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

Yuanying Chi, Meng Xiao, Yuexia Pang, Menghan Yang and Yuhao Zheng
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Yuanying Chi: School of Economics and Management, Beijing University of Technology, Beijng 100124, China
Meng Xiao: School of Economics and Management, Beijing University of Technology, Beijng 100124, China
Yuexia Pang: School of Economics and Management, Beijing University of Technology, Beijng 100124, China
Menghan Yang: School of Economics and Management, Beijing University of Technology, Beijng 100124, China
Yuhao Zheng: Norwich Business School, University of East Anglia, Norwich NR4 7TJ, UK

Energies, 2022, vol. 15, issue 1, 1-16

Abstract: 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.

Keywords: hydrogen energy; financing efficiency; DEA model; Malmquist index; tobit model (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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