis;the second part mainly introduces the concepts of environmental industry and financing efficiency as well as financing theory and efficiency evaluation theory;the third part compares the environmental industry and LONGKING’s development and financing status,which focuses on the analysis of LONGKING’s financing methods and the characteristics of financing;the fourth part selects two-stage DEA to evaluate LONGKING’s financing efficiency,and selects 39 listed environmental enterprises with the same classification standard as the average value of financing efficiency water for reference and comparison,and financing efficiency is divided into the efficiency of the financing and allocation phase in-depth study;the fifth part uses Tobit regression model to study which factors affect the financing efficiency of LONGKING;the sixth part gives relevant suggestions and presents research outlook based on the regression results.The study found that: from the evaluation results of financing efficiency levels,environmental listed companies generally have low financing efficiency and fewer effective financing companies during the period 2012-2020.Among them,low capital raising efficiency and low capital allocation efficiency are the reasons for the low total financing efficiency;LONGKING’s total financing efficiency values during 2012-2020 are higher than the average value of total financing efficiency of the sample companies,because its two-stage efficiency cannot reach effective at the same time,so the total financing efficiency also does not reach effective,and its low capital allocation efficiency is the main reason for the low total financing efficiency.From the perspective of the factors influencing the financing efficiency of LONGKING,the size,operational capacity and governance are positively related to the financing efficiency,while the capital structure,financing cost and asset liquidity are negatively related to the financing efficiency.Finally,in order to improve the level of financing efficiency,suggestions are made to appropriately expand the size of the enterprise,optimize the capital structure and improve the level of corporate governance.