基于数据包络法的汽车制造业上市公司债务融资效率评价研究

发布时间：2018-02-10 15:42

本文关键词： 汽车制造业债务融资效率数据包络法　出处：《北京化工大学》2014年硕士论文　论文类型：学位论文

【摘要】：自1953年第一汽车制造厂正式动工以来,中国汽车工业已经诞生61年,中国已是汽车工业第一生产大国以及最大的新兴消费市场。同时汽车制造业是我国的经济支柱产业之一,对于我国制造业经济发展有着极为重要的作用。本文在现有理论研究基础上,选取22家汽车制造业上市公司的财务数据,通过对比分析方法从债务融资数量、期限结构、融资渠道三个角度对汽车制造业上市公司2008年—2012年的债务融资现状进行分析,得出汽车制造业上市公司具有资产负债率偏高,对短期债务偏好极强,对银行借款依赖程度不高,更依赖于商业信用的债务融资特点。在现状分析基础上构建专门匹配汽车制造业上市公司债务融资特性的评价指标体系,将债务融资效率划分为资金融入效率和资金利用效率,通过因子分析法从20个指标变量中提取9个公因子分别作为两阶段数据包络模型的投入、中间、产出指标,通过两阶段数据包络法对汽车制造业上市公司2012年面板数据进行实证研究。研究得出结论：19家样本上市公司资金融入效率DEA无效,汽车制造业上市公司资金融入效率有待提高的空间；汽车制造业上市公司资金利用效率整体上低下,没有有效发挥出融得资金的最大效用,损耗了融得资金所能创造的企业价值；资金融入效率和资金利用效率的差值较大,是由于其资金利用效率值过低导致。汽车制造业上市公司债务融资效率不优,应更加关注债务融资中间环节存在的问题。
[Abstract]:Since 1953, the construction of the first Automobile Manufacturing Plant has started, the Chinese auto industry has been born 61 years, China has become the largest production country and the largest emerging consumer market. Meanwhile, the automobile manufacturing industry is one of the pillar industries of our economy. To our country manufacturing industry economy development has the extremely important function. On the basis of the existing theoretical research, this paper selects the financial data of 22 listed companies in automobile manufacturing industry, and analyzes the amount of debt financing, the term structure of debt financing by means of comparative analysis. This paper analyzes the current situation of debt financing of automobile manufacturing listed companies from 2008 to 2012 from three angles of financing channels, and concludes that the listed companies in automobile manufacturing industry have high asset-liability ratio, strong preference for short-term debt, and low dependence on bank loans. More dependent on commercial credit characteristics of debt financing. On the basis of the analysis of the present situation, this paper constructs an evaluation index system that matches the debt financing characteristics of the listed companies in automobile manufacturing industry, and divides the debt financing efficiency into the efficiency of capital integration and the efficiency of capital utilization. Through factor analysis, 9 common factors were extracted from 20 index variables as input, intermediate and output indicators of two-stage data envelope model. This paper makes an empirical study on the panel data of automobile manufacturing listed companies in 2012 by means of two-stage data envelopment method. The study draws a conclusion that the efficiency of capital integration of 19 sample listed companies DEA is not effective, the efficiency of capital integration of listed companies in automobile manufacturing industry needs to be improved, and the efficiency of capital utilization of listed companies in automobile manufacturing industry is low on the whole. Not effectively exerting the maximum utility of the financing funds, and draining the enterprise value that can be created by the financing funds; the difference between the efficiency of capital integration and the efficiency of capital utilization is large. Due to the low efficiency of its capital utilization, the efficiency of debt financing of listed companies in automobile manufacturing industry is not good, so we should pay more attention to the problems in the middle link of debt financing.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F406.7

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