基于超效率DEA的煤炭上市公司债务融资效率研究

发布时间：2018-02-28 11:32

本文关键词： 煤炭上市公司债务融资效率因子分析超效率DEA　出处：《湖南大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着国家“十二五”规划的开展，煤炭行业迎来了兼并重组、发展壮大的新时期。煤炭企业想要实现转型升级、科技创新，必然需要大量的资金，而债务融资作为煤炭企业的主要融资方式，重要性不言而喻。基于此，本文对煤炭上市公司的债务融资效率进行研究。本文在分析煤炭上市公司债务融资效率的影响因素的基础上，构建煤炭上市公司的债务融资效率评价指标体系，并利用因子分析法对指标体系进行归类，得出债务融资风险、债务融资成本、盈利能力、运营能力、公司治理结构五个主因子。将五个主因子作为超效率DEA模型的输入输出指标，构建超效率DEA模型，对36家煤炭上市公司在2007年1月1日至2011年12月31日期间的债务融资效率进行评价，并对实证结果进行规模分析、综合效率分析和差额变数分析。通过对实证结果的分析，得出以下结论：我国煤炭上市公司普遍存在投入规模过大的情况，造成我国煤炭行业规模效率相对无效，企业应采取措施，适当缩小投入规模，精简公司结构。此外，我国煤炭上市公司债务融资综合效率、纯技术效率平均值都较低，皆处于相对无效状态。行业内债务融资效率差距明显，两极分化比较严重，企业应加大科研力度，改良企业的煤炭设备，提高企业整体技术水平，从而提高企业的投入资金使用效率，最大化公司的每股收益。此外，企业还应关注内源融资，充分利用内部权益资金；鼓励金融创新，采用多元化融资工具；优化股权结构，完善公司治理机制；推进并购重组，增强企业整体实力；促进上市公司再融资，实现企业可持续发展。本文创新性的采用因子分析法和超效率DEA法对煤炭行业的债务融资效率进行研究，构建了债务融资效率的评价指标体系，得出煤炭行业债务融资效率偏低的结论并针对实证结果提出了相关建议，，对我国的债务融资效率研究进行了补充，希望为我国煤炭行业债务融资效率的提高提供相关理论支持。
[Abstract]:With the development of the 12th Five-Year Plan, the coal industry has ushered in a new period of merger, reorganization, development and growth. If coal enterprises want to realize transformation and upgrading, scientific and technological innovation will inevitably require a large amount of capital. The importance of debt financing as the main financing method of coal enterprises is self-evident. Based on this, this paper studies the debt financing efficiency of coal listed companies. On the basis of analyzing the influencing factors of debt financing efficiency of coal listed companies, this paper constructs the evaluation index system of debt financing efficiency of coal listed companies, classifies the index system by factor analysis, and obtains the debt financing risk. Debt financing cost, profitability, operational capacity, corporate governance structure, five main factors as the input and output indicators of the super-efficient DEA model, the construction of super-efficiency DEA model, This paper evaluates the debt financing efficiency of 36 coal listed companies from January 1st 2007 to December 31st 2011, and analyzes the scale of empirical results, comprehensive efficiency analysis and variance variable analysis. The conclusions are as follows: the situation that the input scale of coal listed companies in our country is too large, which causes the scale efficiency of the coal industry in our country to be relatively ineffective, enterprises should take measures to reduce the input scale appropriately and to streamline the company structure. The comprehensive efficiency of debt financing of coal listed companies in our country, the average value of pure technical efficiency is low, all of them are in a relatively ineffective state. The gap of debt financing efficiency in the industry is obvious and the polarization is serious, so enterprises should strengthen scientific research. Improve the coal equipment of the enterprise, raise the whole technical level of the enterprise, so as to improve the efficiency of the investment and use of the enterprise, maximize the earnings per share of the company. In addition, the enterprise should also pay attention to the endogenous financing and make full use of the capital of the internal equity; Encourage financial innovation, adopt diversified financing tools; optimize equity structure, perfect corporate governance mechanism; promote mergers and acquisitions, enhance the overall strength of enterprises; promote refinancing of listed companies to achieve sustainable development of enterprises. In this paper, factor analysis method and super-efficiency DEA method are used to study the efficiency of debt financing in coal industry, and the evaluation index system of debt financing efficiency is constructed. The paper draws the conclusion that the efficiency of debt financing in coal industry is on the low side and puts forward some relevant suggestions in view of the empirical results. It supplements the research on debt financing efficiency in China and hopes to provide relevant theoretical support for the improvement of debt financing efficiency of coal industry in China.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.21

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