基于DEA-Tobit模型的企业融资效率及影响因素研究--以新三板农业企业为例

Research on Enterprise Financing Efficiency and Its Influencing Factors Based on DEA-Tobit Model-Take New Third Board Agricultural Enterprises for Example

通过构建 DEA-Tobit模型,对在新三板挂牌的14 家农业企业的融资效率及其影响因素进行分析研究。结果表明:新三板农业企业普遍存在综合融资效率偏低、纯技术效率偏高、规模效率偏低、规模报酬递增较高等问题;从影响融资效率的因素来看,主营业务收入增长率和总资产周转率与融资效率呈显著负相关,流动比率与融资效率没有显著相关性。基于上述结论,从农业企业、金融供给和政府3个层面提出提升融资效率的建议。

By constructing DEA-Tobit model,this paper has analyzed the financing efficiency and its influencing factors of 14 agricultural enterprises listed on the new third board.The results show that:the agricultural enterprises on the new third board generally have the problems of low comprehensive financing efficiency,high pure technical efficiency and low scale economies effect;in addition,the increasing returns to scale is relatively high.From the factors affecting financing efficiency,the increase rate of main business revenve and the turnover rate of total assets have a significantly negative correlation with financing efficiency,while the current ratio has no significant correlation with financing efficiency.Based on the above conclusions,this paper puts forward suggestions to improve the financing efficiency from three aspects of agricultural enterprises,financial supply and government.