R&D investment and financing efficiency in Chinese environmental protection enterprises: perspectives of COVID-19 and supply chain financial regulation

Efficient financing is a key focus of enterprises and financial institutions. Using the DEA-BCC method and panel Tobit model to construct a basic regression model and moderating effect model to conduct an empirical analysis of 23 listed Chinese environmental protection enterprises, this study finds that their technological level directly enhances their financing efficiency, but if the technological level is low, then investments in R&D are likely to dilute capital, thus reducing their financing efficiency. Such constraints are more significant in 2020, which saw the outbreak of the COVID-19 pandemic. The regulatory effects of supply chain financing methods alleviate the inhibiting effects of investment in R&D and stimulate improved financing efficiency. Therefore, this study argues that the financing efficiency of China's environmental protection enterprises can be improved through enhancements at the fund management level, strengthening R&D investment, encouraging the effectiveness of technological progress, and actively promoting supply chain modes of financing.