Research on Financing Efficiencies of Strategic Emerging Listed Companies by Six-Stage DEA Model

Table 1

Input, output, and environmental variables.

First order	Second order	Third order	Notation
Input	Internal financing	Surplus reserve	Input1
		Undistributed profits	Input2
	Debt financing	Noncurrent liabilities	Input3
	Equity financing	Paid-up capital	Input4
		Capital surplus	Input5
Output	Revenue	Gross revenue	Output1
		Net profit	Output2
Environment	Financial environment	Local RMB loans balance of financial institutions at year end	E1
	Technological innovation	Local cumulative number of patents granted in the past three years	E2
	Market demand	Current gross domestic product	E3