Research On Financing Efficiency Of Listed Companies In China Based On Network DEA Model

With the proposed goals of "carbon peak" and "carbon neutrality",China’s listed clean energy companies are paying more and more attention.In the competitive market environment,enterprises have the motivation to improve efficiency to pursue profit maximization.In this context,it is very important for China’s listed clean energy companies to improve their efficiency,enhance market competitiveness and identify the gap between themselves and other companies.Different companies face different situations.How to implement policies to promote the development of companies and improve their own efficiency is the main problem of clean energy companies at the present stage.The operating efficiency of a company is closely related to the capital flow,and the capital flow is reflected in the financing efficiency of a company.As far as we know,most studies do not use the network data envelopment analysis model to evaluate the financing efficiency of companies.Without considering the internal structure of financial flows,it is easy to draw inappropriate conclusions and thus potentially problematic.To solve this problem,this study adopted a new network structure to unify fund raising and fund utilization.In addition,this study adopted a new framework to detect a variety of ineffective sources.This paper takes 112 enterprises in China’s clean energy industry from 2014 to 2021 as the research object,and takes fixed cost,variable cost,debt,number of employees and intangible assets as input indicators,total operating income as desired output indicators,and total financing scale as intermediate products.The black box model,network DEA model and cross efficiency are respectively used to measure the financing efficiency of the company.At the same time,this paper uses the strategy network DEA method to evaluate the corporate financing efficiency and studies the influence of different strategies on the efficiency.In addition,this paper uses a new research framework to further analyze the sources of financing efficiency differences among different companies.The framework includes coupling degree index(used to measure inter-stage relationships),efficiency Gini coefficient(used to measure technical inequality)and relative weight index(used for relative priority analysis).The main conclusions of this paper are summarized as follows:(1)The financing efficiency of listed clean energy companies in China has improved overall from 2014 to 2021.The overall improvement of financing efficiency is mainly driven by the use of funds stage.At the same time,there is great heterogeneity among different stages,different groups and different companies.Efficiency measures vary widely among companies.(2)In terms of stage priority,fund raising is more important than fund utilization.This shows that financing for listed clean energy companies remains a difficult issue in China.(3)Different strategies will disproportionately affect the financing efficiency of each company.Policymakers need to tailor strategies to help make finance more efficient or improve other aspects of efficiency.(4)The financing efficiency of listed clean energy companies in China showed an obvious convergence trend from 2014 to 2021.