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<p>With the global energy transformation and rise of a green development mode, the number of energy management companies (EMCs) is increasing. This growth presents a challenge: a scientific and accurate analysis of financing efficiency (FE) and technological innovation efficiency (TIE) trends, which are direct indicators of the speed and effectiveness of the energy transition. To address this, the paper first classifies 115 EMCs into 13 industry categories. Then, using the Super-SBM model under variable returns to scale, it evaluates the FE and TIE of EMC from 2019 to 2023. These results are incorporated into a coupling coordination model to analyze the relationship between the two efficiencies. Finally, a Tobit regression model is used to examine the factors influencing coordination degree (CD) and coupling coordination degree (CCD). The results show: (1) Most EMCs have higher FE than TIE, yet the TIE of all companies shows an upward trend. (2) Both the CD and CCD of FE and TIE in EMCs are rising, with some industries achieving relatively rapid growth. However, all industries’ CCD values remain between 0 and 0.5, indicating a dysfunctional decline level and poor development status. (3) Corporate financing structure (FS), enterprise size (SIZE), and fiscal support for technological advancement (FTS) all significantly affect the CCD of FE and TIE in EMCs. Among these, FS and FTS are negatively correlated with CCD, while SIZE has a positive influence on CCD. Based on these empirical results, this study enriches research on FE and TIE in China’s EMCs by providing valuable cases and research directions for future studies on similar enterprises. It also offers targeted strategic recommendations to enhance competitiveness and foster the implementation of government innovation policies.</p>

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Analysis of the coupling coordination degree and influencing factors between financing efficiency and technological innovation efficiency of energy management companies

  • 期刊论文

  • 发表日期：

    2026年5月13日

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  • Jingjie Li,
  • Shiyao Wang,
  • Ying Zhang

摘要

With the global energy transformation and rise of a green development mode, the number of energy management companies (EMCs) is increasing. This growth presents a challenge: a scientific and accurate analysis of financing efficiency (FE) and technological innovation efficiency (TIE) trends, which are direct indicators of the speed and effectiveness of the energy transition. To address this, the paper first classifies 115 EMCs into 13 industry categories. Then, using the Super-SBM model under variable returns to scale, it evaluates the FE and TIE of EMC from 2019 to 2023. These results are incorporated into a coupling coordination model to analyze the relationship between the two efficiencies. Finally, a Tobit regression model is used to examine the factors influencing coordination degree (CD) and coupling coordination degree (CCD). The results show: (1) Most EMCs have higher FE than TIE, yet the TIE of all companies shows an upward trend. (2) Both the CD and CCD of FE and TIE in EMCs are rising, with some industries achieving relatively rapid growth. However, all industries’ CCD values remain between 0 and 0.5, indicating a dysfunctional decline level and poor development status. (3) Corporate financing structure (FS), enterprise size (SIZE), and fiscal support for technological advancement (FTS) all significantly affect the CCD of FE and TIE in EMCs. Among these, FS and FTS are negatively correlated with CCD, while SIZE has a positive influence on CCD. Based on these empirical results, this study enriches research on FE and TIE in China’s EMCs by providing valuable cases and research directions for future studies on similar enterprises. It also offers targeted strategic recommendations to enhance competitiveness and foster the implementation of government innovation policies.