我国环保产业融资效率评价的实证分析  

An Empirical Analysis on the Assessment of Financing Efficiency of Environmental Protection Industry in China

作　　者：赵娟霞 赵佳悦 王明浩 ZHAO Juanxia;ZHAO Jiayue;WANG Minghao(School of Economics and Management,Tiangong University,Tianjin 300387,China;School of Finance,Capital University of Economics and Business,Beijing 100026,China;Innovation and Entrepreneurship Development Center,Tianjin Sino-German University of Applied Sciences,Tianjin 300350,China)

机构地区：[1]天津工业大学经济与管理学院,天津300387 [2]首都经济贸易大学金融学院,北京100026 [3]天津中德应用技术大学创新创业发展中心,天津300350

出　　处：《生态经济》2021年第11期71-77,85,共8页Ecological Economy

基　　金：天津市自然科学基金“中小环保企业技术进步与产业升级耦合的机制研究”(18JCTPJC64000);天津市哲学社会科学规划课题“高质量发展阶段下的天津市居民消费研究”(TJYJ20-009);国家自然科学基金面上项目“获得感抑或剥夺感:民众得失感知的参照点效应研究”(71774114)。

摘　　要：在构建反映环保企业融资效率指标的基础上,运用DEA模型及Malmquist指数,从静态和动态两方面对47家环保产业上市公司2013—2017年的效率值进行分析,并应用Tobit模型来探究影响融资效率的主要因素。结果表明:2013—2017年纯技术效率均值较高,规模效率值是影响综合效率低的关键因素。Malmquist指数动态分析显示,技术效率的大幅下降是造成融资效率低下的主要原因。Tobit分析显示,企业规模、企业质量、盈利能力、运营能力的提升会提高企业的融资效率,但债权融资的增加、融资风险的提升会降低企业的融资效率。Based on the index of financing efficiency of environmental protection enterprises,this paper analyzes the efficiency value of 47 listed companies in environmental protection industry from static and dynamic aspects by using DEA model and Malmquist index,and uses Tobit model to explore the main factors affecting financing efficiency.The results show that:the average of pure technology efficiency is higher in 2013-2017,and the scale efficiency is the key factor that affects the low overall efficiency;The dynamic analysis of the Malmquist index shows that the significant decline in technological efficiency is the main reason for the inefficiency of financing;Tobit analysis shows that the improvement of enterprise size,enterprise quality,profitability,and operating ability will improve the enterprise’s financing efficiency,but the increase of creditor’s rights financing and the increase of financing risk will reduce the enterprise’s financing efficiency.

关 键 词：环保产业 融资效率 DEA-TOBIT模型 MALMQUIST指数 

分 类 号：F062.2[经济管理—政治经济学]