Efficiency Evaluation Of China's Power Generation Enterprises Based On Data Envelopment Analysis

China's power industry always plays a pivotal role in the development of national economy.In order to build a more efficient and stable power system,China's government gradually opened up the power generation side.At the same time,the realization of clean development in power industry has become the aim of policy reform due to continuous development of sustainable development concept.The power generation sector is also facing increasing pressure to reduce emissions.Under this circumstance,power generation enterprises,which are the main players in the market,has to take social responsibilities into account while achieving their own business objectives.This paper takes 24 power generation enterprises in China's A-share market as research objects,which take thermal power generation as their main business.Then we use data envelopment analysis model(DEA)to analyze their operating efficiency and environmental efficiency from 2011 to 2018.This paper uses the Bootstrap method to simulate the input-output variables in order to effectively expand the sample size and make the results more accurate.At the same time,China's power generation enterprises are affected by a series of factors such as enterprise scale,ownership,enterprise age,financial subsidies,and external policies in the actual production and operation process.We use Meta-frontier and System Generalized Method of Moments(SGMM)to verify whether these heterogeneous factors actually affect the efficiency value in order to provide a clearer direction for policy formulation.Study has shown that there is a large space for improvements of both operating efficiency and environmental efficiency.Government subsidies should follow the principle of appropriate quantity.Reasonable reduction of government subsidies can stimulate the vitality of enterprises' innovation,so that developing energy-saving and environmental protection technologies will be a new growth engine for sustainable development of enterprises.At the same time,the carbon emission trading policy should also appropriately reduce the proportion of free quotas and increase the transaction price to avoid excessive emissions through the purchase of quotas.