Research On Financing Efficiency Evaluation Of Environmental Protection Enterprises In China

With the promotion of circular economy and the strategic new industry, environmental protection enterprises are becoming the important linkage of strategic new industry and traditional industry. That their double effect on economic development and environmental protection, and with the government support, has brought unprecedented opportunities to the whole industry. After many years’of development, environmental protection industry in China has achieved remarkable success. In order to seize the opportunity and further implement the whole industry, the financial efficiency of environmental enterprises should be promoted. Therefore, measuring and evaluating the financing efficiency of environmental protection enterprises, can help reflect the financial status of Chinese environmental protection enterprises, and help achieve a strategic transformation and leapfrog development.Based on a review to the theories and research achievements related to financing efficiency, the paper analyzed the feathers of environmental protection enterprises along with the current industry situation, and discussed the macro and micro factors which had an impact on the financing efficiency. Then, This paper constructed the evaluation of financing efficiency of China’s environmental protection enterprise model, by using the traditional DEA model, together with the refined model-super efficiency DEA method. On this basis, the paper conducted an empirical study of the financing efficiency with the panel data from2008to2011of32listed environmental protection enterprises. The main empirical results are as following:The overall financing efficiency of the sample is relatively high while the trend of polarization is obvious. The financing efficiency is inversely related to the size of funds. The sample enterprises are generally in increasing returns to scale or constant phase, which shows the whole industry is in developing upward trend, however the growing needs for money increases the cost and the difficulty in raising money, thus it is likely to hinder the efficiency promotion. The financing efficiency in the period of2008～2011increased first and then fell down. At last improvement recommendations were put forward from the view of government and enterprises.