基于DEA-Malmquist模型的风电设备行业上市公司财务绩效评价

Financial Performance Evaluation of Listed Companies in the Wind Power Equipment Industry Based on the DEA-Malmquist Model

摘要: 在“双碳”目标推进和能源结构绿色转型深化背景下，风电产业进入规模化发展与高质量发展并重的新阶段。风电设备行业处于产业链核心，其财务绩效关系到企业经营绩效与产业链竞争力。近年来，风电设备企业受市场需求、技术迭代和行业竞争影响，面临资产投入增加、成本控制压力上升、盈利能力分化等问题，因此科学评价风电设备行业企业财务绩效意义重大。本文选取2021~2025年27家风电设备行业上市公司为样本，用DEA-BCC模型测算企业财务绩效，用Malmquist指数模型分析财务绩效动态变化。研究发现：样本企业综合技术效率未达有效且波动下降，说明行业投入产出配置有优化空间；纯技术效率明显下降，说明企业经营过程中内部管理和经营转化能力有待提升；Malmquist指数显示，样本期内全要素生产率均值小于1，说明行业财务绩效下降，虽然技术进步对财务绩效具有一定推动作用，但规模效率和管理效率不足制约了技术优势向财务绩效的转化。基于此，风电设备企业应优化资源配置，控制扩张规模，加强成本管理和资产运营，推动财务绩效的转化，提升行业竞争力。

Abstract: Against the backdrop of advancing the “dual carbon” goals and deepening green transformation in energy structures, the wind power industry has entered a new phase characterized by both large-scale development and high-quality growth. As the core component of the industrial chain, the financial performance of wind power equipment manufacturers directly impacts corporate operational efficiency and industry competitiveness. In recent years, these companies have faced challenges such as increased asset investments, rising cost control pressures, and diverging profitability levels due to market demands, technological advancements, and competitive pressures. Therefore, scientific evaluation of their financial performance is crucial. This study examines 27 listed companies in the wind power equipment sector from 2021 to 2025, employing the DEA-BCC model to measure financial performance and the Malmquist index model to analyze dynamic changes. The findings reveal that: 1) Comprehensive technical efficiency remained suboptimal with declining trends, indicating room for optimizing resource allocation; 2) Pure technical efficiency showed significant deterioration, highlighting the need for improved internal management and operational transformation capabilities; 3) The Malmquist index indicated that average total factor productivity remained below 1 throughout the study period, reflecting declining financial performance—while technological progress contributed partially, insufficient scale and management efficiency hindered the conversion of technological advantages into financial gains. Consequently, wind power equipment manufacturers should optimize resource allocation, control expansion scales, strengthen cost management and asset operations, enhance financial performance, and boost industry competitiveness.