Industry-finance integration activities is beneficial to the improvement of business performance of fishery companies—Based on DEA-CCR Model and DEA-Malmquist Model

Fisheries are an essential component of the national economy. The evaluation of fishery enterprises' business performance helps reveal the fishery industry's operating efficiency and serve the fishery economy's sustainable and high-quality development. This study used the data of fishery companies with industry-finance integration on the stock market from 2012-2021 and conducted a comparative study on the business performance of fishery companies with industry-finance integration on the stock market based on the DEA-CCR model and DEA-Malmquist index method. Two main results were revealed (i) the integration of industry and finance was an effective means to improve business performance, and the financial gains from the integration of industry and finance by listed fishery companies improve the overall efficiency and total factor productivity (TFP) of enterprises. (ii) The average TFP of listed fishery companies in China is declining, and technological decline is the main reason for the decline in TFP.