基于四阶段DEA模型的绿色低碳企业融资效率研究

Research on Financing Efficiency of the Green Low-carbon Enterprises Based on Four-stage DEA Model

运用四阶段DEA模型探究2017年绿色低碳上市公司的融资效率。结果显示:其融资效率值偏低,主要受到纯技术效率的制约,且当前大部分企业处于规模报酬递增阶段;融资效率受当地政府产业支持力度、金融发展水平等外部融资环境的影响较大;同质环境下国有企业较非国有企业有明显更高的融资效率值,独立董事比例、流动负债占比、职工薪酬等内部融资环境指标都有利于提高绿色低碳企业的融资效率,主营业务成本率对企业融资效率有明显的负向影响。

The four-stage DEA model is adopted to analyze the green low-carbon listed companies financial efficiency.The results show that:The main reason for the low financing efficiency is that the efficiency of pure technology is too low,and most of the enterprises are in the stage of increasing returns to scale;The financing efficiency of green low-carbon enterprises is greatly affected by the external financing environment such as support from the government policies and financial development;The state-owned enterprises have significantly higher financing efficiency than non-state-owned enterprises.The internal financing ecological factors such as the ratio of independent directors,current liabilities,and employee compensation had a significant positive influence on financing efficiency.The main business cost rate have a significant negative impact on corporate financing efficiency.