Financing Efficiency Evaluation and Influencing Factors of Hydrogen Energy Listed Enterprises in China

Existing studies of financing efficiency concentrate on capital structure and a single external environment or internal management characteristic. Few of the studies include the internal and external financing environments at the same time for hydrogen energy industry financing efficiency. This paper used the data envelopment analysis (DEA) model and the Malmquist index to measure the financing efficiency of 70 hydrogen energy listed enterprises in China from 2014 to 2020 from both static and dynamic perspectives. Then, a tobit model was constructed to explore the influence of external environment and internal factors on the financing efficiency. The contributions of this paper are studying the internal and external financing environments, and integrating financing cost efficiency and capital allocation efficiency into the financing efficiency of hydrogen energy enterprises. The results show that, firstly, the financing efficiency of China’s hydrogen energy listed enterprises showed an upward trend during the years 2014–2020. Secondly, China’s hydrogen energy enterprises mainly gather in the eastern coastal areas, and their financing efficiency is more than that in western areas. Thirdly, the regional economic development level, enterprise scale, financing structure, capital utilization efficiency and profitability have significant effects on the financing efficiency. These results can promote the achievement of “carbon neutrality” in China.

A Literature Review of the Influence of Commercial Credit on the Efficiency of Enterprise Capital Allocation

The real economy is the main body of high-quality development, and the efficiency of capital allocation is an important manifestation of the development of the real economy. Therefore, it is very important to study the efficiency of capital allocation. As a representative of horizontal finance, commercial credit has a significant impact on the improvement of capital allocation efficiency. In view of this, this article combs the literature on commercial credit and capital allocation efficiency from the following aspects: firstly, by studying the literature, combing the literature on the macro-level, micro-level and economic effects of commercial credit; secondly, the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out, and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.

Impact of capital enrichment on resource allocation efficiency in China’s manufacturing industry

Capital enrichment (CE) results from capital flows, which reflect the capital distribution among different regions and industries. This paper constructs the evaluation model of resource allocation efficiency from the perspective of capital and innovation resources. It expounds on CE’s theoretical mechanism by using the panel data from 2011 to 2018 for system GMM estimation. It finds that the manufacturing capital allocation efficiency (CAE) and innovation resource allocation efficiency (IRAE) show a volatile development trend. Both static and dynamic panel models show that there is a significant U-shaped curvilinear relationship between CE and CAE, CE and IRAE. CE’s inhibitory effect on CAE and IRAE decreases with the improvement of CE until it exceeds the critical value of 8.27 and 8.93. After that, its impact on CAE and IRAE changes from negative to positive.