基于DEA模型的农业上市公司融资效率研究

发布时间：2018-03-24 10:10

本文选题：DEA法　切入点：农业上市公司　出处：《贵州财经大学》2015年硕士论文

【摘要】：近年来,我国粮食产量虽然连年增长,但由于人口数量不断增加,对粮食的需求也相应增加,粮食自给率呈现下降趋势,加之耕地面积逐年减少,由此带来的粮食供求压力不断增大,所以政府对农业的重视程度与日俱增。从2004年到2014年的连续11年间,中央一号文件都在关注“三农”问题。但是单靠政府力量解决农业问题力量有限,为此政府开始大力发展农业产业化,并扶持重点龙头企业上市融资,但资金作为一种特殊的稀缺资源,存在融资成本和机会成本。因此,如何以最低的成本和风险融入资金并合理使用资金以获取最高收益,成为企业乃至政府迫切关注的问题,这也正是本文的选题背景及研究意义所在。介于DEA法,在处理多投入,特别是多产出问题上具有的绝对优势,本文将其引用到对农业上市公司融资效率的评价中,并选取上市已有两年的69家农业上市公司为样本,再选取合理的投入、产出指标,以其2009-2013的相关数据为原始数据构建融资效率评价指标体系进行实证分析。分析结果显示,我国农业上市公司融资效率整体状况不佳,69家公司中,仅有18.84%的公司融资效率是有效的,有20.29%的公司实现了纯技术效率有效,23.19%实现了规模效率;地区分布中,融资效率值最高的是广东省和山东省,而行业分布中,农业和农副食品加工业是融资效率值最高的行业;趋势分析结果显示2009-2013年,融资效率水平有升有降,没有明显提高;规模报酬分析显示,现阶段我国有52.17%的公司处于规模报酬递增阶段;单因素分析发现资产总额、资产负债率、所有者权益、财务费用和融资效率之间存在一定的负相关关系,产出指标则与其存在一定的正相关关系。文章最后再结合实证研究结果,提出了56家非DEA有效企业相应指标数据实现有效的目标值。目前我国有关农业上市公司融资问题的研究文献较少,且多集中于对融资结构或融资偏好的研究。本文在此基础上,对研究对象做了更为细致的评价分析,并着重测度其融资效率水平,以期为农业上市公司评价自身融资效率水平提供参考。
[Abstract]:In recent years, although China's grain production has been increasing year after year, due to the continuous increase in population, the demand for grain has also increased accordingly, the self-sufficiency rate of grain has shown a downward trend, and the area of cultivated land has been decreasing year by year. The resulting pressure on food supply and demand is increasing, so the government is paying more and more attention to agriculture. For 11 consecutive years from 2004 to 2014, The No. 1 document of the Central Committee is all concerned about the issue of "agriculture, rural areas and farmers." however, the government has limited power to solve agricultural problems by relying solely on government power. Therefore, the government has begun to vigorously develop agricultural industrialization and support the listing and financing of key leading enterprises. However, as a special scarce resource, there are financing costs and opportunity costs. Therefore, how to integrate the funds with the lowest cost and risk and use the funds reasonably to obtain the highest income has become the urgent concern of the enterprises and even the government. This is the background of this paper and the significance of the research. In view of the absolute advantage of the DEA method in dealing with multi-input, especially multi-output problems, this paper applies it to the evaluation of the financing efficiency of agricultural listed companies. 69 agricultural listed companies which have been listed for two years are selected as samples, then reasonable input and output indexes are selected, and the relevant data of 2009-2013 are used as raw data to construct financing efficiency evaluation index system for empirical analysis. Out of 69 companies, only 18.84% are effective, 20.29% have achieved pure technical efficiency and 23.19% have achieved scale efficiency. The highest value of financing efficiency is in Guangdong Province and Shandong Province, and agriculture and agro-food processing industry are the most efficient industries in the industry distribution, the trend analysis results show that the level of financing efficiency has increased and decreased, but has not obviously improved in 2009-2013. The scale return analysis shows that 52.17% of the companies in our country are in the increasing stage of scale return, and the single factor analysis shows that there is a negative correlation between the total assets, the ratio of assets and liabilities, the owner's equity, the financial expenses and the financing efficiency. There is a positive correlation between output index and output index. In this paper, 56 non-#en0# efficient enterprises are put forward to achieve effective target value. At present, there are few researches on the financing problems of agricultural listed companies in China, and most of them focus on the research on financing structure or financing preference. This paper makes a more detailed evaluation and analysis of the research object and measures its financing efficiency level in order to provide a reference for agricultural listed companies to evaluate their own financing efficiency level.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F302.6

【共引文献】