Existing　studies　of　financing　efficiency　concentrate　on　capital　structure　and　a　single　external　environment　or　internal　management　characteristic.　Few　of　the　studies　include　the　internal　and　external　financing　environments　at　the　same　time　for　hydrogen　energy　industry　financing　efficiency.　This　paper　used　the　data　envelopment　analysis　(DEA)　model　and　the　Malmquist　index　to　measure　the　financing　efficiency　of　70　hydrogen　energy　listed　enterprises　in　China　from　2014　to　2020　from　both　static　and　dynamic　perspectives.　Then,　a　tobit　model　was　constructed　to　explore　the　influence　of　external　environment　and　internal　factors　on　the　financing　efficiency.　The　contributions　of　this　paper　are　studying　the　internal　and　external　financing　environments,　and　integrating　financing　cost　efficiency　and　capital　allocation　efficiency　into　the　financing　efficiency　of　hydrogen　energy　enterprises.　The　results　show　that,　firstly,　the　financing　efficiency　of　China＇s　hydrogen　energy　listed　enterprises　showed　an　upward　trend　during　the　years　2014-2020.　Secondly,　China＇s　hydrogen　energy　enterprises　mainly　gather　in　the　eastern　coastal　areas,　and　their　financing　efficiency　is　more　than　that　in　western　areas.　Thirdly,　the　regional　economic　development　level,　enterprise　scale,　financing　structure,　capital　utilization　efficiency　and　profitability　have　significant　effects　on　the　financing　efficiency.　These　results　can　promote　the　achievement　of　＂carbon　neutrality＂　in　China.