School of Economics and Management & School of Transportation Science and Engineering, Civil Aviation University of China, Tianjin, 300300, People's Republic of China.
School of Economics and Management, Nanjing University of Aeronautics and Astronautics, Jiangsu, Nanjing, 300350, People's Republic of China.
Environ Sci Pollut Res Int. 2023 Jan;30(4):10079-10098. doi: 10.1007/s11356-022-22820-4. Epub 2022 Sep 6.
In order to deal with severe problems such as environmental pollution and climate change, the Chinese government has proposed the goal of carbon neutrality in 2030 and carbon peak in 2060. Strategic emerging industries have become key areas of high-quality growth of green economy. In order to solve the practical problems of insufficient funds and financing constraints, this paper empirically measures the financing efficiency of strategic emerging industries. Based on the Super Slack-Based Measure model, this paper selects the data analysis of listed companies in Beijing, Tianjin and Hebei from 2011 to 2020. At the same time, this paper systematically combs the index system that affects financing efficiency based on grounded theory. Based on the binary relation and structural level of adjacent matrix and reachable matrix, the explanatory analysis is carried out. On this basis, a systematic GMM model is established to explore the significance of different factors influencing financing efficiency. The research shows that the strategic emerging industry is still in the initial stage, the financing efficiency is not high and the financing output is insufficient. The factors affecting financing efficiency can be divided into 6 dimensions, 20 indicators in total and 5 multipole hierarchical levels. Credit financing, equity financing, financing constraints, technological innovation and government support are the important factors affecting financing efficiency.
为应对环境污染和气候变化等严峻问题，中国政府提出了 2030 年碳达峰和 2060 年碳中和的目标。战略性新兴产业成为绿色经济高质量增长的关键领域。为了解决资金不足和融资约束的实际问题，本文实证测算了战略性新兴产业的融资效率。基于超松弛测度模型，本文选取了 2011 年至 2020 年京津冀地区上市公司的数据进行分析。同时，本文基于扎根理论系统梳理了影响融资效率的指标体系。基于二元关系和邻接矩阵与可达矩阵的结构层次，进行解释性分析。在此基础上，建立了系统的 GMM 模型，以探讨影响融资效率的不同因素的显著性。研究表明，战略性新兴产业仍处于起步阶段，融资效率不高，融资产出不足。影响融资效率的因素可分为 6 个维度，共计 20 个指标，分为 5 个多极层次。信贷融资、股权融资、融资约束、技术创新和政府支持是影响融资效率的重要因素。
