Research On The Efficiency And Influencing Factors Of Financial Support For Green Innovation Of High Energy-consuming Listed Companie

Green innovation is an important driving force for green development and a strong support for achieving the goal of "double carbon".In 2021,The State Council issued the "Action Plan for achieving Carbon Peak by 2030",which proposed that green and low-carbon technological innovation should be the key task to achieve carbon peak and strengthen the dominant position of enterprises in innovation.High energy consumption enterprises are characterized by high energy consumption,high pollution emission and high carbon emission,so it is difficult to carry out green innovation and realize green low-carbon transition.Compared with other enterprises,high energy consuming enterprises need a large amount of capital to carry out green innovation.Years of extensive development also cause some problems in the efficiency of financial resource allocation of high energy consuming enterprises.Therefore,optimizing the allocation of financial resources and improving the efficiency of financial support for green innovation of high energy consuming enterprises are of great significance for high energy consuming enterprises to achieve green and low-carbon transformation.In this paper,331 Chinese listed enterprises with high energy consumption were taken as the main research object.Firstly,the three-stage DEA model was used to analyze the financial support efficiency of green innovation of listed enterprises with high energy consumption during 2016-2021.Secondly,the DEA-Malmquist model was used to measure the dynamic financial support efficiency of green innovation of Chinese enterprises with high energy consumption.Finally,the Tobit model was constructed to analyze the factors affecting the efficiency of green innovation financial support of Chinese energy-hungry enterprises.The results show that:(1)the financial support efficiency of green innovation of China’s high energy-consuming listed enterprises is not ideal,a small number of enterprises reach DEA efficiency every year,and most of the high energy-consuming enterprises are in the increasing stage of return to scale,with room for optimization and improvement;(2)Considering the property rights heterogeneity of high energy consuming enterprises,it is found that the financial support efficiency of green innovation of non-state-owned high energy consuming listed enterprises is higher than that of state-owned high energy consuming listed enterprises;(3)From the perspective of dynamic efficiency,the dynamic financial support efficiency of green innovation of Chinese high-energy-consuming enterprises from 2016 to 2021 is generally not high,showing a weak state,and mainly affected by technological changes;(4)From the perspective of influencing factors,financial regulation,financial industry efficiency,analysts’ attention,short-term solvency and equity concentration have a positive impact on the financial support efficiency of green innovation of high energy consuming enterprises,while financial leverage has a negative impact on the financial support efficiency.In addition,financial regulation has a more obvious positive promoting effect on state-owned listed enterprises with high energy consumption,equity concentration has a significant impact on non-state-owned high energy consumption enterprises,but not significant impact on state-owned high energy consumption enterprises,and financial leverage has a significant negative impact on state-owned high energy consumption enterprises,but not significant negative impact on non-state-owned high energy consumption enterprises.Based on the research results of this paper and the current national macro-policy guidance,suggestions on how to improve the efficiency of financial support for green innovation of energy-consuming enterprises are put forward from the perspectives of energy-consuming enterprises,the government and the financial market.From the perspective of the high energy consuming enterprises themselves,they should focus on inter-enterprise collaboration,eliminate outdated production capacity,and expand financing channels for green innovation.At the government level,we should pay attention to the reasonableness of government subsidies to energy-intensive enterprises,improve and strengthen financial supervision,and guide financial resources to green innovation.From the perspective of financial market,to provide more perfect financial services for enterprises,give full play to the advantages of venture capital.