基于网络DEA的高端装备制造企业融资效率及影响因素研究

Analysis and Research on Financing Efficiency and Influencing Factors of High-end Advanced Equipment Manufacturing Enterprises Based on Network DEA

为有效测度高端装备制造企业融资效率.将融资过程分为资金筹集和资金配置两个阶段,运用网络DEA方法对42家高端装备制造企业2015-2020年间的融资效率及子系统效率进行测量,并用Tobit模型对高端装备制造企业融资效率影响因素进行分析.研究发现高端装备制造企业总体融资效率及资金配置阶段效率偏低,资金筹集效率比资金配置效率要更有效,高端装备制造上市企业应同时重视资金筹集效率和资金配置效率.外部环境、营运能力、盈利能力、营业收入增长率以及企业规模与高端装备制造企业融资效率是正相关关系,其中资产负债率与高端装备制造企业融资效率是负相关关系.为此高端装备制造上市企业需要提高企业营运能力,降低资产负债率,优化企业融资结构,提高盈利能力以提升融资效率.

This thesis divides the financing efficiency into two stages:capital raising and capital allocation.The network DEA method is used to measure the financing efficiency of 42 advanced equipment manufacturing enterprises from 2015 to 2020,and the Tobit nonlinear regression model is used to analyze the influencing factors of their financing efficiency.It can be seen that the overall financing efficiency and fund allocation stage eficiency of high-end equipment manufacturing enterprises are low,and the fund-raising efficiency is more effective than the fund allocation eficiency.High-end equipment manufacturing listed enterprises should pay attention to the fund-raising efficiency and fund allocation efficiency at the same time.For this reason,it is necessary to optimize the scale of high-end equipment manufacturing enterprises and reduce the profitability of high-end equipment related enterprises.Therefore,it is necessary to improve the profitability of high-end equipment manufacturing enterprises and reduce the profitability of related enterprises.