Research on Financing Efficiency of New Energy Companies in China Based on Multi-stage Super-DEA Model

Geng Cheng-Xuan, Wang Qiong, E Hai-tao E Hai-tao, LI Meng

Abstract


Combing with Tobit regression and Stochastic Frontier Analysis model, a multi-stage super-DEA model can exclude the environmental effects and stochastic effects. It is employed to assess financing efficiencies of 104 new energy listed companies in 2016. The empirical results show that most actual financing efficiencies are not efficient. The scales of these companies are the main constraint on their development. Moreover, the special technical level also has an impact on these efficiencies. In addition, the efficiency difference among provinces in China gives another support to environmental influence on the new energy industry. 93.27% of companies are in the stage of increasing returns to scale. Therefore, a new energy company should pay attention to expanding its scale of production and heighten its special technical level as well as improve their financing efficiencies with the help of local government power.   

Aus. Aca. Acc & Fin. Rev Vol 3(4), Oct 2017, P 189-198


Keywords


New Energy Industry; Financing Efficiency; Multi-stage DEA Model; Tobit Regression; Stochastic Frontier Analysis

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