企业融资与项目融资的融资效率比较研究  

A Comparative Study of Financing Efficiency of Corporate Finance and Project Finance

作　　者：黄琼[1] 

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650093

出　　处：《昆明理工大学学报（自然科学版）》2014年第2期108-112,119,共6页Journal of Kunming University of Science and Technology(Natural Science)

基　　金：国家自然基金项目(70962003)

摘　　要：本文选取筹资能力、融资成本、综合收益率、风险分担机制、对财务报表和税务的积极影响五个主要因素作为企业融资和项目融资的融资效率的评价指标,采用模糊综合评价法来比较两者融资效率的高低.首先建立影响融资效率的因素集,然后用德尔菲法获得五个因素的权重集,通过分析构造出五个因素的模糊互补判断矩阵,再用相关公式得到两者融资效率的模糊判断矩阵,最后进行模糊综合评价,并用最大隶属度原则解释最后的数据结果,得到最终结论,给项目发起人选取融资方式一定的参考.In this paper,the following five major factors are selected to evaluate the financing efficiency of corpo-rate finance and project finance：financing capacity,financing costs,the consolidated income ratio,risk-sha-ring mechanisms,and the positive impact on the financial statements and tax.The fuzzy comprehensive evalua-tion method is adopted to compare their level of financing efficiency.Firstly,the factors set which affect the fi-nancing efficiency is built.The Delphi method is then employed to get the weight set of the five factors.The fuzzy complementary judgment matrices of the five factors is established thereafter through due analysis.After that,the related formula is exploited to get both fuzzy judgment matrices of financing efficiency.Finally,the fuzzy comprehensive evaluations are made,the results of which are explained by Maximum membership degree principle to make the final conclusions.This study aims to to provide the project sponsors some references about selecting the two different ways of financing.

关 键 词：企业融资 项目融资 融资效率 模糊互补判断矩阵 模糊综合评价法 

分 类 号：F270.3[经济管理—企业管理]