Research On The Investment Efficiency Of Low-carbon Economy Listed Companies Based On DEA-Tobit

When the low-carbon economy has become the development trend of the globalizedeconomy, in the face of the enormous business opportunities and good prospects for development,low-carbon economy listed companies enhancing the capability of independent innovation oflow-carbon technologies and building a low-carbon core competitiveness has become the primarytask at present. Fundamentally, the company’s investment decisions and investment efficiencydetermines the increase in the value of the company, the goal of maximizing the value of thecompany depends directly on the ability to achieve efficient investment behavior. However, mostof China’s listed companies attach importance to the financing process, over-investment and lack ofinvestment in non-efficient investment widespread, which has become an important factorconstraining corporate performance and quality improvement, sustained and healthy development.Therefore, the study of investment efficiency of low-carbon economy listed companies is greatsignificance to the development of China’s low-carbon economy.In this paper, using comparative and historical analysis, the combination of qualitative andquantitative analysis, empirical analysis and normative research methods, based on the collectionand statistical data, using factor analysis method to study the efficiency of investment. The articleis divided into seven parts, the first chapter mainly discusses the background, purpose andsignificance, literature review, research contents and methods; the second chapter explains therelated concept of low-carbon economy, DEA, investment efficiency and basic theory, evaluationmethods of efficiency investment; the third chapter analyzes the investment status of low-carboneconomy listed companies; the fourth chapter describes the measure of investment efficiency oflow-carbon economy board listed companies. First of all, the BCC model is selected from the basicmodel of DEA as the analysis model. Then the evaluation index system is set up, and five inputindex is selected from the capital investment and labor input angle, using the weighted rate ofreturn on net assets, earnings per share and the main business income as output indicators. Then52low-carbon listed companies sample data are selected, through the Matlab software, usingDEAP software to calculate the investment efficiency of them. Through calculation, we find that16the listed companies is relatively effective, and according to the calculation results, analyze theoverall situation of low-carbon listed companies from horizontal and vertical two angle, finally,effective decision-making unit as a reference is given to other less efficient investmentdecision-making unit improvement target; the fifth chapter analyzes the factors affecting the investment efficiency of low-carbon listed companies, including the company internal cash flow,corporate governance, firm size and age. Through the analysis of Tobit regression of influencingfactors draws the following conclusions: company investment efficiency and internal cash flow, thecompany scale are significant positive correlation; the company investment efficiency and the rateof assets and liabilities management of the shareholding ratio has a negative correlation, but notsignificant; the regression coefficient of the proportion of the first shareholder is positive, while theregression coefficient company age is negative. The sixth chapter from the two aspects of corporategovernance and debt financing propose the proposal to enhance the investment efficiency oflow-carbon economy listed companies; the seventh chapter is the conclusion of this paper.