基于SBM-Malmquist-Tobit模型的纺织业上市公司融资效率研究

Research on the Financing Efficiency of Textile Listed Companies Based on SBM-Malmquist-Tobit Model

纺织业是我国重要的经济支柱产业之一,在国民经济发展、促进社会安定与繁荣中起着重要的作用。融资活动会影响上市公司产、供、销各个环节,对于企业持续经营和长远发展起着战略指导作用。契合纺织业"十三五"规划、"一带一路"倡议及"中国制造2025"对纺织业上市公司持续经营和长远发展的更高要求,以我国纺织业上市公司为研究对象,选取2012—2016年的财务数据,通过构建SBM-Malmquist指数模型从静态及动态两个角度对融资效率进行测算,构建指标体系,提出五个假设,构建受限面板Tobit回归模型对影响融资效率的因素进行验证,得出针对提升纺织业上市公司融资效率的实证结论。

Textile industry is one of the most important economic pillar industries in China. It plays an important role in the development of national economy and the stability and prosperity of the society. The financing activities affect the production, supply and marketing of the listed companies and play a strategic guiding role for the sustainable management and long-term development of the enterprises.In accordance with the textile industry “13th Five-Year" planning,“The Belt and Road” and “Made in China 2025 strategy", the textile listed companies of China were taken as the research object, and the financial data of 2012-2016 years was selected, through the construction of the SBM-Malmquist model to calculate the financing efficiency from the static and dynamic angles, then the index system was constructed, five hypothesesbeingputted forward, the limited panel Tobit regression model being constructed to verify the factors that affect the financing efficiency. Finally, an empirical conclusion was obtained to improve the financing efficiency of the textile listed companies.