Study On Environmental Protection Listed Companies’ Financial Performance Evaluation:Based On Factor Analysis And DEA Model

With the high-level attention of the state,the environmental protection industry,which was struggling to develop under the pressure of GDP,has been developing more and more vigorously in recent years.Supply-side reform,which began in 2015,has increased the contribution of industrial environmental protection.At the same time,the status of environmental protection in top-level design in China has been significantly improved.Since the Nineteenth National Congress,the national status of environmental protection has been greatly enhanced.However,how to make environmental protection enterprises more effectively enjoy the national dividend has become particularly important.This paper combines factor analysis method and DEA model to analyze the efficiency of financial performance of 49 environmental listed companies’ annual reports from 2015 to 2017,and finds four key factors that affect their performance,which reduce the reference number of quantitative indicators for DEA efficiency research.At the same time,the author scored the performance of listed companies by factor analysis,and found the performance of Listed Companies in four key factors,as well as the overall performance,which provided a scientific and quantitative reference index and ranking basis for the performance evaluation of environmental listed companies.In the process of selecting input and output indicators,this paper uses operation and debt servicing factors as input indicators,and profit and growth factors as output indicators.Five sub-sectors of the environmental protection industry are calculated as a whole,and the financial efficiency characteristics of the individual shares and sub-sectors are analyzed.Finally,the analytic hierarchy process(AHP)is applied to score the evaluation index system based on factor analysis,and the results are combined with DEA results to further draw the relevant characteristics of environmental listed companies and the focus of industry policy.The results show that the majority of Listed Companies in environmental protection have positive scores,but the difference of high-quality companies is greater than that of low-quality companies.The big difference between high-quality companies shows that high-quality companies gradually develop their progress class by relying on their core competitiveness,while the small gap between low-quality companies shows that there are common development disadvantages.The vast majority of listed companies are in the stage of increasing scale effect,which indicates that the scale of production should be expanded to one.Therefore,the state should continue to increase support for the environmental protection industry,giving preferential treatment in terms of policy and funds.For example,we should speed up the introduction of top-level design in the field of solid waste to make up for the policy deficiencies of this subindustry,and support it in the emerging field of industrial environmental protection and monitoring.At the same time,in terms of funds,capital can consider giving preferential support to listed companies with environmental protection nature.At the same time,under the circumstances of expanding scale and sustainable development,listed companies should pay attention to improving quality and efficiency and enhancing scientific research strength.