Research On Evaluation Of Operation Efficiency Of Listed Water Companies In A Stock Market

Since the 12 th Five-Year Plan,as the pace of building a well-off society in an all-round way has accelerated,and the urbanization process has advanced,Chinese water companies have put forward higher requirements.The operational efficiency of water companies is directly related to production and domestic water consumption;it indirectly affects the progress of urbanization and economic development in China.At the same time,Chinese water resources situation is more severe,with uneven geographical distribution and low per capita occupation.These external factors may affect the operational efficiency of Chinese water companies.Therefore,the evaluation of the operation efficiency of listed water companies has positive significance for the construction of Chinese urbanization and the comprehensive construction of a well-off society,as well as the improvement of the operation efficiency of Chinese water companies.This paper finds through the literature that the use of DEA method for efficiency evaluation is very common.It is found that it is a trend in recent years to combine the parametric method and the non-parametric method to study the efficiency of the research object.By comparing the SBM model with the traditional DEA model(BCC and CCR model),it is found that there are non-radial characteristics: that is,the input and output can be changed in different proportions,so that the results are more in line with actual requirements.This article briefly describes the general situation of water companies,briefly introduces the efficiency evaluation method and the principles of DEA model and SFA model.By selecting the three-stage model method of SBM-DEA,the operational efficiency of listed water companies is evaluated and discussed.This article is investment-oriented,using the three-stage SBM-DEA model,taking the operational efficiency of listed water companies in China as a research object,and selecting the financial annual reports of 23 listed water companies in Shanghai and Shenzhen from 2016 to 2018 as data samples for water affairs.The research on the evaluation of the operating efficiency of listed companies separately measured the technical efficiency,scale efficiency,pure technicalefficiency and scale returns of listed water companies,and evaluated and analyzed the results from the above four aspects.The results show that there are few enterprises in Chinese water listed companies that have achieved effective operation efficiency,but the overall development have a perfect trend.Among them,the average of scale efficiency and technical efficiency are both less than the average of pure technical efficiency,and the situation of the average of scale efficiency is worse than that of the average of technical efficiency.There is an uneven development among listed water companies in various regions.The average pure technical efficiency of state-owned water companies is smaller than the average value of private water companies.The average value of technical efficiency and scale efficiency is greater than the average value of private water companies.According to the research conclusions,policy recommendations such as adjustment of industrial structure and scale,introduction of advanced technologies and management methods and talents,and increased support and investment for private listed water companies are proposed to hope to promote the sound development of Chinese water companies.