本文選題：鋼鐵行業(yè)　切入點：上市公司　出處：《中國科學技術大學》2014年碩士論文　論文類型：學位論文

【摘要】：鋼鐵行業(yè)作為國民經濟的支柱性產業(yè),是關系國計民生的基礎性產業(yè),是國家經濟發(fā)展水平與綜合國力的重要標志。鋼鐵工業(yè)的發(fā)展直接影響著我國國防工業(yè)及建筑、造船、汽車、機械等行業(yè)。金融危機的爆發(fā)對我國鋼鐵行業(yè)的發(fā)展造成巨大沖擊,國內外需求極度萎縮,出口壓力驟增,行業(yè)盈利能力下降,銀行紛紛抬高信貸門檻,加強信貸監(jiān)督,鋼鐵企業(yè)面臨融資難融資成本上升的困境；另一方面,鋼鐵行業(yè)作為資金密集型產業(yè),因連年效益低迷,自有資金捉襟見肘,資產負債率逐年增加,資金緊缺日益加劇,鋼鐵行業(yè)如何有效融資提高融資效率已成為一項重要研究課題。本文以2006年12月31日前上市的29家鋼鐵公司為研究對象,運用DEA方法定量分析我國鋼鐵行業(yè)上市公司的融資效率,并針對融資難融資效率低的現狀提出建設性意見,對我國鋼鐵行業(yè)的融資及長遠發(fā)展具有一定的指導意義。 運用DEA方法評價我國鋼鐵上市公司融資效率的實證研究是本文的核心,圍繞這一核心,本文分為以下部分：首先對研究主題從研究背景、研究意義、國內外研究現狀等方面做了詳細介紹；其次對融資、融資方式、現代資本結構理論、融資效率及其影響因素作了詳細闡述,并介紹了本文所采用的數據包絡分析方法；然后,基于融資效率影響因素的角度構建指標體系,利用CCR模型測算我國鋼鐵行業(yè)上市公司的融資效率,并對投入產出指標進行因子分析,以驗證其是否相互獨立,再對導致融資效率低下的現狀進行原因分析；最后,針對實證分析結果,從企業(yè)內外部視角提出提高鋼鐵行業(yè)上市公司融資效率的建議。 本文通過實證分析,得出以下結論：總體來看,我國鋼鐵行業(yè)上市公司融資效率偏低,綜合技術效率有效的企業(yè)較少,純技術效率和規(guī)模效率都處于較低水平,且綜合技術效率偏低更多得是由于純技術效率無效引起的；鋼鐵行業(yè)上市公司多數為規(guī)模報酬遞減；基于融資效率影響因素的角度,選取7個指標作為研究鋼鐵行業(yè)融資效率的投入產出指標,通過因子分析可以看出,指標間不存在重合現象,彼此相互獨立。 針對上述分析結果,認為企業(yè)應從以下幾方面提高融資效率：重視內源融資,充分利用內部權益資金；鼓勵金融創(chuàng)新,拓寬融資渠道；提高企業(yè)技術創(chuàng)新能力；優(yōu)化股權結構,提高股權融資效率；提高治理效率,完善公司治理機制；提高信用水平,完善信息披露制度。
[Abstract]:As the pillar industry of the national economy, the iron and steel industry is the basic industry related to the national economy and the people's livelihood, and an important symbol of the national economic development level and the comprehensive national strength. The development of the iron and steel industry has a direct impact on the national defense industry, construction and shipbuilding of our country. Automobile, machinery and other industries. The outbreak of the financial crisis has had a huge impact on the development of the steel industry in China. Demand at home and abroad has been extremely shrinking, export pressure has increased sharply, and the profitability of the industry has declined. Banks have raised the credit threshold and strengthened credit supervision. On the other hand, as a capital-intensive industry, the iron and steel industry, as a capital-intensive industry, has been facing a series of low returns, its own funds have been stretched, the ratio of assets and liabilities has increased year by year, and the shortage of funds has been worsening day by day. How to raise funds effectively to improve the efficiency of financing has become an important research topic in the iron and steel industry. In this paper, 29 iron and steel companies listed before December 31st 2006 are taken as the research objects. Using DEA method to quantitatively analyze the financing efficiency of listed companies in China's iron and steel industry and to put forward constructive suggestions on the current situation of low financing efficiency is of certain guiding significance to the financing and long-term development of China's iron and steel industry. The empirical study of evaluating the financing efficiency of listed iron and steel companies in China by using DEA method is the core of this paper. Around this core, this paper is divided into the following parts: firstly, from the research background, the significance of the research. Secondly, the paper expatiates on financing, financing mode, modern capital structure theory, financing efficiency and its influencing factors, and introduces the data envelopment analysis method adopted in this paper. Based on the influence factors of financing efficiency, this paper constructs an index system, calculates the financing efficiency of listed companies in China's iron and steel industry by using CCR model, and analyzes the input-output indexes to verify whether they are independent of each other. Finally, according to the results of empirical analysis, from the internal and external perspective of enterprises to improve the financing efficiency of listed companies in the iron and steel industry. Through the empirical analysis, this paper draws the following conclusions: overall, the listed companies of iron and steel industry in our country have low financing efficiency, few enterprises with effective comprehensive technical efficiency, and low level of pure technical efficiency and scale efficiency. And the low efficiency of comprehensive technology is mainly caused by the inefficiency of pure technology. Most listed companies in iron and steel industry are decreasing returns of scale. Based on the influence factors of financing efficiency, Seven indexes are selected as input and output indexes to study the financing efficiency of iron and steel industry. Through factor analysis, it can be seen that there is no overlap between the indicators and they are independent of each other. According to the above analysis results, enterprises should improve the financing efficiency from the following aspects: pay attention to endogenous financing, make full use of internal equity funds, encourage financial innovation, broaden financing channels, improve the technological innovation ability of enterprises; Optimize the structure of equity, improve the efficiency of equity financing, improve the efficiency of governance, perfect the mechanism of corporate governance, improve the level of credit, improve the system of information disclosure.
【學位授予單位】：中國科學技術大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F426.31

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本文編號：1583727