Evaluation of the financing efficiency of listed tourism companies based on the SUPER-SBM model

It is of great significance to comprehensively examine the financing efficiency and development characteristics of listed tourism companies for the high-quality and connotation development of tourism industry. Based on the SUPER-SBM model of DEA and Malmquist index method, this paper conducts static and dynamic evaluation on the financing efficiency of 24 listed tourism companies in China from 2011 to 2019.The results show that : (1) The financing efficiency of Chinese listed tourism companies has not reached the effective level, with an average of 0.8246 and a small change; (2) Catering tourism listed companies have the highest financing efficiency, while hotels have the lowest financing efficiency; (3) The level of financing efficiency is "polarized" and the development trend is obviously different, showing four types: relatively large fluctuation, effective and stable development, annual decline and continuous rise; (4) The Tfpch decreased slightly, with the smallest decline in catering sector and the largest decline in general sector. The Techch in hotel sector has grown marginally.