Impact of Green Financing on the Business Performance of China's Environmental Protection Listed Companies
green financing,corporate financing structure,business performance,environmental listed companies
（3）能源与可持续绿色发展 > 3. 能源金融与绿色金融
全文待审
莹莹 周 / 中国矿业大学
丰屹 雷 / 中国矿业大学
悦菡 杜 / 中国矿业大学
杰 李 / 中国矿业大学
This paper summarizes and analyzes the impact path of green financing on corporate performance on the basis of existing basic theories related to green financing and corporate business performance. From the perspective of corporate financing structure, the endogenous financing rate, debt financing rate and equity financing rate are used as indicators to measure green financing of environmental listed enterprises, and the return on total assets is used as an indicator to measure the operating performance of environmental listed enterprises, and a multiple regression model is constructed to study the correlation between the specific structure of green financing and the operating performance of enterprises. On this basis, the panel data of 119 environmental protection companies listed in Shanghai and Shenzhen A-shares from 2011-2018 were selected for empirical analysis. The empirical results show that endogenous financing and debt financing of environmental listed companies have a significant positive relationship with their business performance, while equity financing has a significant negative relationship with business performance, proving that green financing has a significant impact on business performance.The empirical results show that endogenous financing and debt financing of environmental listed companies have a significant positive relationship with their business performance, while equity financing has a significant negative relationship with business performance, proving that green financing has a significant impact on business performance. In the context of a green economy, environmental companies should improve endogenous financing, maintain appropriate debt financing, and reasonably plan equity financing to contribute to healthy corporate development.