供给侧改革背景下煤炭企业融资效率及影响因素研究

发布时间：2018-05-29 11:34

本文选题：融资效率 + 煤炭上市企业　；参考：《西华大学》2017年硕士论文

【摘要】：根据2015年统计年鉴数据显示,煤炭开采和洗选业规模以上工业企业利润总额较之上一年下降了70%;煤炭工业网披露的煤炭行业景气指数从2013年至今呈现连续下降趋势,煤炭行业的寒冬愈演愈烈。随着“十三五”规划的开展,煤炭行业的供给侧结构性改革也在深入进行中。《煤炭工业发展“十三五”规划》报告指出,到2020年煤炭生产开发将进一步向大型煤炭生产基地集中,推进煤炭企业兼并重组,化解过剩产能,发展煤炭清洁生产将会是未来煤炭行业的发展之路。这些改革措施为当前生产经营困难的煤炭企业提供了脱困的机遇,但同时也提出了挑战。煤炭企业的深化改革每一项都需要资金的支持,然而煤炭行业的经营不景气却使得煤炭企业面临严峻的融资困境。基于此,文章希望通过以上市煤炭企业为例研究煤炭企业的融资效率及其影响因素,找到提高融资效率的途径,帮助煤炭企业走出融资窘境,顺利度过改革期,走向可持续发展之路。首先根据年鉴统计数据和上市公司近五年的财务数据对煤炭企业的融资现状进行分析,找出煤炭行业融资方面存在的问题:负债水平高,偿债能力弱;行业经营不景气;融资结构不合理;资金使用效率低。其次,根据融资效率的定义以及综合以往文献计算融资效率的方法,构建DEA模型的指标体系,以融资成本、融资结构、融资风险和资金使用情况作为投入指标,以企业盈利能力、发展能力和营运能力为产出指标,对上市煤炭企业融资效率进行评价,通过计算可以得出上市煤炭企业的技术效率数值、纯技术效率数值和规模效率数值,对计算结果的分析可以得出当前上市煤炭企业的融资效率普遍处于无效状态。接着,通过理论分析融资效率的影响因素,以计算所得的融资效率作为因变量,以各影响因素为自变量进行回归实证分析,结果是上市煤炭企业的资产规模、融资结构、股权集中度和融资效率呈显著负相关关系,资金使用效率与融资效率成显著正相关关系,资金分配方式与融资效率的正相关关系但未通过显著性检验。最后,综合上述分析结果,对提高煤炭企业的融资效率给出六个建议:完善企业融资结构,降低企业负债水平;发掘不同的融资渠道,将不同融资方式相结合;处理闲置资产,精简资产规模;改善管理方式,提高资金管理效率;优化法人治理结构,深入国企改革;提高企业盈利能力,从根本上改善企业经营状况。研究结论及建议,可供参考,希望能帮助煤炭企业走出融资困境,实现供给侧改革目标。
[Abstract]:According to the statistical yearbook data for 2015, the total profits of industrial enterprises above the scale of coal mining and washing industry decreased by 70 percent compared with the previous year. The coal industry boom index disclosed by the coal industry network shows a continuous downward trend from 2013 to now. The cold winter of the coal industry is getting worse. With the development of the 13th Five-Year Plan, the supply-side structural reform of the coal industry is also in progress. The report of the 13th Five-Year Plan for the Development of the Coal Industry pointed out that By 2020, coal production and development will be further concentrated on large coal production bases, promote the merger and reorganization of coal enterprises, resolve excess production capacity, and develop clean coal production will be the way for the development of coal industry in the future. These reform measures provide the coal enterprises with difficult production and management with the opportunity to get out of difficulties, but at the same time, they also put forward challenges. The deepening reform of coal enterprises needs the support of capital, but the poor operation of coal industry makes coal enterprises face severe financing difficulties. Based on this, the article hopes to study the financing efficiency and its influencing factors of coal enterprises through the example of coal enterprises above, find ways to improve the financing efficiency, help coal enterprises out of the financing dilemma and smoothly through the reform period. The road to sustainable development. Firstly, according to the statistical data of yearbook and the financial data of listed companies in recent five years, the paper analyzes the present financing situation of coal enterprises, and finds out the problems existing in the financing of coal industry: high level of debt, weak ability of paying debts, bad operation of the industry; The structure of financing is unreasonable; the efficiency of using funds is low. Secondly, according to the definition of financing efficiency and the methods of calculating financing efficiency in previous literature, the index system of DEA model is constructed, which takes financing cost, financing structure, financing risk and fund usage as input index. This paper evaluates the financing efficiency of listed coal enterprises by taking the profitability, development ability and operation ability of listed coal enterprises as output indexes, and obtains the technical efficiency value, pure technical efficiency value and scale efficiency value of listed coal enterprises by calculation. The analysis of the calculation results shows that the financing efficiency of listed coal enterprises is generally invalid. Then, through the theoretical analysis of the factors affecting the financing efficiency, taking the calculated financing efficiency as the dependent variable, taking each factor as the independent variable to carry on the regression empirical analysis, the result is the listed coal enterprise's asset scale, the financing structure. There is a significant negative correlation between equity concentration and financing efficiency, a significant positive correlation between capital use efficiency and financing efficiency, a positive correlation between capital allocation and financing efficiency, but no significant test. Finally, based on the above analysis results, six suggestions are given to improve the financing efficiency of coal enterprises: to improve the financing structure of coal enterprises, to reduce the level of corporate debt, to explore different financing channels, to combine different financing methods, to deal with idle assets, and to improve the financing efficiency of coal enterprises. To streamline the scale of assets, to improve the management mode, to improve the efficiency of fund management, to optimize the structure of corporate governance, to deepen the reform of state-owned enterprises, to improve the profitability of enterprises, and to fundamentally improve the operating conditions of enterprises. The research conclusions and suggestions can be used for reference, hoping to help coal enterprises out of the financing dilemma and achieve the supply-side reform goal.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.21

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