我国制造业上市公司在中小板市场的融资效率测度—基于三阶段DEA-Malmquist模型

Study on the Financing Efficiency of Manufacturing Companies Listed on the SEM in China：Based on Three-Stage DEA-Malmquist Model

关键词:  制造业中小企业；融资效率；融资模式；DEA模型

Key words:  Small and Medium-sized Manufacturing Enterprises; Financing Efficiency; Financing Mode；DEA-Model

摘要:

在我国“供给侧”改革以及“智能制造”转型背景下，高创新、高成长的中小型制 造业已成为促进上述战略顺利实施的重要驱动力量，而融资问题长期以来都是制约我国中小企 业发展的瓶颈。本文以中小板制造业的上市公司为研究对象，首先对其融资现状及特征进行了 分析，随后通过建立三阶段DEA-Malmquist指数模型，在分离出环境因素和随机变量的基础上 评价了企业融资模式对运营效率的影响效果，并从动态角度对融资效率进行了测度。研究结 果表明，市场份额、当地经济发展水平和是否国家持股的外部环境因素对中小制造业企业的融 资效率均产生着显著影响；融资效率提升的主要推动力来自技术进步和规模效率的上升，并在 地域上呈现出“西北>东北>西南>中南>华东>华北”的数值大小分布特点。最后，基于评价结 果提出了一系列的政策建议，以期研究能够为提高我国中小制造业企业的融资效率提供一定启 示。

Abstract:

Under the background of China's "supply-side" reform and "smart manufacturing" transformation, medium sized manufacturing enterprises with the feature of high innovation and high growth have become an important driving force to promote the smooth implementation of such above-mentioned strategy. However, the problem of financing difficulties and high cost of financing for small and medium sized enterprises in China is becoming more and more prominent,which will restrict their development. In this paper, we established three-stage DEA-Malmquist model and evaluated both static efficiency and dynamic efficiency of the operational efficiency of small and medium sized enterprises based on eliminating the influence of environmental factors and random variables. The main driving force for raising the efficiency of financing is the promotion of technological progress and scale efficiency. What’s more, the geographical distribution shows the characteristic of "Northwest>Northeast>Southwest>Central South>East China>North China".Finally, the feasibility suggestions are put forward on the basis of the results of efficiency evaluation.