Research On Investment Efficiency Evaluation Of New Energy Listed Companies Based On DEA Model

Since the reform and opening up,while maintaining a sustained and rapid economic growth,our country is facing with the continuous increase of the traditional energy consumption and its declining reserves.As a result,the degree of foreign dependence on energy gradually increases,which is directly detrimental to the steady development of national security and economy.In addition,due to the long-term emission of polluting waste,the environment is getting worse and worse.In recent years,PM2.5 has repeatedly exceeded the standards across the country,seriously damaging the health of the people.In the face of the current harsh energy situation and living environment,we should change the structure of energy consumption,reduce carbon emissions and achieve low-carbon development.Strengthening supply-side reform,innovation,coordination and promoting the development of new technologies and new formats has become the key to continuing to promote the development of the national economy important drive.In this context,the new energy industry has gradually become the focus of attention from all walks of life.With the promotion and support of national policy and social industry people,the emergence of a large number of new energy companies has led to the rapid development of the new energy market,which has attracted a large amount of capital inflow.Many of these also appeared blind investment and low-level expansion phenomenon,resulting in the company overcapacity,lack of market competitiveness and other outstanding issues.This disparity between input and output has forced us to think deeply about the investment in the new energy industry.As a leading representative of new energy industry,new energy listed companies study their investment efficiency and the reasons for inefficient investment,which is significant to improve the investment efficiency and promote the effective development of new energy industry.First of all,this paper defines the concept and related theories of new energy and investment efficiency.Secondly,it analyzes the current domestic and international application of new energy development and research methods on investment efficiency.According to the principle of index system and the characteristics of new energy listed companies the research index of input-output is established.After that,using the traditional and cross-evaluation models of DEA to carry out the horizontal and vertical analysis on the investment efficiency of 58 new energy listed companies in 2010-2016.From the longitudinal analysis,2010 to 2016 the investment efficiency of various types of new energy sources is more volatile.And the comprehensive efficiency of various energy sources is determined by the technical efficiency and the scale efficiency.So,in order to improve the overall efficiency,it is still necessary to actively develop the technical efficiency and the stable scale efficiency.From the horizontal analysis,it can be seen that comparing various types of energy with each other in different years.Learned about the investment efficiency of different new energy sources in different years and the investment strategy of new energy in different environments.Then,using the HLM model to track the every year's investment efficiency of various new energy sources,analyzed the impact of various types of new energy investment efficiency significant factors.The results show that the first shareholder's shareholding ratio,free cash flow,growth ability and government subsidies have a significant impact on the investment efficiency of new energy companies,and the debt-to-asset ratio,the company size and the age of listing have no significant effect.Finally,we put forward some scientific suggestions to improve the investment efficiency of new energy companies.Through the research,expectation can provide reference for improving the research methods of investment efficiency,and help the development of new energy companies in our country.