Research on the Measurement and Influencing Factors of Innovation Efficiency of Listed Companies in the Energy Conservation and Environmental Protection Industry

Under the double carbon goal, the 14th Five Year Plan proposes to accelerate green and low-carbon development. The energy conservation and environmental protection industry has ushered in a period of strategic opportunities, and its driving role in economic growth will be further apparent. The further specialization and refinement of market demand for environmental protection products will force the energy conservation and environmental protection industry to carry out technological innovation. What is the efficiency of technological innovation in the energy conservation and environmental protection industry? Based on 2016-2020 data of 45 Chinese listed companies in this industry, this study uses DEA model and Malmquist index model to measure innovation efficiency from both static and dynamic aspects, and Tobit model to conduct regression analysis on the influencing factors of innovation efficiency. The results indicate that, from a static perspective, the overall innovation efficiency remained relatively stable from 2016 to 2019, and decreased in 2020 due to the impact of the epidemic. From a dynamic perspective, due to the decrease in scale efficiency and pure technological efficiency, the overall innovation efficiency decreased by 1% between 2016 and 2020; The main influencing factors of innovation efficiency are regional public budget revenue, the number of universities in the region, and the number of employees with master’s degrees or above in the company.