The Empirical Study On Investing And Financing Efficiency Of Listed Companies Of New Energy Industry

Financial crisis brought severe negative impact to the economic development ofthe whole world. Many industries showed decline especially foreign trade andinvestment. To confront the negative influence of the financial crisis，every countrybegan to find the leading strategy to grab the dominant position in the next roundeconomic and technological development. China needs to develop strategic emergingindustries for changing the way of economic growth. During the State Councilexecutive meeting on September,2010, the decision to speed up the cultivation anddevelopment of strategic emerging industry had been approved and the focus of thedevelopment had been put on new energy, energy saving, new generation ofinformation technology, biotechnology, high-end equipment manufacturing, newenergy vehicles and new materials industries. The study of the investment andfinancing efficiency of new energy industry, the prominent representative of thestrategic emerging industries, has strategic meaning.This paper applies Three-stage DEA model to study the investment efficiencyand its influencing factors of the new energy industry listed companies in2011inChina, and finds some conclusions.(1) The investment efficiency is the highest andcoefficient of variation is the minimum in east China; the investment efficiency isgood in western China, the comprehensive technical efficiency is mainly affected bythe scale efficiency value in east and western China; the average value ofcomprehensive technical efficiency is the lowest and is relatively sensitive on theglobal economic and financial volatility in2011in central China.(2) The new energyindustry investment surplus phenomenon exists, because many listed companies are inthe stage of scale diminishing returns.(3) The investment efficiency of new energyindustry listed companies is positively related to the gross value added of the fixedassets. Environmental factors such as economic, technological, energy consumption,and international trade as well as random factors have effects on investment efficiency;especially on pure technical efficiency. We should eliminate the factors.