战略性新兴产业上市公司融资效率研究——以北京市为例

发布时间：2018-04-19 04:12

本文选题：战略性新兴产业 + 融资效率　；参考：《经济与管理研究》2014年06期

【摘要】：以北京市51家战略性新兴产业上市公司为样本,选取2011年以来十个季度的财务数据,运用DEA方法测算并分析融资效率后发现:样本期内融资效率整体偏低,均值仅为0.6894,融资综合效率值达到1的公司数量仅占28.82%;之后运用Malmquist指数方法动态测算样本期内融资效率的变化,结果融资效率降低2.9%,分析认为这主要受累于技术进步水平的下降;分行业来看,七大战略性新兴产业中仅新能源行业的融资效率提升0.3%,其余六个行业均表现出不同程度的下降,以高端装备制造行业的降幅最大,达到8.9%。最后结论,提高企业自身技术水平、优化资本结构与完善金融市场、为企业提供良好的融资环境都是进一步提高企业融资效率的重要途径。
[Abstract]:Taking 51 strategic emerging industry listed companies in Beijing as the sample, selecting the financial data of ten quarters since 2011, using DEA method to calculate and analyze the financing efficiency, it is found that the overall financing efficiency is low in the sample period.The average value is only 0.6894, and the number of companies with a comprehensive efficiency of financing is only 28.82.After the use of Malmquist index method to dynamically measure the change of financing efficiency in the sample period, the financing efficiency is reduced by 2.9%, which is mainly affected by the decline of the level of technological progress.By industry, the financing efficiency of the new energy industry increased by 0.3 percent in the seven strategic emerging industries, while the other six industries showed a decline of varying degrees, with the largest decline in the high-end equipment manufacturing industry, which reached 8.9 percent.Finally, it is concluded that it is an important way to improve the financing efficiency of enterprises by improving their own technical level, optimizing the capital structure and perfecting the financial market, so as to provide a good financing environment for the enterprises.
【作者单位】：中国工程院;俄罗斯科学院;北京工业大学经济与管理学院;
【基金】：北京市自然科学基金“北京市低碳投融资模式运作与模拟研究”(9132001)
【分类号】：F276.44;F832.4;F224

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