基于DEA方法的我国环保企业融资效率评价分析

环保企业兼具发展经济和保护环境双重功效，综合衡量环保企业的融资效率，对加速我国环保企业的跨越式发展具有重要意义。基于32家A股上市环保企业2008-2011年的面板统计数据，运用DEA方法对我国环保企业的融资效率进行实证研究和整体评价，以期客观反映我国环保企业融资效率现状，并进行成因探究，为环保企业融资效率的优化提供决策支持。结果表明：样本环保企业的融资效率整体均值偏高，但效率值分布呈现出两极分化状态；企业普遍处于规模报酬递增或不变阶段，整体呈发展向上态势；规模报酬不变的企业融资效率较高，规模报酬递增和递减的企业融资效率普遍较低；样本期间内环保企业融资效率经历先增长后回落的变化趋势。

DEA Method-based Research on Financing Efficiency Evaluation of Listed Environmental Protection Enterprises in China

Environmental protection enterprises are featured by their double effects on economic development and environmental protection. Thus evaluating the financing efficiency of environmental protection enterprises can help reflect the current situation of China＇s environmental protection enterprises, and further implement the strategic transformation and leapfrog development of the whole industry. Based on the DEA method, the paper conducted an empirical study of the fmancing efficiency of 32 listed environmental protection enterprises with the panel data from 2008 to 2011. The main empirical results are as follows： The overall financing efficiency of the samples is relatively high while the trend of polarization is obvious. The sample enterprises are generally in increasing returns to scale or constant phase, which shows the whole industry is in developing upward trend. Both samples in increasing and decreasing returns to scale are matched with low efficiency while samples in constant phrase are linked with high efficiency. The financing efficiency in the period of2008-2011 increased first and then fell down.