Research On The Financial Support Level And Efficiency Of China’s Resource Recycling Industry

In China’s modernization process,the resource and investment-oriented economic growth model has driven the rapid development of economy,but the high consumption,high emission and low efficiency economic development model has continuously aggravated the conflict between resources and the environment.The report of the 19 th Party Congress proposes to further promote comprehensive resource conservation and resource recycling.Resource recycling industry can effectively alleviate the dual constraints of resource depletion and environmental degradation,and is the key to the formation of a closed-loop turnover of the circular economy and a new carrier for China’s high-quality economic development.Cultivating and developing the resource recycling industry is a systematic project,and its development in China is not sufficient.The industry cannot be separated from government subsidies and long-term stable financial support from the financial system.However,for China’s resource recycling industry,there are obvious differences in the production characteristics and profitability of the industries within the industry,and the uneven allocation of financial resources among regions is increasingly hindering the coordinated development of the industry.Only by scientifically grasping the current situation and evolution mode of the financial support level and efficiency of China’s resource recycling industry,group differences and efficiency convergence mechanism,can the differentiation strategy be implemented,to provide scientific basis for promoting the comprehensive and coordinated development of the industry.The main contents of this paper are as follows: First,the entropy weight method and GS-SBM model are used to measure the financial support level and efficiency of China’s resource recycling industry from 2016 to 2020,and the level and efficiency of financial support are evaluated from the perspective of the whole,region and industry.Secondly,the Malmquist index method is used to investigate the evolution trend of financial support level and efficiency.Thirdly,the Dagum Gini coefficient is used to measure the regional and industrial differences and sources of financial support level and efficiency.Finally,through σ Convergence and β Convergence test identifies the convergence and divergence of financial support efficiency.The main research conclusions include:The financial support level of China’s resource recycling industry in 2016-2020 was very low,with an average of only 0.067.The financial support level of different regions and industries was significantly different.From the perspective of evolution,the level of financial support of the whole and each group is in a good upward trend,but the growth rate and momentum are different.There are obvious regional and industrial differences in the level of financial support,and the overall gap shows a slow narrowing trend.Intraregional differences are the main source of regional differences in the level of financial support,while inter-industry differences are the main source of industrial differences in the level of financial support.The efficiency of financial support has performed well,with an average of 0.86,and there is still some room for optimization.However,due to the deterioration of technical efficiency,it is in a slight downward trend,with an average annual decline of 1.1%.From a regional perspective,there are differences in the efficiency of financial support among the three regions,with the western region being higher than the central region and higher than the eastern region,and only the western region showing an upward trend.Intraregional differences are the main source of regional differences in the efficiency of financial support;From an industry perspective,the financial support efficiency of the remanufacturing industry of automotive components and electromechanical products is the highest,and only the comprehensive utilization of mineral resources has seen an increase in financial support efficiency.Hypervariable density is the main source of industry differences in financial support efficiency.From the perspective of comprehensive financial support level and efficiency,the eastern and central regions show a trend of rising level and declining efficiency,while the western regions show a trend of both rising level and efficiency;In addition to the comprehensive utilization of mineral resources,the remaining five industries have shown a trend of rising level and declining efficiency.There was no σ convergence of FSE for the whole industry,at industry level,and for different regions.The whole industry and all regions showed absolute and conditional β convergence.All industries except water resources recycling industry showed absolute β convergence;All industries except resource utilization and equipment manufacturing showed conditional β convergence.After adding the control variables,the convergence speed has improved,and the comprehensive utilization of urban and rural household garbage and agricultural and forestry waste resources is the fastest.Based on this,this study proposes recommendations to promote multi-level capital market construction,implement financial support activities that match industry characteristics and regional realities,and explore mechanisms for convergence of financial support efficiency to a high level to optimize the allocation of financial resources in China’s resource recycling industry and improve financial support efficiency.