Investigating the Influence of Green Credit on Operational Efficiency and Financial Performance Based on Hybrid Econometric Models
作者： Changqing Luo , Siyuan Fan , Qi Zhang
DOI: 10.3390/IJFS5040027
关键词: Financial performance 、 Industrial organization 、 Econometric model 、 Sample (statistics) 、 Operational efficiency 、 Capital allocation line 、 Economic sustainability 、 Economics 、 Value (economics) 、 Finance
摘要: To understand the role of green credit in maintaining economic sustainability, we develop theoretical hypotheses including expectation, supervision and capital allocation channels to explain impacts credit. Then, use hybrid econometric models by using Chinese-listed enterprises energy-saving environmental sectors from 2007 2015 as research sample verify above hypotheses. The empirical results show that: (1) average value financial performance operational efficiency is relatively low, endogenous abilities those have not yet been established; (2) issuance loans does improve public expectations industry, thus expectation channel supported; (3) necessarily enterprise’s performance, are (4) lead an increase financing costs, management operation expenditure on R&D, thus, hypothesis partly supported. Based analysis, also provide some countermeasures strengthen roles support development enterprises.
mdpi.com
core.ac.uk
doaj.org参考文章(39)
Ferdinand A Gul, Judy S L. Tsui, A test of the free cash flow and debt monitoring hypotheses: Journal of Accounting and Economics. ,vol. 24, pp. 219- 237 ,(1997) , 10.1016/S0165-4101(98)00006-8
Sebastian Eisenbach, Dirk Schiereck, Julian Trillig, Paschen von Flotow, Sustainable Project Finance, the Adoption of the Equator Principles and Shareholder Value Effects Business Strategy and The Environment. ,vol. 23, pp. 375- 394 ,(2014) , 10.1002/BSE.1789
Shady H.E. Abdel Aleem, Ahmed F. Zobaa, Hala M. Abdel Mageed, Assessment of energy credits for the enhancement of the Egyptian Green Pyramid Rating System Energy Policy. ,vol. 87, pp. 407- 416 ,(2015) , 10.1016/J.ENPOL.2015.09.033
David Kellogg, John M. Charnes, Real-Options Valuation for a Biotechnology Company Financial Analysts Journal. ,vol. 56, pp. 76- 84 ,(2000) , 10.2469/FAJ.V56.N3.2362
Elena Dobre, Georgiana Stanila, Laura Brad, The Influence of Environmental and Social Performance on Financial Performance: Evidence from Romania’s Listed Entities Sustainability. ,vol. 7, pp. 2513- 2553 ,(2015) , 10.3390/SU7032513
Kwangmin Park, SooCheong (Shawn) Jang, Capital structure, free cash flow, diversification and firm performance: a holistic analysis. International Journal of Hospitality Management. ,vol. 33, pp. 51- 63 ,(2013) , 10.1016/J.IJHM.2013.01.007
Chien-Chiang Lee, Jun-De Lee, Chi-Chuan Lee, Stock prices and the efficient market hypothesis: Evidence from a panel stationary test with structural breaks Japan and the World Economy. ,vol. 22, pp. 49- 58 ,(2010) , 10.1016/J.JAPWOR.2009.04.002
Lei Gao, Bin Mei, Investor attention and abnormal performance of timberland investments in the United States Forest Policy and Economics. ,vol. 28, pp. 60- 65 ,(2013) , 10.1016/J.FORPOL.2013.01.003
Cheol Park, Monitoring and Structure of Debt Contracts The Journal of Finance. ,vol. 55, pp. 2157- 2195 ,(2000) , 10.1111/0022-1082.00283
Shu-Heng Chen, Chia-Hsuan Yeh, Toward a computable approach to the efficient market hypothesis: An application of genetic programming Journal of Economic Dynamics and Control. ,vol. 21, pp. 1043- 1063 ,(1997) , 10.1016/S0165-1889(97)82991-0