Evaluation Of Investment Efficiency Of Listed In A-share Green Coal Enterprises Based On Data Envelopment Analysis

The goals of carbon peaking by 2030 and carbon neutrality by 2060 put forward by China in 2020 require taking green transformation into consideration when developing China’s economy.Therefore,the development of coal resources should adapt to the construction of ecological civilization,and we need to strike a balance between coal exploitation and environmental protection.Accelerating green coal mining while improving investment efficiency is a major task for enterprises.Based on this,this paper conducted a comparative study on the investment efficiency of green coal mining enterprises that have been recognized by the country and ordinary coal mining enterprises from 2012 to 2020,and held an in-depth discussion on the investment efficiency of the former,and also came up with suggestions for future development.This paper first searched for related materials on the status quo of the investment in China’s green coal mining to have an overall understanding.As it turned out,there are only a handful of policies on the investment of green coal mining,and the analysis of its investment lacks diversity,most of which are more of qualitative,rather of quantitative.Considering the characteristic of massive input drives massive output in coal industry and the differences of production boundaries and techniques between green coal mining enterprises and ordinary coal mining counterparts,this paper combined the qualitative analysis with quantitative analysis,and adopted the data envelopment analysis(DEA).It incorporated green coal mining and ordinary coal mining enterprises into the same analysis framework based on Metafrontier,and conducted a comprehensive evaluation on investment efficiency.Besides,according to the DEA model,this paper regarded each coal mining enterprise as a decision-making unit,and evaluated the investment efficiency of 20 green coal mining and 20 general coal mining enterprises from 2012 to 2020 through collecting data.It also selected data of input and output to construct the BCC model of Variable Returns to Scale.Finally,the paper had a deep analysis on three representative enterprises that are DEA less effective,ineffective and effective for multiple times in a row.The author draws the following conclusions: from the perspective of group boundary,the investment efficiency of ordinary coal mining enterprises declines year by year,while green coal mines have a mild upward parabolic trend,which is steadily increasing every year.From the perspective of common boundary,the way these two types of enterprises fluctuate is similar.The overall investment efficiency of green coal mining enterprises is relatively low,and once reached the lowest.Although there is a gap compared with ordinary coal mining enterprises,green coal mining enterprises are catching up year by year,and are projected to surpass even though it is unstable.Given the low efficiency of the scale and it’s downward spiral of payment,this paper offers following suggestions gives for green coal mining enterprises: first,enhance the management of internal cash flow.Secondly,maintain a reasonable equity structure.Thirdly,ensure a sound financing structure to improve the efficiency of investment scale.As for the unstable problems in investment managing and technology,the author gives following advice: first,improve the management of investment.Second,strengthen the team building of investing talents.Finally,establish investment projects of high quality for people to choose.