College of Economics and Management, Northwest A&F University, Yangling, 712100, People's Republic of China.
Department of Economics and Finance, UiS Business School, University of Stavanger, Stavanger, 4036, Norway.
Environ Sci Pollut Res Int. 2023 Apr;30(19):55541-55556. doi: 10.1007/s11356-023-26303-y. Epub 2023 Mar 10.
The seed industry has a prominent role in strengthening ecological stability and national food security as it provides the basic ground for agriculture sector. In the current research, the effectiveness of financial support provided to listed seed enterprises and its influencing factors from the perspectives of energy consumption and carbon emissions are examined using a three-stage DEA-Tobit model. The dataset for the underlined study variables mainly comes from the financial data published by 32 listed seed enterprises and the China Energy Statistical Yearbook from 2016 to 2021. In order to make the results more accurate, the influence of external environmental factors such as economic development level, total energy consumption, and total carbon emission on listed seed enterprises are excluded. The results revealed that the mean value of financial support efficiency of listed seed enterprises increased significantly after excluding the influence of external environmental and random factors. External environmental factors such as regional energy consumption and carbon dioxide emission played an important role in the process of the financial system supporting the development of listed seed enterprises. The development of some listed seed enterprises with high financial support efficiency came at the cost of high local carbon dioxide emission and high energy consumption. Internal factors such as operating profit, equity concentration, financial structure, and enterprise size are the key intra-firm factors that affect the efficiency of financial support for listed seed enterprises. Thus, it is suggested that enterprises must pay attention to the environmental performance to reach a win-win situation in reducing and improving the energy consumption and financial performance, respectively. Similarly, the improvement of energy use efficiency through endogenous and external innovation should be prioritized to achieve sustainable economic development.
种业在加强生态稳定和国家粮食安全方面发挥着重要作用，为农业部门提供了基础。本研究从能源消耗和碳排放的角度，利用三阶段 DEA-Tobit 模型检验了上市公司种子企业获得的财政支持的有效性及其影响因素。研究变量的数据主要来源于 2016 年至 2021 年 32 家上市公司的财务数据和《中国能源统计年鉴》。为了使结果更加准确，排除了经济发展水平、总能源消耗和总碳排放等外部环境因素对上市公司的影响。结果表明，在排除外部环境和随机因素的影响后，上市公司种子企业财政支持效率的平均值显著提高。区域能源消耗和二氧化碳排放等外部环境因素在金融体系支持上市公司种子企业发展的过程中发挥了重要作用。一些具有较高财政支持效率的上市公司的发展是以高当地二氧化碳排放和高能源消耗为代价的。经营利润、股权集中、财务结构和企业规模等内部因素是影响上市公司种子企业财政支持效率的关键内部因素。因此，建议企业必须关注环境绩效，以实现降低和改善能源消耗和财务绩效的双赢局面。同样，应优先通过内生和外部创新提高能源利用效率，以实现可持续经济发展。
