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

A Study on the Efficiency of Debt Financing of Listed Company Based on Two-stage DEA:An Application to Strategic Emerging Industry of New Energy Vehicles

运用两阶段关联网络DEA模型,对我国新能源汽车产业上市公司的债权融资效率及各子阶段对应效率进行了测算。研究结果表明:新能源汽车产业上市公司债权融资效率水平偏低,而债权筹资效率相对低下是其主要原因;随着时间推移,大部分新能源汽车产业上市公司两阶段效率逐渐趋向双重高效。

By using relational network two-stage DEA model, this paper investigates the debt financing efficiency of listed companies in the new energy vehicles industry, and calculates the efficiency of each sub-stage. The result indicates that the debt financing efficiency of the listed companies in the new energy automotive industry is at the low efficiency level, which is caused by the inefficiency of debt financing phase. Furthermore, the efficiency of two sub-stages of most listed companies of the new energy vehicle industry tends to double over time.