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

Author

Listed:
  • 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)

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.

Suggested Citation

  • Yuanying Chi & Meng Xiao & Yuexia Pang & Menghan Yang & Yuhao Zheng, 2022. "Financing Efficiency Evaluation and Influencing Factors of Hydrogen Energy Listed Enterprises in China," Energies, MDPI, vol. 15(1), pages 1-16, January.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:1:p:281-:d:715915
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    References listed on IDEAS

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    2. Romano, Claudio A. & Tanewski, George A. & Smyrnios, Kosmas X., 2001. "Capital structure decision making: A model for family business," Journal of Business Venturing, Elsevier, vol. 16(3), pages 285-310, May.
    3. Ajanovic, Amela & Haas, Reinhard, 2018. "Economic prospects and policy framework for hydrogen as fuel in the transport sector," Energy Policy, Elsevier, vol. 123(C), pages 280-288.
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    Cited by:

    1. Sultan Kaheel & Khalifa Aliyu Ibrahim & Gasem Fallatah & Venkatasubramanian Lakshminarayanan & Patrick Luk & Zhenhua Luo, 2023. "Advancing Hydrogen: A Closer Look at Implementation Factors, Current Status and Future Potential," Energies, MDPI, vol. 16(24), pages 1-29, December.
    2. Zhang, Ruchuan & Gao, Weiyan & Chen, Shanshan & Zhou, Li & Li, Aijun, 2024. "Dose digital transformation contribute to improving financing efficiency? Evidence and implications for energy enterprises in China," Energy, Elsevier, vol. 300(C).
    3. Fayu Chen & Jinhao Liu & Xiaoyu Liu & Hua Zhang, 2023. "Static and Dynamic Evaluation of Financing Efficiency in Enterprises’ Low-Carbon Supply Chain: PCA–DEA–Malmquist Model Method," Sustainability, MDPI, vol. 15(3), pages 1-17, January.
    4. Mustapha D. Ibrahim & Fatima A. S. Binofai & Maha O. A. Mohamad, 2022. "Transition to Low-Carbon Hydrogen Energy System in the UAE: Sector Efficiency and Hydrogen Energy Production Efficiency Analysis," Energies, MDPI, vol. 15(18), pages 1-19, September.

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