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The energy - saving and environmental protection industry has vast development space and huge market increment in China. Selecting appropriate energy-saving and environmental protection enterprises is one of the important decisions of venture capital investment. In the paper, a fuzzy bilateral boundary data envelopment analysis (DEA)model with optimistic coefficient is proposed to select those companies with high financing efficiencies. Based on the characteristics of enterprise financing, undesirable outputs and dual-role factors are considered in the proposed model. The results show that the fifth enterprise has high comprehensive financing efficiencies and always ranks the first when the optimistic coefficients are 0.2, 0.5 and 0.8, respectively. In addition, most energy-saving and environmental protection enterprises have not efficient financing efficiencies. There is still much space for improvement. [ABSTRACT FROM AUTHOR]

After integrating external ecological and endogenous factors of the development of the industry, the paper builds a financing ecology index system, and analyses the financing ecology of strategic emerging industries in recent years. Then the paper further analyses the influence of external and internal financing ecology on financing efficiency. The results show that the financing ecology of the strategic emerging industries, external financing ecology in particular, is in the continuous improvement. The financing efficiency is significantly positively correlated with the macro-economy level and the internal financing ecology, and significantly negatively correlated with the role of government. There is a positive but non-significant correlation between financial development and financing efficiency, meanwhile a negative and non-significant correlation between credit environment and financing efficiency. The internal and external financing ecology can be replaced to some extent. Therefore, the strategic emerging industries should give full consideration to the synergistic optimization of the endogenous factors and external financing ecology so as to improve the financing efficiency. [ABSTRACT FROM AUTHOR]