涉海产业类企业融资效率及影响因素测评研究——基于DEA-Random Effects Models的经验数据  

A Study on Financing Efficiency Evaluation of Marine-Related Industry Enterprises and Its Influencing Factors Based on Panel Data of DEA-Random Effects Models

作　　者：周昌仕[1] 郇长坤 

机构地区：[1]广东海洋大学经济管理学院,广东湛江524088

出　　处：《中国海洋大学学报（社会科学版）》2015年第2期13-20,共8页Journal of Ocean University of China(Social Sciences)

基　　金：教育部人文社科基金项目"我国现代海洋产业融资问题研究"(12YJA790211);广东省哲学社会科学规划基金项目"广东省海洋产业结构优化的金融支持体系与政策研究"(GD13XGL05)

摘　　要：为发展壮大涉海产业类企业并带动海洋产业发展以实现海洋强国战略,有必要对涉海产业类企业融资效率状况进行准确定位并采取相应策略。以企业融资效率理论为基础,运用DEA模型评价涉海产业类企业融资效率及并运用随机效应面板数据模型检验其影响因素。检验结果发现,2008-2013年间涉海产业类企业融资效率整体上处于低效水平,其主要影响因素有宏观经济形势、行业竞争程度、企业规模大小和公司治理机制。企业融资效率与宏观经济形势、行业竞争程度和公司治理机制显著正相关,与企业规模大小显著负相关。这说明涉海产业类企业还有大幅度提高融资效率的空间,政策建议是引导资本市场支持海洋资源开发利用,保持稳定增长的整体经济环境,促进垄断竞争性涉海产业类企业理性投融资,缓解中小型涉海产业类企业融资难困境和深化国有控股涉海产业类企业改革。It＇s necessary for our country to examine financing efficiency situation of marine-related industry enterprises and employ appropriate strategy in order to expand them,develop them and realize China＇s strategy of becoming a maritime power.Based on financing efficiency theory,the article uses DEA models for evaluating financing efficiency of marine-related industry enterprises and panel data of random effects models for testing its influencing factors.The results show that the financing efficiency was generally in a low condition from 2008 to 2013,whose main influencing factors were macroeconomic situation,fierce industry competition,enterprise scale and corporate governance mechanism.The financing efficiency has significantly positive correlation with macroeconomic situation,industry competition and corporate governance mechanism,but negative correlation with enterprise scale.This indicates that marine industry enterprises have room to increase financing efficiency.Policy suggestions are guiding capital market to support exploitation and utilization of ocean resources,maintaining steady economical growth,promoting rational investment and financing of monopoly competitive marine-related industry enterprises,easing the plight of small and medium enterprises＇ financing difficulty,and furthering reform of state-owned holding marine-related industry enterprises.

关 键 词：涉海产业类企业 融资效率 资本结构 DEA模型 随机效应模型 

分 类 号：P74[天文地球—海洋科学] F832.2[经济管理—金融学]