The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China
The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China
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DOI：
10.1016/j.enpol.2021.112254
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发表时间：
2021-03-26
期刊：
影响因子：
9
通讯作者：
Wang, Min
中科院分区：
文献类型：
--
作者：
Jin, Yi;Gao, Xiaoyan;Wang, Min
随着一系列节能环保产业相关政策的实施，绿色金融已成为节能环保产业信贷的重要途径。本研究利用2010年至2019年中国上市ECEP公司的数据，定量识别了这些公司的融资效率及其决定因素。主要结果表明，银行在中国金融市场的信贷提供中仍占据主导地位，创业板上市公司的融资效率较高。中西部地区企业融资效率显着提高，特别是2016年以后，体现了绿色金融政策与支持欠发达地区经济政策的互动效应。国家层面的因素（如正规制度和金融监管）和企业层面的因素（如企业规模和负债率）都会对融资效率产生影响。这些发现对于政策制定者来说具有重要意义，他们正在认真考虑绿色金融政策，通过有效的金融市场机制支持ECEP公司，最终有助于实现能源部门的转型。
With the implementation of a series of policies related to the energy conservation and environmental protection (ECEP) industry, green finance has become a crucial approach to provide credits for the ECEP industry. Using data on Chinese-listed ECEP firms from 2010 to 2019, this work quantitatively identifies the financing efficiency of these firms and its determinants. The main results show that banks are still dominant in the Chinese financial market for providing credits, and firms listed on the second board show higher financing efficiency. The financing efficiency of firms located in the central and western regions improves significantly, especially after 2016, reflecting the interaction effect of green finance policies and economic policies supporting underdeveloped regions. Both country-level factors (e.g., formal institutions and financial supervision) and firm-level factors (e.g., firm size and debt ratio) have an impact on financing efficiency. These findings have important implications for policymakers who are carefully contemplating green finance policies to support ECEP firms through an effective financial market mechanism, which eventually helps to realize the transition of the energy sector.