A quantitative study of financing efficiency of low-carbon companies: A three-stage data envelopment analysis

摘要

This study set out to evaluate the financing efficiency of low-carbon companies. Applying a three-stage data envelopment analysis with the data from 85 listed companies in China's low-carbon industries over the period 2011 to 2017, this study has found that the overall financing efficiency of low-carbon companies was relatively high, and the pure technical efficiency was quite steady over the period. The overall financing efficiency of these low-carbon companies on average tended to change with the scale efficiency. This study has also shown that the scale efficiency was the main constraint influencing the financing efficiency of low-carbon companies in China over the period. Our results are robust and have significant implications for policy makers and corporate managers.