Financial Performance Analysis Of Chemical Listed Companies Based On The Super-efficiency SBM Model

With the rapid development of the chemical industry,many scholars are increasingly concerned about the research of chemical industry in recent years,which has a pivotal position in China's economic development.The financial performance of the chemical industry is a reflection of the chemical industry's ability to operate,is an important indicator of the competitiveness of the chemical industry,so it is an important part of the chemical industry research to analysis and evaluation of chemical industry financial performance.Due to the industry's high pollution,high-risk,fast technological innovation and so on,the financial performance of the chemical enterprises should be paid attention to about the evaluation of financial performance analysis,so as the effectiveness of R&D innovation,environmental protection and safe production should be considered.Therefore,on the basis of the existing enterprise performance evaluation system,constructing the performance evaluation system suitable for the development status and operation characteristics of China's chemical industry,and realizing the performance status of the chemical industry,which has important guiding significance on the safe production,environmental protection,scientific research and innovation,sustainable development of the chemical industry.In this paper,the data envelopment analysis method is used to measure and analyze the efficiency of chemical listed companies in China.DEA method is more widely used in the study of chemical industry performance,and has certain advantages in dealing with multi-input,multi-output production system efficiency evaluation.In this paper,we first use the super efficiency model of SBM to analyze the operating data of 49 chemical listed companies in China from 2011 to 2015,obtain the static value of the efficiency of chemical enterprises every year,and understand the status of chemical sample enterprise performance.At the same time,the super efficiency model of SBM was used to compare the desirable output of 2015 with the undesirable output test results.Using the SBM model,we can get the slack of the variable,and analyze the slackness of the inefficient evaluation object,and we can put forward the suggestion of improving the efficiency for each variable.As the actual operation of chemical enterprises with the loss of bad debts,so the model used in this paper are considered for the desirable output of the SBM model.In addition,the Malmquist model is used to analyze the changes of financial performance efficiency of 49 listed companies from the perspective of dynamic analysis of panel data.In the index system of this paper,taking into account the characteristics of the chemical industry,safety costs,environmental protection costs,R&D innovation and related indicators are also considered as input targets.While the bad debt loss as a undesirable output considerations,such an indicator system is more in line with the chemical industry's actual financial performance characteristics.The results of this paper show that the overall efficiency difference between sample enterprises in China's chemical listed companies in 2015 is large,and indicating that the overall performance of the chemical industry is polarized.The efficiency of most chemical enterprises in 2011 and 2015 shows an increasing trend,which shows that most of the chemical enterprises has continuously improved the management strategies in the development,well adapted to the changes of the external economic and social environment and enhance their competitiveness.