Study On Energy Listed Companies' Technical Efficiency And Its Influencing Factors

Faced with environmental pollution and energy depletion,improving energy efficiency is imminent. As almost existing literature about efficiency is the macro level, this paper studies it from listed companies which are the microscopic level. By studying energy listed companies' technical efficiency and its influencing factors, find out the factors and make recommendations to improve the technical efficiency of Energy Listed Companies.First of all, this paper uses DEA model to measure and analyze energy listed companies' technical efficiency. Studies show that: from the overall analysis, average super-efficiency technical efficiency of energy listed companies is mostly between 0.4 and 0.8, and which is between 0.4and 0.6 is the most intensive. So there is a relatively large room for improvement. From the longitudinal analysis, the average technical efficiency of energy listed companies increase first and then decrease from 2009 to 2014. It greatly increased continuously from 2009 to 2011 and began a slight decrease after 2011. The maximum is in 2011.Eventually, technical efficiency in 2014 is slightly greater than in 2010.From the horizontal analysis, the maximum is 1.072 of Sinopec Shanghai Petrochemical Company Limited and the minimum is 0.391 of Harbin Hatou Investiment CO.,lED. On this basis, analyze technical efficiency from different regions. Then, use principal component analysis to extract the main ingredient from the index which is from long-term solvency,short-term solvency, profitability and operating capacity. Then use Tobit model to Study technical efficiency's factors. Studies show that: from thefinancial analysis, long-term solvency, short-term solvency, profitability,operating capabilities have a significant positive impact on technical efficiency of energy listed companies, except that capacity development has no significant impact. From the non-financial analysis, the proportion of independent directors, intangible assets, ownership concentration have no significant impact. Time to market, the level of employee motivation,employee education and company size have a significant positive impact while that the largest shareholder is the country or state-owned corporation and executive pay a significant negative impact. Finally,make recommendations to improve the technical efficiency of energy listed companies. First, expand the size of the company by combining Internal expand and merger of similar companies. Second, improve private capital at the premise of strict access standards. Third, control executive compensation reasonably. Fourth, improve staff qualifications by combining external hiring and internal training way. Fifth, select appropriate methods to improve the level of employee motivation. Sixth,properly increase in the solvency of the company and greatly improve profitability and operating capacity of the company.