Environmental protection industry has been difficult in financing. Financing difficulty is the question of financing efficiency in nature. The key to improving financing efficiency is to properly grasp its influencing factors. The paper ,by intro-ducing Malmquist index,analyzes the dynamic change of financing efficiency of China's environmental protection industry from the perspectives of technical progress,pure technical efficiency and scale efficiency from 2009 to 2013,and applies Tobit model to estimate the impacts of corporate financing way,business scale,enterprise quality,ownership structure and macroeco-nomic operation on financing efficiency The results show that:Financing efficiency presented a downward trend from 2009 to 2013. The expansion of business scale,the improvement of enterprise quality and the increase of GDP growth rate will raise corporate financing efficiency. However,the increase of corporate debt financing,the growth in the proportion of large share-holders and the rise of CPI will reduce corporate financing efficiency. Accordingly,the paper puts forth countermeasures to im-prove financing efficiency of environmental protection industry.%环保产业一直存在融资难的困境,融资难从深层来看是融资效率的问题.正确把握融资效率的影响因素是提高融资效率的关键.文章通过引入Malmquist指数,从技术进步、纯技术效率和规模效率方面分析我国环保产业2009-2013年的融资效率动态变化情况,并运用Tobit模型估计企业的融资方式、企业规模、企业质量、股权结构、宏观经济运行状况等对融资效率的影响.结果表明:2009-2013年的融资效率呈现下降趋势;企业规模的扩大、企业质量的提高和GDP增长率的加大会提高企业的融资效率;但企业债权融资的增加、大股东持股比例的增长及CPI的提升会降低企业的融资效率.据此,提出提高环保产业融资效率的相应对策.
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