我国装备制造业上市公司融资效率评价与提升策略研究

发布时间：2018-03-10 03:33

本文选题：装备制造业　切入点：融资效率　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：装备制造业作为我国制造业的基础,是关乎国家经济发展和国防安全的战略性产业,也是我国制造业发展水平和国家综合实力的重要体现。现阶段,我国装备制造业正处于转型升级的关键阶段,国家和政府给予高度的关注和扶持。然而我国装备制造业“大而不强”、核心竞争力不足已成为不争的事实,尤其是受到国际金融危机和欧洲次贷危机的影响,装备制造业企业面临着融资难、融资负担重、融资成本高的问题,企业融入的资金难以满足长远发展的需求,融资效率难以提升。本文以我国装备制造业545家上市公司为研究对象,运用改进后的交叉效率模型对装备制造业上市公司的融资效率进行测度,在此基础上分析装备制造业上市公司融资效率的影响因素并提出提升策略。在方法的改进上,本文通过构建虚拟的正、负理想点,将正理想点与进取型交叉效率模型相结合,将负理想点与仁慈型交叉效率模型相结合,运用兼顾效率与公平的方法将两种模型的效率值进行集结,得到更加科学有效同时还可以促进决策单元良性发展的交叉效率模型。本文运用新构建的交叉效率模型,分别对我国装备制造业上市公司整体的融资效率和细分行业的融资效率进行测算和评价。在此基础上,本文以2011-2015年间545家上市公司的面板数据为样本,对装备制造业上市公司融资效率的影响因素进行研究。运用Malmquist指数法得出各年的纯技术效率值,并以2011年的融资效率为基期计算出受纯技术效率影响的融资效率,接着运用面板数据回归分析企业规模、企业融资方式、企业的债务结构、企业的治理结构、行业竞争程度、GDP增长率六项指标对装备制造业上市公司融资效率的影响。最后,本文从提升装备制造业上市公司自身实力和优化宏观环境两个层面入手给出提升装备制造业上市公司融资效率的策略。本文构建的基于正负理想点的交叉效率模型克服了传统交叉效率方法以平均值进行集结的问题,兼顾决策单元整体的效率和公平。同时本文对装备制造业上市公司的融资效率进行测算和评价,并对具体的影响因素进行分析,对我国装备制造业上市公司认识和提升自身的融资效率具有理论参考价值和指导意义。
[Abstract]:As the basis of our manufacturing industry, the equipment manufacturing industry is a strategic industry related to the national economic development and national defense security, and also an important embodiment of the level of development of our manufacturing industry and the comprehensive strength of our country. At this stage, China's equipment manufacturing industry is in the critical stage of transformation and upgrading, and the state and government pay high attention and support. However, it is an indisputable fact that the equipment manufacturing industry in our country is "big but not strong" and the core competitiveness is insufficient. Especially under the influence of the international financial crisis and the European sub-prime crisis, the equipment manufacturing enterprises are faced with the problems of difficult financing, heavy financing burden and high financing cost. This paper takes 545 listed companies in China's equipment manufacturing industry as the research object, uses the improved cross-efficiency model to measure the financing efficiency of the listed companies in the equipment manufacturing industry. On this basis, this paper analyzes the factors affecting the financing efficiency of listed companies in equipment manufacturing industry and puts forward the promotion strategy. On the improvement of the method, this paper combines positive ideal points with enterprising cross-efficiency models by constructing virtual positive and negative ideal points. Combining the negative ideal point with the merciful cross efficiency model, the efficiency values of the two models are assembled by taking both efficiency and fairness into account. A more scientific and effective cross-efficiency model is obtained, which can also promote the healthy development of decision making units. In this paper, a new cross-efficiency model is proposed. This paper measures and evaluates the financing efficiency of the listed companies in China's equipment manufacturing industry as a whole and the financing efficiency of the subdivision industries. On this basis, this paper takes the panel data of 545 listed companies in 2011-2015 as a sample. This paper studies the influencing factors of financing efficiency of listed companies in equipment manufacturing industry. By using Malmquist index method, the pure technical efficiency of each year is obtained, and the financing efficiency affected by pure technology efficiency is calculated with the financing efficiency of 2011 as the base period. Then the panel data is used to analyze the influence of six indexes on the financing efficiency of listed companies in equipment manufacturing industry, such as enterprise size, enterprise financing mode, enterprise debt structure, corporate governance structure, industry competition degree and GDP growth rate. In this paper, the strategy of improving the financing efficiency of listed companies in equipment manufacturing industry is given from the aspects of enhancing the strength of listed companies in equipment manufacturing industry and optimizing the macro environment. A cross efficiency model based on positive and negative ideal points is constructed in this paper. Type overcomes the problem of traditional cross-efficiency methods, where the average value is aggregated. At the same time, this paper measures and evaluates the financing efficiency of listed companies in equipment manufacturing industry, and analyzes the specific influencing factors. It has theoretical reference value and guiding significance for listed companies in equipment manufacturing industry to understand and improve their own financing efficiency.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7;F832.51

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