The Efficiency Measures Of The Chinese New Energy Listed Company Based On The Two-Stage DEA Model

The new energy industry is one of China's strategic emerging industries.It has the characteristics of high-tech innovation and wide applicability,and is an important endeavor for China's energy transformation and development.However,the development of new energy industry is risky,technologically biased,and scaled,which requires the industry to require a large amount of capital investment in the development process.However,most new energy companies do not have enough self-sufficiency in funding,but rely more on foreign financing.Exogenous financing is a financing method that companies in China and even other countries are relying on more.However,the characteristics of high external financing costs and high risks have an impact on the funds that are integrated.Therefore,this paper studies the financing efficiency of China's listed new energy companies from the empirical perspective.It mainly analyzes three issues: First,is the effectiveness of the financing of China's new energy listed companies,and how effective;Second,it analyzes the two stages of raising funds and capital allocation.The distribution of financing efficiency;The third is from the perspective of equity and creditors to judge whether the new energy listed company is better.Based on MM theory,trade-off theory,agency theory and preferential financing theory,this paper analyzes the characteristics and development history of China's new energy listed companies financing.Then analyze the status quo and existing problems to guide the direction of empirical analysis.Then build a two-phase DEA model,select the input and output indicators affecting the new energy financing,and process and descriptive statistics of the acquired data.Use the MaxDEA software to analyze the sample data and obtain the corresponding efficiency value.The empirical results show that at present,the total amount of debt financing of China's listed new energy companies is more than the total amount of equity financing,but the former's financing efficiency is less than the latter's financing efficiency;equity financing efficiency changes with time,and debt financing efficiency is relatively stable In addition,for the two-stage analysis of fundraising and fund allocation,it is concluded that,whether it is equity or debt financing,the capital allocation efficiency is low and there is a lot of room for improvement.Finally,based on the analysis of the research conclusions in this paper,some effective policy recommendations are put forward for the financing of new energy companies.