气候变化领域集成服务门户(CCPortal): The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China

CCPortal

DOI	10.1016/j.enpol.2021.112254
	The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China
	Jin Y.; Gao X.; Wang M.
发表日期	2021
ISSN	03014215
卷号	153
英文摘要	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. © 2021 Elsevier Ltd
关键词	Energy conservation and environmental protection industry Financing efficiency Green finance
英文关键词	Commerce; Energy efficiency; Financial markets; Economic policies; Energy conservation and environmental protection industry; Energy conservation and environmental protections; Finance policy; Financing efficiency; Firm size; Green finance; Interaction effect; Policy and economics; Western region; Environmental protection; economic policy; energy conservation; environmental economics; environmental protection; financial market; green economy; policy implementation; policy making; China
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205174
作者单位	Department of Energy Finance, School of Finance, Tianjin University of Finance and Economics, 25 Zhujiang Road, Tianjin, 300222, China
推荐引用方式 GB/T 7714	Jin Y.,Gao X.,Wang M.. The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China[J],2021,153.
APA	Jin Y.,Gao X.,&Wang M..(2021).The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China.Energy Policy,153.
MLA	Jin Y.,et al."The financing efficiency of listed energy conservation and environmental protection firms: Evidence and implications for green finance in China".Energy Policy 153(2021).