Empirical Study On Technical Efficiency And Its Impacts Of China’s Low-carbon Listed Companies

With the prominent of global warming and environmental degradation, low-carbon economy is becoming increasingly important, especially in China. As the world’s largest developing country, the contradiction between economic development and environmental issues appear to be more prominent, which become a bottleneck for sustainable development. The development of the low carbon companies not only relates to the industry development, but also related to the realization of the process of industrial restructuring. So the research for the operating performance and corporate governance structure of low-carbon company is beneficial for the development of low-carbon enterprises, thereby promoting progress in China’s low-carbon industries, thus accelerating the pace of low-carbon economic development. How is the technical efficiency for the low-carbon s listed companies in China? What are the impact factors for technical efficiency improvement? This article tries to give an answer to the question above from the empirical analysis perspective. This article focuses on the technical efficiency for low-carbon listed companies in China, as well as the effects of the internal corporate governance for technical efficiency; and how to make full use of the capital markets continue to optimize the corporate governance structure in order to improve efficiency.This paper selected out67low-carbon sector listed companies for Shanghai and Shenzhen exchanges. The panel data spans during2009-2013up to five years. Technical efficiency is measured using data envelopment analysis (DEA) DEAP2.1software and BCC method for each year of the single company. Drawn in the same economic policy environment, we try to find the technical efficiency gap between the non-DEA and DEA efficient company and effective between the companies, trying to find out what induces this phenomena. We find that the average technical efficiency for the carbon listed company still has space for improvement, with more volatility, which can provide management insights and decision-making basis for the direction of further improving of the listed companies. Then, the application of software Eviews7.0establish a fixed effects model on panel data for data analysis in technical efficiency as the dependent variable, capital structure, asset turnover, current ratio, company size, the number of board of directors as independent variables. As can be found from the results, the company’s leverage ratio negatively correlated with the company’s technical efficiency under5%confidence level, because a high asset-liability ratio will lead to the increased bankruptcy cost, thereby reducing the efficiency of the enterprise; while enterprise company size showed a positive correlation with the company’s technical efficiency under5%confidence level; for the scale of the company, the larger, the higher efficiency the company has; companies operating capacity showed a positive correlation with the company’s technical efficiency under5%confidence level; for the total asset turnover, the higher the turnover rate, the higher the technical efficiency of enterprises; corporate liquidity ratio presents a positive relation with the company’s technical efficiency at10%confidence level, and the stronger the short-term solvency, the higher the technical efficiency; correlations between the proportion of intangible assets of enterprises and board size for the technical efficiency are not significant.China’s securities market continues to mature, investors are becoming increasingly rational, and therefore, to analyze the efficiency of listed companies, can provide reference information for investors. Meanwhile, from the above conclusions we obtained, this article from the government and enterprise view, gives out some suggestions for the improvements of low-carbon listed company’s governance structure and operating conditions, in order to get better development.