基于DEA模型的上海市民营公司融资效率实证分析及其影响因素  

Empirical Analysis and Influencing Factors of Financing Efficiency of Shanghai Private Enterprises Based on DEA Model

作　　者：王政午 WANG Zheng-wu(University of Shanghai for Science and Technology,Business School,Shanghai 200093,China)

机构地区：[1]上海理工大学管理学院

出　　处：《经济研究导刊》2019年第31期63-66,共4页Economic Research Guide

摘　　要：以2010年之前上市的上海市民营企业作为研究对象,将资产负债率、营业成本和利息支出作为投入变量,主营业务收入、净利润和ROE作为产出变量,构建BCC-DEA模型来研究企业融资效率。研究结果表明,一是上海市民营上市公司整体融资效率处于中等偏上水平,相比于通过扩大规模提高融资效率,企业更擅长通过技术革新来提高融资效率;二是营业收入排名前五的民营企业有四家处于规模报酬递减、一家规模报酬不变的状态,而整体规模报酬递增的多为营业收入偏低的企业。This paper takes Shanghai private enterprises listed before 2010 as the research object,regards asset-liability ratio,operating cost and interest expenditure as input variables,main business income,net profit and ROE as output variables,constructs BCC-DEA model to study the financing efficiency of enterprises,and then uses Tobit regression model to study the relationship between financing efficiency and factors such as total assets of enterprises,GDP growth rate of Shanghai and so on.Department.The results show that:(1)The overall financing efficiency of private listed companies in Shanghai is on the upper middle level.Compared with increasing the financing efficiency by expanding the scale,enterprises are better at improving the financing efficiency by technological innovation.(2)Four of the top five private enterprises are in a state of diminishing returns to scale and unchanged returns to scale,while the increasing returns to scale are mostly those with low operating income.

关 键 词：BCC-DEA 融资效率 规模报酬 

分 类 号：F832[经济管理—金融学]