我国环保产业上市公司融资效率及其影响因素研究

A Study on Financing Efficiency Evaluation and Its Influencing Factors of Listed Companies Environmental Protection Industry in China

本文利用DEA模型和Malmquist指数分别对2012-2017年我国环保产业37家上市公司的融资效率进行静态测评和动态测评,并利用Tobit面板模型实证分析影响融资效率的主要影响因素。结果表明:从融资效率静态分析来看,较低的纯技术效率和规模效率使融资效率整体表现低下;从融资效率动态分析来看,融资效率起伏变化比较明显,虽整体有所进步,但进步幅度较小,平均上升了0.8%,技术退步是阻碍融资效率提升的主要原因;从从影响因素来看,盈利能力、成长性和资金利用效率对融资效率呈显著正向影响,公司规模和融资结构对融资效率的影响不显著。

This paper uses the DEA model and the Malmquist index to evaluate both statically and dynamically 37 listed companies' financing efficiency of environmental protection industry in China from 2012 to 2017 , and uses the Tobit panel model to empirically analyze the main influencing factors affecting financing efficiency. The main empirical results show are as follows: From the perspective of static financing efficiency analysis, the low pure technical efficiency and scale efficiency make the overall performance of financing efficiency low. From the perspective of dynamic financing efficiency analysis, the fluctuation of financing efficiency is more obvious, although its overall progress has been made with an average increase of 0. 8%, the progress has been small, and technical regression is the main reason that hinders the improvement of financing efficiency. From the perspective of influencing factors, profitability, growth and capital utilization efficiency have a significant positive impact on financing efficiency. The impact of financing structure on financing efficiency is not significant.