基于两阶段DEA的煤炭上市企业融资效率研究

Research on financing efficiency of coal-listed enterprises based on two-stage DEA

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.