發(fā)布時間：2018-02-10 15:42

  本文關(guān)鍵詞： 汽車制造業(yè) 債務(wù)融資效率 數(shù)據(jù)包絡(luò)法　出處：《北京化工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自1953年第一汽車制造廠正式動工以來,中國汽車工業(yè)已經(jīng)誕生61年,中國已是汽車工業(yè)第一生產(chǎn)大國以及最大的新興消費市場。同時汽車制造業(yè)是我國的經(jīng)濟支柱產(chǎn)業(yè)之一,對于我國制造業(yè)經(jīng)濟發(fā)展有著極為重要的作用。 本文在現(xiàn)有理論研究基礎(chǔ)上,選取22家汽車制造業(yè)上市公司的財務(wù)數(shù)據(jù),通過對比分析方法從債務(wù)融資數(shù)量、期限結(jié)構(gòu)、融資渠道三個角度對汽車制造業(yè)上市公司2008年—2012年的債務(wù)融資現(xiàn)狀進行分析,得出汽車制造業(yè)上市公司具有資產(chǎn)負(fù)債率偏高,對短期債務(wù)偏好極強,對銀行借款依賴程度不高,更依賴于商業(yè)信用的債務(wù)融資特點。 在現(xiàn)狀分析基礎(chǔ)上構(gòu)建專門匹配汽車制造業(yè)上市公司債務(wù)融資特性的評價指標(biāo)體系,將債務(wù)融資效率劃分為資金融入效率和資金利用效率,通過因子分析法從20個指標(biāo)變量中提取9個公因子分別作為兩階段數(shù)據(jù)包絡(luò)模型的投入、中間、產(chǎn)出指標(biāo),通過兩階段數(shù)據(jù)包絡(luò)法對汽車制造業(yè)上市公司2012年面板數(shù)據(jù)進行實證研究。 研究得出結(jié)論：19家樣本上市公司資金融入效率DEA無效,汽車制造業(yè)上市公司資金融入效率有待提高的空間；汽車制造業(yè)上市公司資金利用效率整體上低下,沒有有效發(fā)揮出融得資金的最大效用,損耗了融得資金所能創(chuàng)造的企業(yè)價值；資金融入效率和資金利用效率的差值較大,是由于其資金利用效率值過低導(dǎo)致。汽車制造業(yè)上市公司債務(wù)融資效率不優(yōu),應(yīng)更加關(guān)注債務(wù)融資中間環(huán)節(jié)存在的問題。
[Abstract]:Since 1953, the construction of the first Automobile Manufacturing Plant has started, the Chinese auto industry has been born 61 years, China has become the largest production country and the largest emerging consumer market. Meanwhile, the automobile manufacturing industry is one of the pillar industries of our economy. To our country manufacturing industry economy development has the extremely important function. On the basis of the existing theoretical research, this paper selects the financial data of 22 listed companies in automobile manufacturing industry, and analyzes the amount of debt financing, the term structure of debt financing by means of comparative analysis. This paper analyzes the current situation of debt financing of automobile manufacturing listed companies from 2008 to 2012 from three angles of financing channels, and concludes that the listed companies in automobile manufacturing industry have high asset-liability ratio, strong preference for short-term debt, and low dependence on bank loans. More dependent on commercial credit characteristics of debt financing. On the basis of the analysis of the present situation, this paper constructs an evaluation index system that matches the debt financing characteristics of the listed companies in automobile manufacturing industry, and divides the debt financing efficiency into the efficiency of capital integration and the efficiency of capital utilization. Through factor analysis, 9 common factors were extracted from 20 index variables as input, intermediate and output indicators of two-stage data envelope model. This paper makes an empirical study on the panel data of automobile manufacturing listed companies in 2012 by means of two-stage data envelopment method. The study draws a conclusion that the efficiency of capital integration of 19 sample listed companies DEA is not effective, the efficiency of capital integration of listed companies in automobile manufacturing industry needs to be improved, and the efficiency of capital utilization of listed companies in automobile manufacturing industry is low on the whole. Not effectively exerting the maximum utility of the financing funds, and draining the enterprise value that can be created by the financing funds; the difference between the efficiency of capital integration and the efficiency of capital utilization is large. Due to the low efficiency of its capital utilization, the efficiency of debt financing of listed companies in automobile manufacturing industry is not good, so we should pay more attention to the problems in the middle link of debt financing.
【學(xué)位授予單位】：北京化工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.471;F406.7

【參考文獻】

相關(guān)期刊論文 前10條

1 車圣保;;效率理論述評[J];商業(yè)研究;2011年05期

2 程通;;農(nóng)業(yè)上市公司債務(wù)融資與投資效率的實證研究[J];財會通訊;2012年18期

3 秦培剛;南靈;;基于DEA模型的房地產(chǎn)上市公司融資效率評價[J];財會通訊;2013年02期

4 張淑慧;;利益沖突·債務(wù)融資·資本結(jié)構(gòu):一個綜述[J];重慶工商大學(xué)學(xué)報(社會科學(xué)版);2013年02期

5 許立新;石望金;;基于兩階段DEA的我國房地產(chǎn)上市公司籌資-經(jīng)營分析[J];電子科技大學(xué)學(xué)報(社科版);2013年01期

6 范偉杰;蘇娟;;國內(nèi)上市公司融資效率研究[J];經(jīng)營管理者;2013年06期

7 初立蘋;粟芳;;我國財產(chǎn)保險公司融資效率的DEA比較分析[J];保險研究;2013年04期

8 曾江洪;陳迪宇;;基于DEA的中小企業(yè)債務(wù)融資效率研究[J];經(jīng)濟理論與經(jīng)濟管理;2008年01期

9 宋文兵;關(guān)于融資方式需要澄清的幾個問題[J];金融研究;1998年01期

10 王麗娟;梁曉娟;;基于可持續(xù)增長速度的企業(yè)融資效率研究[J];會計之友;2012年16期

，

本文編號：1500862