基于DEA的京津冀节能环保上市公司融资效率研究
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摘要
节能环保上市公司融资效率的提升对于促进京津冀地区节能环保产业的持续稳健发展至关重要。应用DEA-Malmquist指数法,分别从静态和动态视角,测度和分析了京津冀13家节能环保上市公司2009~2016年的融资效率。研究结果表明:从静态融资效率评价测算结果来看,京津冀13家节能环保上市公司整体的融资效率较高,主要原因在于纯技术效率和规模效率的拉动作用;从动态融资效率评价测算结果来看,京津冀地区节能环保上市公司融资效率呈波动趋势,但整体融资水平仍然较高,原因在于纯技术效率变化指数对改善节能环保上市公司的融资效率发挥着更为显著的作用。
A financing efficiency improvement of the energy saving and environment protection listing companies would be critical important to the sustainable and stable development to promote the energy saving and environment protection industry in Beijing,Hebei and Tianjin. Individually from a static and dynamic view,a DEA-Malmquist index method was applied to measure and analyze the financing efficiency from 2009 to 2016 of 13 energy saving and environment protection companies in Beijing,Hebei and Tianjin. The study results showed that from the measurement and calculation results of the static financing efficiency evaluation,the overall financing efficiency of 13 energy saving and environment protection listing companies in Beijing,Hebei and Tianjin was high and the main causes were the pulling function of the pure technology efficiency and scale efficiency. From the evaluation measurement and calculation results of the dynamic financing efficiency,the financing efficiency of the energy saving and environment protection companies in Beijing,Hebei and Tianjin were in a fluctuation tendency.But the overall financing level was still high. The causes of the pure technology efficiency variation index could play remarkable function to improve the financing efficiency of the energy saving and environment protection listing companies.
A financing efficiency improvement of the energy saving and environment protection listing companies would be critical important to the sustainable and stable development to promote the energy saving and environment protection industry in Beijing,Hebei and Tianjin. Individually from a static and dynamic view,a DEA-Malmquist index method was applied to measure and analyze the financing efficiency from 2009 to 2016 of 13 energy saving and environment protection companies in Beijing,Hebei and Tianjin. The study results showed that from the measurement and calculation results of the static financing efficiency evaluation,the overall financing efficiency of 13 energy saving and environment protection listing companies in Beijing,Hebei and Tianjin was high and the main causes were the pulling function of the pure technology efficiency and scale efficiency. From the evaluation measurement and calculation results of the dynamic financing efficiency,the financing efficiency of the energy saving and environment protection companies in Beijing,Hebei and Tianjin were in a fluctuation tendency.But the overall financing level was still high. The causes of the pure technology efficiency variation index could play remarkable function to improve the financing efficiency of the energy saving and environment protection listing companies.
引文
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[2]谢婷婷,马洁.西部节能环保产业上市公司融资效率及影响因素探究[J].财会月刊,2016(24):79-84.
[3]王春波,张雪梅,杨帆.节能环保类上市公司融资效率评价[J].生产力研究,2016(6):35-37.
[4]王欢,黄亚林.节能环保产业上市公司技术效率评价研究[J].中国市场,2016(17):159-160.
[5]曹宇,耿成轩.节能环保产业公司融资效率研究——基于四阶段DEA-Malmquist模型[J].环境科学与管理,2016,41(3):6-10.
[6]曹宇,耿成轩.基于灰关联的节能环保产业上市公司融资效率研究[J].合肥工业大学学报(社会科学版),2016,30(1):25-34.
[7]张雪梅.区域环保产业上市公司效率评价及影响因素实证研究[J].系统工程,2015(4):106-111.
[8]琚晓瑜.我国节能环保产业上市公司融资效率研究[D].石家庄:石家庄经济学院,2014.
[9]张强,贺立.我国节能环保产业上市公司融资效率研究[J].求索,2013(4):30-32.
[10]邓超,魏慧文,唐莹.基于DEA方法的我国环保企业融资效率评价分析[J].中南大学学报,2013(5):8-13.
[11]方创琳,关兴良.中国城市群投入产出效率的综合测度与空间分异[J].地理学报,2011,66(8):1011-1022.