中西部高耗能企业融资效率评价及影响因素研究——基于企业转型升级视角

Research on Financing Efficiency and Influencing Factors of High Energy Consuming Enterprises in Central and Western China——Based on the Perspective of Enterprise Transformation and Upgrading

高耗能企业的转型升级面临着融资成本大、融资效率低的问题。以高耗能企业的融资效率为研究对象,构建由财务和转型升级指标组成的评价体系。以73家中西部上市高耗能企业为例,应用CCR-Malmquist-Tobit方法,测算2011—2015年转型升级过程中的静态、动态融资效率及影响因素。结果显示多数高耗能企业融资效率未达最优,五年来整体效率呈下降趋势,并存在地域和行业差异;影响因素有企业创新投入和能力、盈利能力、股权结构等。

The transformation and upgrading of high energy consuming enterprises are facing problem of huge financing cost and improving financing efficiency. To research the financing efficiency of high energy consuming enterprises,the evaluation system composed of financial indicators as well as enterprise transformation and upgrading indicators is constructed. Taking the 73 high energy consuming enterprises in the Central and Western China as the case,the static and dynamic financing efficiency and influencing factors in the process of transformation and upgrading in 2011—2015 were calculated CCR-Malmquist-Tobit method. The results showed that most of the financing efficiency of the enterprises is not optimal,and in the recent five years,the overall efficiency declined. Besides,there were regional and industrial differences. The influencing factors were as follows： enterprise innovation input and ability,profitability,and ownership structure.