环境效应对我国新能源产业融资效率的影响研究

Research on the Influence of Environmental Effect on Financing Efficiency of China’s New Energy Industry

文章通过沪深两市新能源产业上市公司2010-2017年的财务数据,运用DEA-Tobit模型测算新能源产业的融资效率变化,以及各项环境变量对融资效率的影响,结果表明:我国新能源概念类上市公司的综合融资效率还存在很大的提升空间;纯技术效率和规模效率的不匹配造成了综合效率处于偏低水平;经济水平、企业规模、企业质量、流通股比例等环境变量对新能源产业的投入冗余有不同影响,但流通股比例对投入冗余的负向效应还不明显。

This paper uses the DEA-Tobit model to measure the financing efficiency changes of the new energy industry and the impact of various environmental variables on the company’s financing efficiency with the financial data of Shanghai and Shenzhen new energy industry listed companies from 2010 to 2017. It shows that there is still a great room for improvement in the comprehensive financing efficiency of listed companies in China’s new energy concept;the mismatch between pure technical efficiency and scale efficiency results in a low overall efficiency. Environmental variables,such as economic level,firm size,corporate quality,and the proportion of outstanding shares,have different effects on the investment redundancy of new energy industries,but the negative effect of the proportion of circulating shares on input redundancy is not obvious.