Performance Evaluation On New Energy Listed Companies In China

The performance of listed companies is the central issue of multiple stakeholders which include the government, shareholders, managers, employees and suppliers. However, not every current performance evaluation system can meet every need of the evaluation subjects. Many domestic and foreign scholars make lots of exploration of listed companies’performance evaluation; propose numbers of theories and methods of performance evaluation. There are some characteristics of their own and some corresponding defects for these theories and methods. It is very important for us to make full consideration to the applicability of them when we evaluate the performance of listed companies in China.This paper researched and analyzed our new energy listed companies from the perspective of performance evaluation and grasped the situation of the listed companies by and large. There are very important theoretical and practical significance for the improvement and development of the whole capital market to research new energy listed companies’ performance in China. Our new energy industry was facing major challenges and opportunities under our national policies, laws and regulations, community’s concern and strong support. With the acceleration pace of our modernization, our new energy listed companies continue to strengthen the rapid growth of our economic. The development of new energy industry also provides infinite space for listed companies in new energy plate in China. This paper evaluates the performance of new energy listed companies in China. It helps investors to get more comprehensive understanding of the performance of listed companies of the industry, make rational investment and avoid blind investment. It helps to supervise the operators more effectively, preventing the interests of the investors from being damaged. It helps to improve the overall level of the operators, reducing the operating risks. It helps to promote the development and progress of our new energy industry. It indicates from the results of the performance of new energy listed companies in China that our new energy industry has great prospects and potential. This paper introduces various theories of the performance evaluation and the differences between the two of the theories, leading to the application benefits of the DEA method. It makes empirical test and results analysis using the DEA method of the BCC model with17new energy listed companies as the sample from2008to2010from the aspects of the returns to scale, lack of input and output, the total factor productivity and so on, which leads to the following conclusions:Firstly, from the aspect of the analysis of each sample company’s annual efficiency profiles, the most stable operating efficiency are6new energy listed companies including Hatou Share. The6new energy listed companies have achieved the optimal efficiency from2008to2010. The number of the new energy listed companies whose efficiency makes progress or maintains is on the rise, while the number of the declining efficiency is on the opposite. It indicates that the new energy listed companies in China have better prospects. Secondly, from the aspect of the analysis on the overview of each sample company’s efficiency distribution, the overall efficiency values of all samples are between0.804andl. There is no big difference of the whole with the mean efficiency of the sample goes to0.946. It indicates that the overall efficiency of the new energy listed companies is relatively high. The causes of the DEA invalidity of the sample companies are very complex. The DEA invalid or inefficient companies should take some measures to improve themselves combining their own specific circumstances. Thirdly, from the aspect of the analysis on the number of referenced DMU, the highest referenced new energy listed companies’ efficiency with integrity and stability develop better than others. Fourthly, from the aspect of the analysis on the slack variable, there are redundant input and insufficient output in most DMU invalid new energy listed companies. Fifthly, from the aspect of the analysis on total factor productivity, most of our new energy listed companies are on their decline in the past3years. However the disparity is not very large, which indicates that the development of the industry’s productivity is well balanced. On the whole, the overall development of our new energy industry is good in the past3years. It is in constant progress and has considerable prospects. Last but not the least, this paper chooses the measures to improve the performance of the listed companies of our new energy from the aspects of government, industry and enterprises, concludes the paper, points out inadequacies of this study and makes some prospects of the research of our new energy listed companies.