Research Article

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

Table 1

Input, output, and environmental variables.

First orderSecond orderThird orderNotation

InputInternal financingSurplus reserveInput1
Undistributed profitsInput2
Debt financingNoncurrent liabilitiesInput3
Equity financingPaid-up capitalInput4
Capital surplusInput5

OutputRevenueGross revenueOutput1
Net profitOutput2

EnvironmentFinancial environmentLocal RMB loans balance of financial institutions at year endE1
Technological innovationLocal cumulative number of patents granted in the past three yearsE2
Market demandCurrent gross domestic productE3