Evaluation Of Financing Efficiency Of Sewage Treatment Enterprises Under PPP Mode Based On DEA-Tobit Method

With the advancement of urbanization,the problem of water pollution has been widely concerned.The introduction of relevant policies and the continuous innovation of sewage treatment technology have brought a broad market space to the sewage treatment industry.In 2014,The PPP model has been applied in many fields.In 2017,the sewage treatment industry fully implemented the PPP model,further standardizing the operation of the sewage treatment market and improving the participation efficiency of the government and social capital parties.However,although the domestic sewage treatment industry is in a period of rapid growth at present,its market share is not high,related facilities are seriously insufficient and the regional distribution is uneven.The development status of the sewage treatment industry determines the financing characteristics of the industry as follows:First,large capital demand and insufficient financing amount;Second,the investment return period is long and there is great uncertainty.Third,financing risks are relatively high.Therefore,how to improve the utilization rate of existing funds become sewage treatment enterprises focus on problems,scientific and reasonable evaluation of sewage treatment efficiency of enterprise financing problems,and find out the influence the root cause of the sewage treatment industry financing efficiency,can largely promote the development of sewage treatment industry forward,optimize the market allocation of resources.In this study,the applicability of DEA-Tobit two-step method to the evaluation of enterprise financing efficiency was determined by reviewing the theory of enterprise financing and fully referring to the relevant research literature on financing efficiency.Taking 30 listed sewage treatment companies under the PPP model as the research objects and selecting reasonable input-output indexes,a dynamic evaluation model of financing efficiency of sewage treatment enterprises under the PPP model was built based on DEA-Malmquist method.DEAP software was used to obtain the measurement results.Secondly,by taking the measured comprehensive technical efficiency as the dependent variable and identifying five influencing factors as the independent variables,the Tobit regression model was built to identify and test the key factors affecting the financing efficiency of sewage treatment enterprises under PPP mode.According to the analysis results,the research conclusions are following:First,the financing efficiency of domestic sewage treatment enterprises is low under the PPP mode,and the negative impact of pure technical efficiency on the overall financing efficiency is more serious,so it is particularly important to take targeted measures to improve the management structure and technical level of enterprises;Second,from the perspective of dynamic changes,the financing efficiency of sewage treatment enterprises has been steadily improved under the PPP model from 2016 to 2019.Multiple factors,such as technological progress and enterprise scale,have jointly promoted the growth of comprehensive technical efficiency and industry development,making the production frontier of enterprises expand outward.Third,according to the different nature of the 30 enterprises,the average value of comprehensive technical efficiency and pure technical efficiency of 17 private enterprises from 2016 to 2019 is significantly higher than that of 13 state-owned enterprises,and the difference in comprehensive technical efficiency is mainly caused by the difference in pure technical efficiency.Fourth,in the exploration of factors affecting the financing efficiency of enterprises,enterprise size,capital structure and profitability have a significant negative impact on the financing efficiency of sewage treatment enterprises under PPP mode,while growth capacity and capital utilization ratio have a significant positive impact.This study takes listed sewage treatment companies under PPP model as the research object,and uses DEA-Tobit method to deeply analyze the financing efficiency of sewage treatment industry and the key factors affecting the financing efficiency of this industry.At the same time,it has important practical significance on how to improve the financing efficiency of sewage treatment enterprises under PPP mode.