Financing Efficiency Evaluation of Chinese New Energy Enterprises based on Three-stage DEA-Malquist

摘要

A three-stage DEA model was used to measure the financing efficiency of 102 listed new energy enterprises in China. It is found that the new energy enterprises have higher technical efficiency and scale efficiency, and lower comprehensive technical efficiency. By analyzing the change of efficiency in Malquist dynamics, we found that the total factor productivity of the sample enterprises decreased by 2%, the change of pure technical efficiency contributed 1.1% to total factor productivity. The index of technical progress is low, and there is much room for improvement in the use and application of existing technologies. The inefficiency of scale is the main reason that affects the efficiency of financing. In the empirical model of factors affecting financing efficiency, we find that there is scale diseconomy effect in financing efficiency of new energy enterprises. The influence of institutional ownership on financing efficiency is significantly negative, which indicates that institutional investors are irrational in financing decision-making.