Empirical Study Of The Investment Efficiency Of Environment Protection Listed Companies

Under the situation of Chinese new normal economy, the economic structure upgrades, nations pay more attention to the increase of economic connotation and they advocate the construction of economic civilization and the cycling development of green low carbon. The development of the burgeoning environment protection industries is the important practice of transferring the economic development way, optimizing the economic structure and supporting the sustainable development of economy.Investment activity is the resource allocation of enterprises, the strategies of managers are shown on the left of the Balance Sheet and the result of investment is shown on the interest sheet. It is helpful for the managers to choose the investment strategies that are fit for enterprises and increase the value of enterprises.This paper dates back to each panel point in the investment process of the managers from the interest of enterprises, it connects the left of the Balance Sheet to the interest sheet of enterprises, aiming to inspect the investment efficiency of the operation companies of managers of the listed companies at home and allocate the domestic resources. The paper selects the annual financial report data from 2008 to 2013 from the sequence data base, it takes 35 A stock narrow sense environment protection listed compaines in Hu and Shen in China as the studying objects to clear up the panel data that stands for enterprise performance and property structure, it protocols the research hypothesis between current assest and the structure of current assest and enterprise performance, the research hypothesis between non-current assest and the structure of non-current assest and enterprise performance, it adopts stepwise regression method to construct the efficiency examination model of current assest investment of environment protection enterprises, the allocation efficiency examination model of current assest, efficiency model of non-current assest investment and the allocation efficiency examination model of non-current assest and it draws its empirical result by choosing the variable intercept model of fixed efficiency applying EVIEWS7.0 software. The empirical study demonstrates that: the positive U relation between current assest and weighting average ROE proves the popular BOT operation model of current environment protection listed companies, the operation management of current assest is the key to observe the investment and operation ability of managers; the positive contribution effect on weighting average ROE of the receivables and inventory proves that the receicables and inventory in current assest are the main channels for environment protection enterprises to achieve profits, it is the focal point and starting point for managers to make appropriate credit policies and inventory management policies; the negative relation between non-current assest and weighting average ROE of the environment protection listed companies is consistent with the conservative assest structure model that environment protection listed companies prefer; the negative contribution effect of fixed assest and the project under construction implies that in non-current assest, fixed assest and project under construction are the important aspects to investigate the investment ability of manager. The paper comes up with some suggestions relevant to the investment of companies and industries as well as operation decisions combining descriptive analysis and empirical analysis and offers reference for investors to judge the operation and management ability of managers. meanwhile, it provides feasible reference basis for the healthy development of Chinese environment protection industries.