Construction enterprises' green financing efficiency and its influencing factors including internal and external: Based on four-stage DEA model

Yaguai Yu; Panyi Shen; Yina Yan; Taohan Ni; Fangyuan Chen

doi:10.1371/journal.pone.0286043

Construction enterprises' green financing efficiency and its influencing factors including internal and external: Based on four-stage DEA model

PLoS One. 2023 Jun 8;18(6):e0286043. doi: 10.1371/journal.pone.0286043. eCollection 2023.

Authors

Yaguai Yu^{1

2}, Panyi Shen¹, Yina Yan¹, Taohan Ni³, Fangyuan Chen³

Affiliations

¹ Business School, Ningbo University, Ningbo, China.
² Donghai Academy, Ningbo University, Ningbo, China.
³ Business School, University of Nottingham, Ningbo, China.

Abstract

Under the background of carbon neutrality, green development is the theme of today's times. The construction industry is an important part of the green development plan, and it is of great significance to study its green financing efficiency. Based on this, this paper uses the four-stage DEA model to explore the green financing efficiency of listed construction companies from 2019 to 2020. The conclusion shows that: firstly, the green financing efficiency of listed construction companies is low, and the demand for green financing has not been met. It is necessary to strengthen the support of green finance to meet the needs of its expansion. Secondly, the efficiency of green financing is significantly and complexly affected by external influencing factors. It is necessary to dialectically treat external influencing factors such as local industry development support, financial development level, and the number of patent authorizations. Thirdly, among the internal influencing factors, the proportion of independent directors has a significant positive impact on the green financing efficiency of listed construction companies, and the proportion of R&D investment has a significant negative impact. Listed construction companies need to increase the proportion of independent directors and control the proportion of R&D investment.

Copyright: © 2023 Yu et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

Publication types

Research Support, Non-U.S. Gov't

MeSH terms

Carbon*
China
Construction Industry*
Efficiency
Financing, Construction
Industrial Development
Intrinsic Factor

Substances

Carbon
Intrinsic Factor

Grants and funding

This work was supported by the Zhejiang Philosophy and Social Science Planning Project "Research on construction mechanism and path of Ecological Civilization High-land in Zhejiang" to YY; the Longyuan Construction Finance Institute of Ningbo University Project "Research on Mode, Efficiency and Risk Prevention of Private Capital Participating in Infrastructure Investment" [LYZDA2004]; the Advanced Humanities and Social Sciences Cultivation Project in Ningbo University in 2022 (Pro-phase Project of Cultivation) "Research on Synergistic Effect of Reducing Pollution and Carbon" to YY [XPYQ22001]; the Ningbo Philosophical and Social Science Planning "Research on Green Innovation Path of Ningbo Specialized Small Giant Enterprises under Double Carbon Strategy" in the form of a grant to YY [G2022-2-70]; the Ningbo Institute of Urban Civilization "Investigation on the Environmental and Sanitation Conditions of Rural Villages in Ningbo City and Research on the Improvement and Construction" [CSWM202211] to YY; an by the Chongqing Philosophy and Social Science Planning Project "Study on the External Effect of 'Delegating Regulation and Service' Reform in the Field of Ecological Environment and the High Quality Development of Chongqing Regional Economy" in the form of a grant [2021NDYB087].