Study On Financing Efficiency Evaluation Of Listed Companies In New Energy Industry Based On DEA Model

It has been the consensus of all sectors of the international community to step up the use of new energy in order to actively address the issues of energy sustainability and environmental protection.The new energy industry in China has developed under a series of policy support for years,but the industry itself and enterprises in the industry still face many problems.The present study focuses on enterprises in the new energy industry.Different enterprises in all walks of life have obvious differences in scale,operating characteristics and other aspects,but what they have in common is the primary problem in company operation,financing,and financing efficiency directly determines the survival and development of enterprises.Therefore,the present study conducted evaluation and research on the financing efficiency of listed companies in the new energy industry.First,the implication of financing efficiency is drew based on literature review.Besides,Data Envelopment Analysis(DEA)model is applied for efficiency evaluation.After summarizing the development and financing status of the new energy industry,the financing efficiency evaluation and analysis are conducted in two major steps:(1)Evaluation of financing efficiency among listed companies in new energy industry;(2)Comparison of financing efficiency among different subsectors in the whole energy industry.After establishing the evaluation index system,the efficiency of 35 listed entities in the new energy industry are evaluated.Then 105 listed companies in the entire energy industry,including 10 subsectors,are evaluated and compared.According to the results,there are two DEA-effective enterprises in the wind power industry and one in each of the other four new energy subsectors.For non-DEA-effective enterprises,corresponding suggestions are proposed based on the improvement ratio given by the model and the actual situation of each enterprise.In the research of the whole energy industry,the paper concluded that oil industry shows the highest financing efficiency,followed by biomass industry,new energy materials and equipment industry,nuclear energy industry,wind power industry,natural gas industry,hydropower industry and coal industry,with the efficiency from high to low.However,there is no DEA-effective enterprises in photovoltaic industry and thermal power and heating industry.Among all the non-DEA-effective enterprises,Kai Di Sheng Tai in biomass industry is selected for case study to explore the reasons for its low financing efficiency from the perspective of industry.Finally,according to the conclusion of the evaluation and analysis,suggestions on the perspective of corporate and policy maker are respectively put forward for improving the financing efficiency of listed companies in the new energy industry.