Evaluation and Influence of Chinese Enterprises' Financial Efficiency Based on the Malmquist Index

This paper introduces a superefficiency financial efficiency model with undesirable output based on the features that the output of industrial enterprises contains desirable output as well as undesirable output. Furthermore, the Malmquist index model is constructed for financial efficiency dynamic study, and the spatial Durbin model is constructed for evaluation and impact of enterprises. According to the financial data of Chinese enterprises from 2007 to 2019, this paper evaluates the financial efficiency of Chinese interprovincial industrial enterprises dynamically and measures the influence levels of major impacts on the financial efficiency of Chinese interprovincial industrial enterprises quantitatively. As reported by this paper, the conclusions are as follows: (1) In reference to the financial efficiency dynamic study analysis, there is an obvious growth trend in the financial efficiency of Chinese interprovincial industrial enterprises in different years. Based on the horizontal analysis of financial efficiency, there is a relatively large gap in financial efficiency among Chinese interprovincial industrial enterprises. (2) From the separation factors of financial efficiency analysis, the main factor affecting the growth of the financial efficiency of Chinese industrial enterprises is the modification of technology, and the modification of technical efficiency has a minor impact. (3) In accordance with the impacts of enterprise efficiency analysis, several major factors influence the financial efficiency of Chinese industrial enterprises such as major business cost, operating profit, total liabilities, national capital, and the number of R&D personnel.