Reserch On The Investment Of DA Company Based On DEA

Investment and consumption and exports are regarded as the troika of economic growth,which is critical to the development of the national economy.As one of the three financial policies of the enterprise,investment decision plays a decisive role in the growth of enterprise value.Effective investment can be the guarantee of maximizing enterprise value.DA company is an established large state-owned holding company,which used to be a Representative enterprise of automotive engine manufacturing enterprises in our country.In recent years,due to the change of national policy and market demand,DA company's main products has been unmarketable,was which led to a sharp decline in the company's performance.Facing the new changes of market situation,in the period of transformation,DA company need to repeatedly cautious in their investment direction.Improving the efficiency of corporate investment is the most effective and most lasting solution to get out of the present dilemma.This paper will use data envelopment analysis(DEA)to evaluate and analysis investment efficiency of DA company,identify it's problems,and put forward suggestions for improvement the investment efficiency.First of all,this paper introduces the present situation of investment efficiency of DA,and briefly analyzes its existing problems at the general level.Secondly,according to the actual circumstance of DA company investment efficiency and operating characteristics,this paper compares different investment efficiency evaluation methods and then selects BCC,CCR and super efficiency DEA belonging to DEA models to evaluate DA company investment efficiency.It also demonstrates the necessity of researching the investment efficiency of DA company and the feasibility of using DEA.Thirdly,this paper establishes the evaluation index system of DEA.Three models are used to evaluate the investment efficiency of the company and identify its problems.Based on the characteristics of DA company and engine manufacturing industry,this paper establishes the evaluation index system of DEA.In the end,24 a-shares listed companies in automotive engine manufacturing industry were selected as decision units(DMU).This paper selects five years' data from 2011 to 2015.It measures and analyzes the industry and the companies' overall efficiency,pure technical efficiency and scale efficiency via BCC.Using the superefficient DEA,this paper ranks the efficiency values ofthe decision units to evaluate the industry status of the investment efficiency of DA company.This paper analyzes input redundancy and output deficiency of DA company in 2015,and gets the target value of the various indexes.Combined with three models outputs,the problems of the investment efficiency of DA is identified.Finally,based on the output of the three models of the DEA,the paper puts forward some suggestions to improve the investment efficiency of DA company in combination with the actual operation of DA company.