Research On Investment Efficiency Evaluation Of Oil Industry Listed Companies In China

Investment activity is an important part of enterprise financial management,with the intensification of market competition,and the transformation of enterprise management concept,the importance of investment activities in the enterprise is increasing,the stand or fall of investment decision-making is directly related to the success of a business.As China’s important basic energy industry,oil industry suffer from the slump of oil prices crisis in 2014,it has been in weak,a sharp drop in investment,profit space compression,the management benefit make people worried.That become the norm in the low price of today,China’s oil enterprises how to improve the state of input and output,with limited funds to obtain the biggest benefit,is an important research topic.This article selects the 30 oil industry listed companies in our country,and try to categorize them according to the type of business,to build an evaluation index system of investment efficiency,software of DEA is used to calculate,according to the results of the investment efficiency present status of oil companies in China,we can make reasonable and objective evaluation.Build the process of investment efficiency evaluation index system,index system of design,the construction of evaluation model is the core.In terms of index system design,based on the purpose,representation,comparability,the feasibility for the principle,on the basis of reference of the traditional index,total assets,long-term investments,short-term investments,oil and gas assets increment,the number of employees as input variables,total profit,growth rate of total assets,return on equity,tobin Q value for the output variable,strive for all-round,multi-angle reflect the status of input and output of oil enterprises.In terms of evaluation model,choose different investment efficiency based on DEA-BCC model of static evaluation and dynamic evaluation of investment efficiency based on Malmquist model,two methods are decomposed into pure technical efficiency,technicalefficiency and scale efficiency and technical progress index,and all enterprises within the industry to carry on the longitudinal and transverse comparison efficiency between different types of business.This article selects the oil industry in our country nearly five years data of listed companies as samples,using data envelopment analysis method,according to the efficiency of high and low ranking for all enterprises,and to input redundancy and output deficiency of enterprises to make improvements.Finally combined with the unique characteristics and present situation of the oil industry,to make some advice which is related to optimize investment efficiency of oil industry listed companies.