绿色金融、融资效率和产业链企业价值
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引用本文:贺正楚1,刘思思2,周永生2.绿色金融、融资效率和产业链企业价值[J].财经理论与实践,2022,(3):26-33
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贺正楚1,刘思思2,周永生2 (1.湘潭大学 商学院湖南 湘潭 4111052.桂林理工大学 商学院广西 桂林 541004) 
中文摘要:在构建绿色金融发展水平指标体系的基础上,以绿色金融发展水平和产业整合度两项指标为核心解释变量,企业价值为被解释变量,依据2013-2019年平衡面板数据,运用数据包络法,对产业链企业融资效率进行测度,分析绿色金融对产业链企业发展的影响。理论分析得出,绿色金融与产业链企业是引航人与践行者的关系,绿色金融引导产业链企业结构调整,促进产业链企业的可持续发展。实证研究以新能源汽车产业链企业为对象,结果表明:绿色金融发展水平与产业链企业价值这两者呈现倒N形关系,而企业融资效率能够显著调节这两者之间的关系。
中文关键词:绿色金融  融资效率  企业价值  新能源汽车产业链企业
 
Green Finance, Financing Efficiency and Enterprise Value of Industrial Chain
Abstract:Based on the construction of the index system of green financial development level, taking the two indicators of green financial development level and industrial integration as the core explanatory variable and enterprise value as the explanatory variable, this paper measures the financing efficiency of industrial chain enterprises and analyzes the impact of green finance on the development of industrial chain enterprises by using the data envelopment method based on the balanced panel data from 2013 to 2019. Theoretical analysis shows that green finance and industrial chain enterprises are the relationship between pilots and practitioners. Green finance guides the structural adjustment of industrial chain enterprises and promotes the sustainable development of industrial chain enterprises. The empirical research takes the enterprises in the new energy vehicle industry chain as the object. The results show that the development level of green finance and the enterprise value in the industry chain show an inverted N-shaped relationship, and the enterprise financing efficiency can significantly adjust their relationship.
keywords:green finance  financing efficiency  enterprise value  new energy automobile industry chain enterprise
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