Research on financing and technological innovation efficiency of China's energy-saving and environmental protection enterprises

Green, low-carbon circular economy and the development model of energy-saving and environmental protection are emerging worldwide, and the world's economies have taken the energy-saving and environmental protection industry as a strategic emerging industry to cultivate and develop. Coordinating finance and technological innovation is crucial to promoting the healthy development of Energy-Saving and Environmental Protection Enterprises (ESEPEs). According to industry classification, this paper divides 121 ESEPEs into 12 categories as research objects. Firstly, the DEA-SBM model is used to calculate financing efficiency (FE) and technological innovation efficiency (TIE). Subsequently, the changes in the two efficiencies are analyzed from the perspectives of time series, industry, and annual mean value, and the changes of the two efficiencies are analyzed from the perspectives of time series, industry, and annual average values. Secondly, through the coupling coordination degree (CCD) model, the development status of the coupling coordination between the two efficiencies is innovated expounded. Finally, the Tobit regression model is used to discuss the factors influencing CCD from the whole and industry perspectives. The results show that: (1) TIE is generally lower than FE, and FE shows a downward trend while TIE shows an upward trend. (2) CCD between the two efficiencies is Near dysfunction, and TIE restricts the development of CCD between the two efficiencies to a certain extent. (3) R&D intensity, enterprise size, and government subsidy intensity have a significant positive impact on CCD between FE and TIE of ESEPEs, while the impact of other factors is not significant.