| Abstract |
As a high-tech industry, photovoltaic industry maintains a high growth rate, which greatly promotes the rapid development of traditional and emerging industries in China. The photovoltaic industry also brings the positive influence to the development of economy and innovation of technology. But in recent years, the financing problem of photovoltaic industry has become a bottleneck that restricts the sustainable development of the enterprises. Based on. Data Envelopment Analysis (DEA), this paper selects 21 listed companies in LED lighting industry in China to evaluate the financing efficiency from 2013 to 2015. The results are as follows: The financing efficiency of listed companies in LED lighting industry as a whole is on the rise, but it is still at a low level; The financing efficiency of listed companies is uneven and the difference is significantly different; The scale efficiency is relatively high and the proportion of enterprises in the state of decreasing returns to scale is gradually rising. For this trend, enterprises should further increase investment to realize economies of scale. For non-DEA efficient samples, this paper puts forward the countermeasures to improve the financing efficiency of listed companies in LED lighting industry. That is, the listed companies should focus on adjusting the total assets, reducing the main business costs and improving its profitability and growth ability. |
