中国十二大军工集团融资效率及融资冗余比较——基于旗下A股上市公司的实证数据

深入分析军工企业融资效率及融资冗余,有利于国防科技领域创新融资模式,优化融资结构。以十二大军工集团旗下上市公司的年报数据为实证依据,运用DEA-BCC模型测算2016—2018年融资效率及其变动情况,对融资冗余进行比较与分类。研究发现:十二大军工集团的融资效率持续上升,但处在融资有效前沿面的企业数量有限;不同军工集团融资效率存在明显差异且整体水平不高;高估融资需求及不合理的融资结构是制约融资效率的主要因素。当前阶段,仍需进一步健全资金投入政策、完善多元化市场融资机制、优化资金配置方式、实施具有国防特色的金融支持机制,确保战略性两用技术的研发与产业化。

Research on the Relationship Between Financial Redundancy, Financing Constraints and Investment Efficiency in Manufacturing Listed Companies

Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.