Research On The Investment Efficiency Of Energy Saving And Environmental Protection Industry Based On DEA-Tobit

The energy saving and environmental protection industry is at the top of China's strategic emerging industries.Its development is closely related to the transformation of China's economic growth mode and the process of beautiful China.With the continuous development of energy conservation and environmental protection industry in China,the number of energy saving and environmental protection listed companies is increasing,and the competition of the industry is becoming increasingly fierce.At present,the energy saving and environmental protection listed companies are facing severe external environmental pressure and changing policy environment.It is particularly important to improve the company's own value.The value of the company is closely related to the behavior of the investment,and investment efficiency directly affects the value of company.It is of great significance to evaluate the investment efficiency of energy saving and environmental protection listed company,and to analyze the factors that affect the efficiency of the investment.It can help the enterprise decision-makers to make objective and accurate market positioning,to improve enterprise investment efficiency and enterprise value,It can also promote the steady development of energy saving and environmental protection industry.This thesis draws on domestic and foreign literatures related to investment efficiency research,and empirically studies the investment efficiency of listed companies in China's energy-saving and environmental protection industries.The main research contents include:(1)Summarizing and analyzing the development situation of listed companies in China's energy conservation and environmental protection industry,and analyzing the current status of investment efficiency from the perspectives of input and output and fund allocation.(2)Designing energy efficiency and environmental protection industry listed company investment efficiency evaluation index.The input indexes are chosen fromthe aspects of the material investment,the human investment and the capital investment,and the output indexes are chosen from profitability,management ability and innovation ability,constructing the DEA evaluation index system of investment efficiency evaluation.(3)DEA model is applied to evaluate the investment efficiency of Listed Companies in energy saving and environmental protection industry.The results of the investment efficiency of the listed companies of the energy saving and environmental protection industry are analyzed in detail from the comprehensive investment efficiency,the pure technical efficiency and the scale efficiency.The results are also analyzed from the scale of compensation,redundant input and output.(4)Combined with the efficiency value of DEA measure,the Tobit model is used to empirically analyze the influencing factors of the investment efficiency of listed companies in China's energy conservation and environmental protection industries.(5)According to the results of the DEA-Tobit empirical research,the suggestions for improving the investment efficiency of listed companies in energy conservation and environmental protection industries in China are proposed.