基于DEA-Malmquist-Tobit模型的智能制造企业融资效率研究

Research on the Financing Efficiency of Intelligent Manufacturing Enterprises Based on DEA-Malmquist-Tobit Model

智能制造企业是实现“智”造强国的微观主体,对于我国制造业高质量发展至关重要。运用DEA-Malmquist-Tobit模型并以我国20家上市智能制造企业为样本,研究其融资效率及影响因素。结果显示:从静态研究来看,智能制造企业整体融资效率较高,但近五年平均有73%的企业没有达到DEA有效,且提高纯技术效率是提升总体融资效率的重心;从动态研究来看,全要素生产率指数近五年有增长趋势,但增长幅度并不明显,平均只有一个点的涨幅,原因在于技术效率变化指数整体上出现了负增长;从影响因素来看,融资效率与流动比率、净资产收益率呈显著的正相关关系,与前十大股东持股比例、生息负债率以及制造业指数则呈显著的负相关关系。

Intelligent manufacturing enterprises are the micro main body to realize“intelligent”manufacturing power,which is crucial to the high-quality development of China s manufacturing industry.Using DEA-Malmquist-Tobit model and taking 20 listed intelligent manufacturing enterprises in China as samples,this paper studies their financing efficiency and influencing factors.The results show that,from the perspective of static research,the overall financing efficiency of intelligent manufacturing enterprises is high,but in the past five years,on average,73%of enterprises have not reached the DEA efficiency;and improving the pure technical efficiency is the focus of improving the overall financing efficiency.From the perspective of dynamic research,the TFP index has shown a growth trend in the past five years,but the range of growth rate is not large,with an average increase of only one percentage point.The reason is that the technical efficiency change index has a negative growth on the whole.From the perspective of influencing factors,financing efficiency has a significant positive correlation with current ratio and return on equity,and a significant negative correlation with the top ten shareholders shareholding ratio,interest bearing debt ratio and manufacturing index.