Equity Financing Efficiency Measurement of Listed Companies in Strategic Emerging Industries based on DEA

Journal of Risk Analysis and Crisis Response: JRACR

article

Si-si Li¹  Mu Zhang¹ 

[1] School of Big Data Application and Economics, Guizhou University of Finance and Economics;Guizhou Institution for Technology Innovation & Entrepreneurship Investment, Guizhou University of Finance and Economics

关键词: Strategic emerging industries;    listed companies;    equity financing;    equity financing efficiency;    DEA methods;   

DOI  :  10.2991/jracr.k.201027.001

来源: Atlantis Press

【 摘 要 】

Equity financing is an important part of corporate capital structure decision-making. The level of financing efficiency is ofgreat significance to the survival and development of Listed Companies in strategic emerging industries. In order to measurethe equity financing efficiency of Listed Companies in strategic emerging industries, this paper uses data envelopment analysis(DEA) model to measure and study, taking 208 listed companies of strategic emerging industries as samples, through threeinput indicators. The paper calculates the DEA evaluation value of each decision-making unit from 2014 to 2018, and analyzesthe efficiency of equity financing in different years and the comparative analysis among seven industries. The conclusion of thispaper is: according to DEA–BCC model, the equity financing efficiency of Listed Companies in strategic emerging industries isgenerally low, mainly distributed in the lower efficiency range, pure technical efficiency and scale efficiency are mostly distributedin the higher efficiency range every year, most of the returns to scale are decreasing, and the equity financing efficiency existsunbalanced development among industries. According to DEA Malmquist model, the total factor productivity of seven strategicemerging industries tends to decline, the highest is new energy vehicles, which is 0.985, and the lowest is energy conservationand environmental protection, which is 0.951. The impact of technological change will be greater, followed by the change of scaleefficiency. We should constantly improve the internal management level of the company, carry out technological innovation,select the correct financing channels, and coordinate the use of funds to create the maximum value.

【 授权许可】

Unknown