Research On The Performance Evaluation Of Coal Listed Companies With Super-efficiency SORM-DEA And Tobit

Coal as a non-renewable energy, occupies a very important position in Chinese energy system. The coal industry is the basic industry of the national economy. Coal enterprises play an important role in our daily life because our country is short of some alternative energy sources such as oil. Coal listed companies which have first place in Chinese coal industry, are the major force in the entire coal industry resource allocation and technological innovation.Theoretically, this paper first overviews the significance of researching on the performance of listed coal enterprises and relevant theories. We also establish an evaluation system includes input indicators and output indicators. The input indicators contain the number of employees, main business cost and total assets. The output indicators are made up of main business income and total profit. Considering the probability of negative output, this paper improves Super-efficiency SORM-DEA model, and suggests framework that based on this model and Tobit model for the study of listed coal enterprises.Evidently, we analyze the performance of 28 listed enterprises which are from the coal mining industry in the SFC with Super-efficiency SORM-DEA model. And the conclusion indicates that the technology and scale of eight companies which cover Shanxi Coal, China Shenhua Coal, Anyuan Coal, Zhengzhou Coal, China Coal Energy, Mountain Coal International, Shanxi Luan Environmental Energy and Orchids Technology are efficient. Among them, Shanxi Coal presents the highest Super-efficiency value which is 2.77 according to this model. The technology of Jinrui Mineral is efficient, but its scale is non-efficient. Moreover, the technology and scale of the remaining 19 enterprises are all non-efficient. Besides, this paper analyzes the influence factors with Tobit regression model towards 28 listed enterprises and makes a conclusion that the degree of ownership concentration, inventory turnover, high-quality talent situation, grassroots personnel status, research costs investment and production safety situation will affect the performance of coal companies. Finally, this paper makes some suggestions for the future development of Chinese listed coal enterprises.