基于资金链视角的企业融资约束及效率研究——以我国房地产上市公司为例

Research on Financing Constraints and Efficiency of Chinese Listed Companies of Real Estate Industry from the Capital Chain Perspective

企业的融资约束状况严重制约了企业的发展,融资效率能够有效衡量企业的融资约束状况。文章基于资金链视角将企业融资系统划分成资金吸纳系统和资金应用系统,并以房地产上市公司为样本,运用超效率DEA模型测度两个子系统及融资系统的效率水平,在此基础上,运用协调度模型对企业融资系统的协调性进行研究,通过效率水平及协调度来判断企业的融资约束程度。研究表明,我国大部分房地产上市公司由于资金吸纳效率低下,资金应用效率不高,资金链不连贯,存在着严重的融资约束。为此,我国房地产上市公司应改善资金筹集及使用效率,提升企业融资系统的协调度。

Corporate financing constraints seriously restrict the development of enterprises.The financing efficiency can effectively measure the enterprise financing constraints.Based on the capital chain perspective, enterprise financing system is divided into the fund raising system and fund application system.Chinese listed companies of real estate industry are taken as the subjects of this study and super-efficiency DEA models are used to measure efficiencies of these subsystems and financing system.On the basis, coordination degree model is used to measure the coordination of enterprise financing system.The research results show that most of Chinese real estate listed companies had low efficiency in fund raising and fund application and also had incoherent capital chain, indicating that there were serious financing constraints.It is suggested that Chinese real estate listed companies should improve the efficiency of fund raising and application of fund to enhance the coordination degree of enterprise financing system.