Green Financing Efficiency and Influencing Factors of Chinese Listed Construction Companies against the Background of Carbon Neutralization: A Study Based on Three-Stage DEA and System GMM

Abstract

This paper combines the green industrial strategy and green financial policies for the construction industry implemented in China in the context of carbon neutrality. A total of 67 listed companies in the construction industry from 2017 to 2020 were taken as the research sample, the green financing efficiency was measured, and its influencing factors were identified based on the three-stage DEA and systematic GMM method. The findings show that the green financing efficiency of listed companies in the construction industry is not high overall, although it is increasing. There are obvious differences in subsectors, among which, the efficiency of architectural design and service industries is relatively high. Overall, the financial environment, and the interaction between the government and the financial market, significantly and positively influence the green financing efficiency. In addition, the macroeconomic environment and the government–enterprise relationship has a complex impact on the green financing efficiency. The ownership concentration and having corporate executives with a financial background have a significant positive impact on the green financing efficiency, and the enterprise size, the debt maturity structure, and the R&D and innovation capability have a significant negative impact. The findings of this paper have implications for the improvement of the policy system that supports green development in the construction industry, and provide guidance for the strategic adjustment of the construction industry itself.

Bibliometrics Analysis of Green Financing Research

“…This illuminating analysis uncovers the following insights: (1) Chinese universities: Leading the charge in green financing research, Chinese universities have emerged as potent contributors, collectively generating seven documents. Noteworthy institutions encompass Ningbo University [37][38][39], The Hong Kong Polytechnic University [29,40], and the University of International Business and Economics, Beijing [23,41]. (2) Pakistani universities: Universities in Pakistan assert their scholarly prowess by amassing 11 documents across three affiliations.…”

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

“…In addition to measuring green financing efficiency, scholars also focus on the influencing factors of green financing efficiency. Yu et al, Lee and Lee argue that the influencing factors of enterprise financing efficiency can generally be divided into two categories: external influencing factors and internal influencing factors of enterprises, and the same applies to green financing efficiency [ 11 , 12 ]. In the study of external influencing factors, Lin et al used the environmental protection industry as the research object and established a multiple linear regression model to empirically find that the level of financial development has a significant impact on the efficiency of green financing [ 13 ].…”

Evaluation of Digital Transformation to Support Carbon Neutralization and Green Sustainable Development Based on the Vision of “Channel Computing Resources from the East to the West”

“…Data management and production planning are used to create an intelligent intermediate platform, build an intelligent operation brain based on data and system integration, and use big data technology to promote in-depth online integration. If the government wants to improve transparency, accountability and efficiency, DT can become a key driver of government change [15]. The third is to build a digital cooperation ecosystem.…”