三阶段DEA模型的中小体育企业融资效率测度——基于新三板挂牌企业数据的实证分析

The Financing Efficiency Measurement of Small and Medium-sized Sports Enterprises on the Three-stage DEA Model——An Empirical Analysis Based on the Data of NEEQ

新三板市场是我国中小体育企业融资的重要渠道。运用三阶段DEA模型对新三板挂牌的体育类企业融资效率进行静态和动态分析,并进一步比较新三板市场上有融资行为和无融资行为的体育类企业融资效率的差异。结果表明:环境因素对体育类企业融资效率有抑制作用;大部分体育类企业处于规模报酬递增阶段;纯技术效率对融资效率的作用明显;体育企业整体融资效率处于下降趋势;新三板市场上有融资行为的体育类企业的规模报酬效率要低于无融资行为的体育类企业。未来应发挥政府对体育企业的扶持和引导作用,建立体育企业信用评价体系,完善体育无形资产评估管理机制,提高体育企业自身的管理效率和自主创新能力,强化对体育企业融资活动的管理。

The NEEQ market is an important financing channel for small and medium-sized sports enterprises in China.By using the three-stage DEA model,the paper conducts a static and dynamic analysis of financing effi⁃ciency of sports enterprises listed on the NEEQ,and further compares the differences between the financing efficien⁃cy of sports enterprises with and without financing behavior on the NEEQ market.The results demonstrate that:En⁃vironmental factors restrain the financing efficiency of sports enterprises;most sports enterprises are in the stage of increasing returns to scale;the effect of pure technical efficiency on financing efficiency is obvious;the overall fi⁃nancing efficiency of sports enterprises is in a downward trend;the efficiency of return to scale of sports enterprises with financing behaviors on the NEEQ market is lower than that of sports enterprises without financing behaviors.We should give play to the supporting and guiding role of the government in that of sports enterprises,establish the credit evaluation system of sports enterprises,perfect the evaluation and management mechanism of sports intangi⁃ble assets,improve the management efficiency and independent innovation ability of sports enterprises and strength⁃en the management of financing activities of sports enterprises.