基于两阶段DEA模型的上市公司债权融资效率研究——以战略性新兴产业新能源汽车为例  

A Study on the Efficiency of Debt Financing of Listed Company Based on Two-stage DEA:An Application to Strategic Emerging Industry of New Energy Vehicles

作　　者：熊正德[1] 阳芳娟 万军[1,2] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082 [2]江西财经大学财税与公共管理学院,江西南昌330013

出　　处：《财经理论与实践》2014年第5期51-56,共6页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金(11BJY007);国家自然科学基金(71373072;71171075);教育部"长江学者和创新团队发展计划"项目(IRT0916);教育部人文社科规划基金项目(12YJC790129);湖南省两型社会与生态文明协同创新中心资助项目

摘　　要：运用两阶段关联网络DEA模型,对我国新能源汽车产业上市公司的债权融资效率及各子阶段对应效率进行了测算。研究结果表明:新能源汽车产业上市公司债权融资效率水平偏低,而债权筹资效率相对低下是其主要原因;随着时间推移,大部分新能源汽车产业上市公司两阶段效率逐渐趋向双重高效。By using relational network two-stage DEA model, this paper investigates the debt financing efficiency of listed companies in the new energy vehicles industry, and calculates the efficiency of each sub-stage. The result indicates that the debt financing efficiency of the listed companies in the new energy automotive industry is at the low efficiency level, which is caused by the inefficiency of debt financing phase. Furthermore, the efficiency of two sub-stages of most listed companies of the new energy vehicle industry tends to double over time.

关 键 词：两阶段DEA 新能源汽车产业 债权融资效率 债权筹资 债权配置 

分 类 号：F407.47[经济管理—产业经济]