{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,2]],"date-time":"2025-11-02T06:35:14Z","timestamp":1762065314374,"version":"build-2065373602"},"reference-count":34,"publisher":"MDPI AG","issue":"9","license":[{"start":{"date-parts":[[2022,9,13]],"date-time":"2022-09-13T00:00:00Z","timestamp":1663027200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Ningbo Soft Science Project \u201cResearch on Mechanism and Path of Green Innovation in Manufacturing Industry under Double Carbon Strategy\u201d","award":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"],"award-info":[{"award-number":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"]}]},{"name":"Ningbo Philosophical and Social Science Planning \u201cResearch on Green Innovation Path of Ningbo Specialized Small Giant Enterprises under Double Carbon Strategy\u201d","award":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"],"award-info":[{"award-number":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"]}]},{"name":"Zhejiang Philosophy and Social Science Planning Project \u201cResearch on Synergistic Theory and Policy Innovation of Pollution Reduction and Carbon Emission\u201d","award":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"],"award-info":[{"award-number":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"]}]},{"name":"Zhejiang Philosophy and Social Science Planning Project \u201cResearch on construction mechanism and path of Ecological Civilization Highland in Zhejiang\u201d","award":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"],"award-info":[{"award-number":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"]}]},{"name":"Longyuan Construction Finance Institute of Ningbo University Project \u201cResearch on Impact of Internet Finance Development on Development of Construction Industry\u201d","award":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"],"award-info":[{"award-number":["2022R020","G2022-2-70","22NDYDO41YB","LYZDA2002"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Axioms"],"abstract":"<jats:p>This paper combines the green industrial strategy and green financial policies for the construction industry implemented in China in the context of carbon neutrality. A total of 67 listed companies in the construction industry from 2017 to 2020 were taken as the research sample, the green financing efficiency was measured, and its influencing factors were identified based on the three-stage DEA and systematic GMM method. The findings show that the green financing efficiency of listed companies in the construction industry is not high overall, although it is increasing. There are obvious differences in subsectors, among which, the efficiency of architectural design and service industries is relatively high. Overall, the financial environment, and the interaction between the government and the financial market, significantly and positively influence the green financing efficiency. In addition, the macroeconomic environment and the government\u2013enterprise relationship has a complex impact on the green financing efficiency. The ownership concentration and having corporate executives with a financial background have a significant positive impact on the green financing efficiency, and the enterprise size, the debt maturity structure, and the R&amp;D and innovation capability have a significant negative impact. The findings of this paper have implications for the improvement of the policy system that supports green development in the construction industry, and provide guidance for the strategic adjustment of the construction industry itself.<\/jats:p>","DOI":"10.3390\/axioms11090467","type":"journal-article","created":{"date-parts":[[2022,9,13]],"date-time":"2022-09-13T21:06:52Z","timestamp":1663103212000},"page":"467","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":7,"title":["Green Financing Efficiency and Influencing Factors of Chinese Listed Construction Companies against the Background of Carbon Neutralization: A Study Based on Three-Stage DEA and System GMM"],"prefix":"10.3390","volume":"11","author":[{"given":"Yaguai","family":"Yu","sequence":"first","affiliation":[{"name":"Business School, Ningbo University, Ningbo 315211, China"},{"name":"Donghai Academy, Ningbo University, Ningbo 315211, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yina","family":"Yan","sequence":"additional","affiliation":[{"name":"Business School, Ningbo University, Ningbo 315211, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Panyi","family":"Shen","sequence":"additional","affiliation":[{"name":"Business School, Ningbo University, Ningbo 315211, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yuting","family":"Li","sequence":"additional","affiliation":[{"name":"Business School, Ningbo University, Ningbo 315211, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Taohan","family":"Ni","sequence":"additional","affiliation":[{"name":"Business School, University of Nottingham, Ningbo 315199, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2022,9,13]]},"reference":[{"key":"ref_1","first-page":"3","article-title":"Analysis on the relationship between profitability and public welfare of green finance","volume":"5","author":"Li","year":"2017","journal-title":"Financ. 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