我国钢铁行业上市公司融资效率研究

发布时间：2018-03-08 11:34

本文选题：钢铁行业　切入点：上市公司　出处：《中国科学技术大学》2014年硕士论文　论文类型：学位论文

【摘要】：钢铁行业作为国民经济的支柱性产业,是关系国计民生的基础性产业,是国家经济发展水平与综合国力的重要标志。钢铁工业的发展直接影响着我国国防工业及建筑、造船、汽车、机械等行业。金融危机的爆发对我国钢铁行业的发展造成巨大冲击,国内外需求极度萎缩,出口压力骤增,行业盈利能力下降,银行纷纷抬高信贷门槛,加强信贷监督,钢铁企业面临融资难融资成本上升的困境；另一方面,钢铁行业作为资金密集型产业,因连年效益低迷,自有资金捉襟见肘,资产负债率逐年增加,资金紧缺日益加剧,钢铁行业如何有效融资提高融资效率已成为一项重要研究课题。本文以2006年12月31日前上市的29家钢铁公司为研究对象,运用DEA方法定量分析我国钢铁行业上市公司的融资效率,并针对融资难融资效率低的现状提出建设性意见,对我国钢铁行业的融资及长远发展具有一定的指导意义。运用DEA方法评价我国钢铁上市公司融资效率的实证研究是本文的核心,围绕这一核心,本文分为以下部分：首先对研究主题从研究背景、研究意义、国内外研究现状等方面做了详细介绍；其次对融资、融资方式、现代资本结构理论、融资效率及其影响因素作了详细阐述,并介绍了本文所采用的数据包络分析方法；然后,基于融资效率影响因素的角度构建指标体系,利用CCR模型测算我国钢铁行业上市公司的融资效率,并对投入产出指标进行因子分析,以验证其是否相互独立,再对导致融资效率低下的现状进行原因分析；最后,针对实证分析结果,从企业内外部视角提出提高钢铁行业上市公司融资效率的建议。本文通过实证分析,得出以下结论：总体来看,我国钢铁行业上市公司融资效率偏低,综合技术效率有效的企业较少,纯技术效率和规模效率都处于较低水平,且综合技术效率偏低更多得是由于纯技术效率无效引起的；钢铁行业上市公司多数为规模报酬递减；基于融资效率影响因素的角度,选取7个指标作为研究钢铁行业融资效率的投入产出指标,通过因子分析可以看出,指标间不存在重合现象,彼此相互独立。针对上述分析结果,认为企业应从以下几方面提高融资效率：重视内源融资,充分利用内部权益资金；鼓励金融创新,拓宽融资渠道；提高企业技术创新能力；优化股权结构,提高股权融资效率；提高治理效率,完善公司治理机制；提高信用水平,完善信息披露制度。
[Abstract]:As the pillar industry of the national economy, the iron and steel industry is the basic industry related to the national economy and the people's livelihood, and an important symbol of the national economic development level and the comprehensive national strength. The development of the iron and steel industry has a direct impact on the national defense industry, construction and shipbuilding of our country. Automobile, machinery and other industries. The outbreak of the financial crisis has had a huge impact on the development of the steel industry in China. Demand at home and abroad has been extremely shrinking, export pressure has increased sharply, and the profitability of the industry has declined. Banks have raised the credit threshold and strengthened credit supervision. On the other hand, as a capital-intensive industry, the iron and steel industry, as a capital-intensive industry, has been facing a series of low returns, its own funds have been stretched, the ratio of assets and liabilities has increased year by year, and the shortage of funds has been worsening day by day. How to raise funds effectively to improve the efficiency of financing has become an important research topic in the iron and steel industry. In this paper, 29 iron and steel companies listed before December 31st 2006 are taken as the research objects. Using DEA method to quantitatively analyze the financing efficiency of listed companies in China's iron and steel industry and to put forward constructive suggestions on the current situation of low financing efficiency is of certain guiding significance to the financing and long-term development of China's iron and steel industry. The empirical study of evaluating the financing efficiency of listed iron and steel companies in China by using DEA method is the core of this paper. Around this core, this paper is divided into the following parts: firstly, from the research background, the significance of the research. Secondly, the paper expatiates on financing, financing mode, modern capital structure theory, financing efficiency and its influencing factors, and introduces the data envelopment analysis method adopted in this paper. Based on the influence factors of financing efficiency, this paper constructs an index system, calculates the financing efficiency of listed companies in China's iron and steel industry by using CCR model, and analyzes the input-output indexes to verify whether they are independent of each other. Finally, according to the results of empirical analysis, from the internal and external perspective of enterprises to improve the financing efficiency of listed companies in the iron and steel industry. Through the empirical analysis, this paper draws the following conclusions: overall, the listed companies of iron and steel industry in our country have low financing efficiency, few enterprises with effective comprehensive technical efficiency, and low level of pure technical efficiency and scale efficiency. And the low efficiency of comprehensive technology is mainly caused by the inefficiency of pure technology. Most listed companies in iron and steel industry are decreasing returns of scale. Based on the influence factors of financing efficiency, Seven indexes are selected as input and output indexes to study the financing efficiency of iron and steel industry. Through factor analysis, it can be seen that there is no overlap between the indicators and they are independent of each other. According to the above analysis results, enterprises should improve the financing efficiency from the following aspects: pay attention to endogenous financing, make full use of internal equity funds, encourage financial innovation, broaden financing channels, improve the technological innovation ability of enterprises; Optimize the structure of equity, improve the efficiency of equity financing, improve the efficiency of governance, perfect the mechanism of corporate governance, improve the level of credit, improve the system of information disclosure.
【学位授予单位】：中国科学技术大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.31

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