Construction enterprises’ green financing efficiency and its influencing factors including internal and external: Based on four-stage DEA model

Under the background of carbon neutrality, green development is the theme of today’s times. The construction industry is an important part of the green development plan, and it is of great significance to study its green financing efficiency. Based on this, this paper uses the four-stage DEA model to explore the green financing efficiency of listed construction companies from 2019 to 2020. The conclusion shows that: firstly, the green financing efficiency of listed construction companies is low, and the demand for green financing has not been met. It is necessary to strengthen the support of green finance to meet the needs of its expansion. Secondly, the efficiency of green financing is significantly and complexly affected by external influencing factors. It is necessary to dialectically treat external influencing factors such as local industry development support, financial development level, and the number of patent authorizations. Thirdly, among the internal influencing factors, the proportion of independent directors has a significant positive impact on the green financing efficiency of listed construction companies, and the proportion of R&D investment has a significant negative impact. Listed construction companies need to increase the proportion of independent directors and control the proportion of R&D investment.