Research On Financial Performance Evaluation Of New Energy Vehicle Listed Companies Based On Factor Analysis And DEA

In 2022,China’s government work report pointed out that "we should continue to support the consumption of new energy vehicles and promote green and low-carbon development".In recent years,the uneven supply and demand and environmental damage caused by energy problems have become key elements to curb the progress of human civilization.As an important focus point for solving the energy crisis and achieving carbon neutrality,the new energy vehicle industry has received increasing attention both at home and abroad.2021 will see the sales volume of new energy vehicles in China exceed 3 million units,and it is expected that there will still be a large growth space in the future,which means that China’s new energy vehicle industry has gradually stepped into the fast lane of rapid development.As a representative of the new energy vehicle industry,the financial performance of listed companies in the new energy vehicle industry objectively reflects the overall development level of the industry.Therefore,a scientific and comprehensive evaluation of the financial performance of China’s new energy vehicle listed companies is of great significance for discovering problems in the production and operation of enterprises,enhancing the market competitiveness of China’s new energy vehicle listed companies,and promoting the orderly development of China’s new energy vehicle industry.This paper firstly elaborates the development history of performance evaluation,sorts out the performance evaluation system,the application of performance evaluation methods and the scholars’ research associated with the new energy vehicle listed companies,and introduces the current development trend and shortcomings of the new energy vehicle industry.Secondly,based on the principles of principal-agent theory,stakeholder theory and other related principles,and combined with the development characteristics of the new energy vehicle industry,a combination of factor analysis and DEA was selected to evaluate the financial performance of 19 new energy vehicle listed companies.The specific analysis steps are to determine 12 pre-selected evaluation indicators based on the principles of indicator selection,scholars’ past research and SASAC’s enterprise performance evaluation standards,apply factor analysis to reduce the dimensionality of the original indicators,and finally substitute into the DEA model,use the DEA-BCC model and Malmquist index to form a complete evaluation analysis combining static efficiency and dynamic efficiency,and according to the conclusion targeted comments are proposed.The research results show that:(i)the overall financial performance level of the current listed companies of new energy vehicles in China is not high,and the input and output are unbalanced.The efficiency difference between enterprises is obvious and polarized,and the financial performance of some enterprises is well below the overall average.(ii)During the period of 2018-2020,the development gap of enterprises in the industry has been narrowed,and more and more companies are moving closer to the production frontier side,and the number of DEA effective enterprises has increased year by year,with the percentage increasing from 15.79% to 36.84%.(iii)During the sample study period,the financial performance of listed companies in the new energy vehicle industry has slightly improved,and the mean value of total factor productivity is 1.012.After further study,it is found that the change index of technological progress is the key factor restricting the growth of total factor productivity.