Research On Efficiency Evaluation Of Environmental Protection Listed Companies During The Twelfth Five-year Plan

The year 2016 is the first year of China’s thirteenth Five-Year Plan.While the world is suffering a persistent economic decline, Environmental Protection Industry is still the focus of government investmentduring the new five—year plan.The 12th five—year is the critical period, in which the achievements during the recent decade were summarized, toward the development of Chinese environmental protection industry.Over these years, Chinese environmental protection industry has been taken effects in economic and environmental areas.But there are still some problems.Though the new five—year plan will bring China many opportunities, Chinese environmental protection industry is threaten with lots of unavoidable challenges like integration of industry structure, intensifying competition and the liquidation of companies. As the representative companies of industry, environmental protection listing Corporation development plays an exemplary role,and financial performance is an important focus of investment and management.Therefore, not only for the further development, but for the direction of industry structure adjustment in the coming five years, it is significant to make an comprehensive evaluation to the performance of the environmental—protected industry’s quoted companies.This paper has given an overview about domestic and foreign related literature to define and analyze the scope and economic characteristics of Chinese environmental-protected industry, to analyze the current situation of the industry’s development as a whole and in details and to discuss the major factors which influence the efficiency of industry finance. Based on DEA, along with its fundamental models, and Malmquist—Index, the paper has built both static and dynamic models to evaluate the financial efficiency of Chinese environmental protection industry. In addition, we have also extracted Panel Data, from 2011 to 2015, of forty—one most typical A—share environmental protection listed companies to understand their current condition, to make a positive analysis toward their financial efficiency and to draw evaluation from Overall and sub sectors.The research shows that, from a static point of view, on average, the overall efficiency of the mentioned listed companies is not satisfying, only 0.8. that 70% of these companies are in an inefficient state; and from a dynamic point of view, the average Malmquist-index is less than 1 and the financial efficiency is decreasing by 9.1%. Specifically, the continuing decrease attributes to the slow technical progress.At last, the paper has made out some measures and advice aiming at development of Chinese environmental protection industry during the 13th Five-year.