基于两阶段DEA的煤炭上市企业融资效率研究
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摘要
将融资过程分为资金筹集和资金配置两个阶段,以24家煤炭上市企业为研究对象,选取近五年的平衡面板数据,构建两阶段DEA模型对其整体融资效率及两个子阶段效率进行测算,从时间、企业两个视角对融资效率进行分析,并探讨了各要素的松弛变量。结果表明:煤炭上市企业融资效率两极分化严重,整体处于较低水平;资金筹集效率是导致整体融资效率低下的主要原因;过度依赖债务融资,融资结构不合理;融资额与企业规模不匹配。
The financing process is divided into two stages:fund raising and fund allocation. Taking 24 coal listed companies as the research object,the balance panel data of the past five years was selected,and the two-stage DEA model was constructed to measure the overall financing efficiency and the efficiency of the two sub-stages. From the perspective of time and enterprise,the financing efficiency was analyzed,and the slack variables of each factor were discussed. The results showed that the financing efficiency of listed coal enterprises was very polarized and the overall level was at a low level. The fund raising efficiency was the main reason for the low efficiency of overall financing,excessive dependence on debt financing,the financing structure was unreasonable,and the financing amount did not match the size of the enterprise.
The financing process is divided into two stages:fund raising and fund allocation. Taking 24 coal listed companies as the research object,the balance panel data of the past five years was selected,and the two-stage DEA model was constructed to measure the overall financing efficiency and the efficiency of the two sub-stages. From the perspective of time and enterprise,the financing efficiency was analyzed,and the slack variables of each factor were discussed. The results showed that the financing efficiency of listed coal enterprises was very polarized and the overall level was at a low level. The fund raising efficiency was the main reason for the low efficiency of overall financing,excessive dependence on debt financing,the financing structure was unreasonable,and the financing amount did not match the size of the enterprise.
引文
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[2]刘海虹.国有企业融资效率与银行危机相关性研究[J].财经问题研究,2000(3):24-27.
[3]Shiva Kumar.Agency-based demand for conservatism:adoption of antitakeover laws[J].Rev.Account.Stud,2013(18):95-134.
[4]张华,韩盼盼,于佳.民营企业融资效率的影响因素研究--基于生命周期[J].改革与开放,2015(15):26-27.
[5]尚欣荣.煤炭行业上市公司融资率评价研究[D].西安:西安科技大学,2011.
[6]彭晓英,张庆华.基于DEA模型的煤炭上市公司股权融资效率评价[J].中国矿业,2008,17(12):26-29.
[7]晁坤,耿璐.基于DEA的我国煤炭上市公司融资效率评析[J].中国矿业,2014,23(6):44-48.
[8]朱尧.基于超效率DEA的煤炭上市公司债务融资效率研究[D].长沙:湖南大学,2013.
[9]王洁.供给侧改革背景下煤炭企业融资效率及影响因素研究[D].成都:西华大学,2017.
[10]Charnes A,Cooper W W,Rhodes E.Measuring the efficiency of decision making units[J].European Journal of Operational Research,1978(2):429-444.
[11]Fare R,Grosskopf S.Intertemporal Production Frontiers:With Dynamic DEA[M].Berlin:Springer Netherlands,1996.
[12]熊正德,阳芳娟,万军.基于两阶段DEA模型的上市公司债权融资效率研究--以战略性新兴产业新能源汽车为例[J].财经理论与实践,2014,35(5):51-56.
[13]宋光辉,李洪发,许林.基于两阶段DEA的科技型中小企业融资效率研究[J].科技管理研究,2017,37(2):191-195.
[14]宫兴国,孙新明.基于两阶段DEA模型的物流企业融资效率研究--以31家物流上市公司为例[J].会计之友,2017(5):103-107.
[15]金辉,黄珏.基于两阶段DEA模型的新三板企业融资效率评价[J].生产力研究,2017(9):29-33.