Application of Fuzzy Bilateral Boundary DEA Model in Selection of Energy-Saving and Environmental Protection Enterprises
|
摘要
The energy-saving and environmental protection industry has vast development space and huge market increment in China. Selecting appropriate energy-saving and environmental protection enterprises is one of the important decisions of venture capital investment. In the paper,a fuzzy bilateral boundary data envelopment analysis(DEA)model with optimistic coefficient is proposed to select those companies with high financing efficiencies. Based on the characteristics of enterprise financing,undesirable outputs and dual-role factors are considered in the proposed model. The results show that the fifth enterprise has high comprehensive financing efficiencies and always ranks the first when the optimistic coefficients are 0.2,0.5 and 0.8,respectively. In addition,most energy-saving and environmental protection enterprises have not efficient financing efficiencies. There is still much space for improvement.
The energy-saving and environmental protection industry has vast development space and huge market increment in China. Selecting appropriate energy-saving and environmental protection enterprises is one of the important decisions of venture capital investment. In the paper,a fuzzy bilateral boundary data envelopment analysis(DEA)model with optimistic coefficient is proposed to select those companies with high financing efficiencies. Based on the characteristics of enterprise financing,undesirable outputs and dual-role factors are considered in the proposed model. The results show that the fifth enterprise has high comprehensive financing efficiencies and always ranks the first when the optimistic coefficients are 0.2,0.5 and 0.8,respectively. In addition,most energy-saving and environmental protection enterprises have not efficient financing efficiencies. There is still much space for improvement.
The energy-saving and environmental protection industry has vast development space and huge market increment in China. Selecting appropriate energy-saving and environmental protection enterprises is one of the important decisions of venture capital investment. In the paper,a fuzzy bilateral boundary data envelopment analysis(DEA)model with optimistic coefficient is proposed to select those companies with high financing efficiencies. Based on the characteristics of enterprise financing,undesirable outputs and dual-role factors are considered in the proposed model. The results show that the fifth enterprise has high comprehensive financing efficiencies and always ranks the first when the optimistic coefficients are 0.2,0.5 and 0.8,respectively. In addition,most energy-saving and environmental protection enterprises have not efficient financing efficiencies. There is still much space for improvement.
引文
[1] ZENG K L. How to think about direct financing and indirect financing[J]. Journal of Financial Research,1993(10):7-11.
[2] CHARNES A,COOPER W W,RHODES E. Measuring the efficiency of decision making units[J]. European Journal of Operational Research,1978,2(6):429-444.
[3] WANG Y M,CHIN K S,YANG J B. Measuring the performances of decision-making units using geometric average efficiency[J]. Journal of the Operational Research Society,2007,58(7):929-937.
[4] WANG Y M,CHIN K S.A new approach for the selection of advanced manufacturing technologies:DEA with double frontiers[J]. International Journal of Production Research,2009,47(23):6663-6679.
[5] AHMADY N,AZADI M,SADEGHI S A H,et al. A novel fuzzy data envelopment analysis model with double frontiers for supplier selection[J]. International Journal of Logistics Research and Applications,2013,16(2):87-98.
[6] SHAERLAR A J,AZIZI H,JAHED R. Fuzzy efficiency measures in DEA:A new approach based on fuzzy DEA approach with double frontiers[J]. International Journal of Applied Operational Research,2016,6(1):1-12.
[7] SENGUPTA J K. A fuzzy systems approach in data envelopment analysis[J]. Computers and Mathematics with Applications,1992,24(8/9):259-266.
[8] KAO C,LIU S T. Fuzzy efficiency measures in data envelopment analysis[J]. Fuzzy Sets and Systems,2000,113(3):427-437.
[9] GUO P,TANAKA H,INUIGUCHI M. Self-organizing fuzzy aggregation models to rank the objects with multiple attributes[J]. IEEE Transactions on Systems,Man,and Cybernetics-Part A:Systems and Humans,2000,30(5):573-580.
[10] LERTWORASIRIKUL S,FANG S C,JOINES J A,et al. Fuzzy data envelopment analysis(DEA):A possibility approach[J]. Fuzzy Sets and Systems,2003,139(2):379-394.
[11] SEIFORD L M,ZHU J. Modeling undesirable factors in efficiency evaluation[J]. European Journal of Operation Research,2002,142(1):16-20.
[12] JAHANSHAHLOO G R,HOSSEINZADEH L F,SHOJA N,et al. Undesirable inputs and outputs in DEA models[J]. Applied Mathematics and Computation,2005,113(3):427-437.
[13] TOLOO M,HAN?LOVáJ. Multi-valued measures in DEA in the presence of undesirable outputs[EB/OL].(2019-3-20)[2019-4-12].https://data.mendeley.com/datasets/dhg3jn5y2b/1.
[14] HAILU A,VEEMAN T S. Non-parametric productivity analysis with undesirable outputs:An application to the Canadian pulp and paper industry[J]. American Journal of Agricultural Economics,2001,83:605-616.
[15] COOK W D,GREEN R H,ZHU J. Dual-role factors in data envelopment analysis[J]. Lie Transactions,2006,38(2):105-115.
[16] AZADI M,MIRHEDAYATIAN S M,SAEN R F,et al. Green supplier selection:A novel fuzzy double frontier data envelopment analysis model to deal with undesirable outputs and dual-role factors[J]. International Journal of Industrial and Systems Engineering,2017,25(2):160-181.
[17] WANg Q,GENG C X. Research on financing efficiencies of strategic emerging listed companies by sixstage DEA model[J]. Mathematical Problems in Engineering,2017(1):1-8.
[2] CHARNES A,COOPER W W,RHODES E. Measuring the efficiency of decision making units[J]. European Journal of Operational Research,1978,2(6):429-444.
[3] WANG Y M,CHIN K S,YANG J B. Measuring the performances of decision-making units using geometric average efficiency[J]. Journal of the Operational Research Society,2007,58(7):929-937.
[4] WANG Y M,CHIN K S.A new approach for the selection of advanced manufacturing technologies:DEA with double frontiers[J]. International Journal of Production Research,2009,47(23):6663-6679.
[5] AHMADY N,AZADI M,SADEGHI S A H,et al. A novel fuzzy data envelopment analysis model with double frontiers for supplier selection[J]. International Journal of Logistics Research and Applications,2013,16(2):87-98.
[6] SHAERLAR A J,AZIZI H,JAHED R. Fuzzy efficiency measures in DEA:A new approach based on fuzzy DEA approach with double frontiers[J]. International Journal of Applied Operational Research,2016,6(1):1-12.
[7] SENGUPTA J K. A fuzzy systems approach in data envelopment analysis[J]. Computers and Mathematics with Applications,1992,24(8/9):259-266.
[8] KAO C,LIU S T. Fuzzy efficiency measures in data envelopment analysis[J]. Fuzzy Sets and Systems,2000,113(3):427-437.
[9] GUO P,TANAKA H,INUIGUCHI M. Self-organizing fuzzy aggregation models to rank the objects with multiple attributes[J]. IEEE Transactions on Systems,Man,and Cybernetics-Part A:Systems and Humans,2000,30(5):573-580.
[10] LERTWORASIRIKUL S,FANG S C,JOINES J A,et al. Fuzzy data envelopment analysis(DEA):A possibility approach[J]. Fuzzy Sets and Systems,2003,139(2):379-394.
[11] SEIFORD L M,ZHU J. Modeling undesirable factors in efficiency evaluation[J]. European Journal of Operation Research,2002,142(1):16-20.
[12] JAHANSHAHLOO G R,HOSSEINZADEH L F,SHOJA N,et al. Undesirable inputs and outputs in DEA models[J]. Applied Mathematics and Computation,2005,113(3):427-437.
[13] TOLOO M,HAN?LOVáJ. Multi-valued measures in DEA in the presence of undesirable outputs[EB/OL].(2019-3-20)[2019-4-12].https://data.mendeley.com/datasets/dhg3jn5y2b/1.
[14] HAILU A,VEEMAN T S. Non-parametric productivity analysis with undesirable outputs:An application to the Canadian pulp and paper industry[J]. American Journal of Agricultural Economics,2001,83:605-616.
[15] COOK W D,GREEN R H,ZHU J. Dual-role factors in data envelopment analysis[J]. Lie Transactions,2006,38(2):105-115.
[16] AZADI M,MIRHEDAYATIAN S M,SAEN R F,et al. Green supplier selection:A novel fuzzy double frontier data envelopment analysis model to deal with undesirable outputs and dual-role factors[J]. International Journal of Industrial and Systems Engineering,2017,25(2):160-181.
[17] WANg Q,GENG C X. Research on financing efficiencies of strategic emerging listed companies by sixstage DEA model[J]. Mathematical Problems in Engineering,2017(1):1-8.