本文選題：融資效率 + 煤炭上市企業(yè)　； 參考：《西華大學(xué)》2017年碩士論文

【摘要】：根據(jù)2015年統(tǒng)計(jì)年鑒數(shù)據(jù)顯示,煤炭開采和洗選業(yè)規(guī)模以上工業(yè)企業(yè)利潤(rùn)總額較之上一年下降了70%;煤炭工業(yè)網(wǎng)披露的煤炭行業(yè)景氣指數(shù)從2013年至今呈現(xiàn)連續(xù)下降趨勢(shì),煤炭行業(yè)的寒冬愈演愈烈。隨著“十三五”規(guī)劃的開展,煤炭行業(yè)的供給側(cè)結(jié)構(gòu)性改革也在深入進(jìn)行中。《煤炭工業(yè)發(fā)展“十三五”規(guī)劃》報(bào)告指出,到2020年煤炭生產(chǎn)開發(fā)將進(jìn)一步向大型煤炭生產(chǎn)基地集中,推進(jìn)煤炭企業(yè)兼并重組,化解過剩產(chǎn)能,發(fā)展煤炭清潔生產(chǎn)將會(huì)是未來(lái)煤炭行業(yè)的發(fā)展之路。這些改革措施為當(dāng)前生產(chǎn)經(jīng)營(yíng)困難的煤炭企業(yè)提供了脫困的機(jī)遇,但同時(shí)也提出了挑戰(zhàn)。煤炭企業(yè)的深化改革每一項(xiàng)都需要資金的支持,然而煤炭行業(yè)的經(jīng)營(yíng)不景氣卻使得煤炭企業(yè)面臨嚴(yán)峻的融資困境。基于此,文章希望通過以上市煤炭企業(yè)為例研究煤炭企業(yè)的融資效率及其影響因素,找到提高融資效率的途徑,幫助煤炭企業(yè)走出融資窘境,順利度過改革期,走向可持續(xù)發(fā)展之路。首先根據(jù)年鑒統(tǒng)計(jì)數(shù)據(jù)和上市公司近五年的財(cái)務(wù)數(shù)據(jù)對(duì)煤炭企業(yè)的融資現(xiàn)狀進(jìn)行分析,找出煤炭行業(yè)融資方面存在的問題:負(fù)債水平高,償債能力弱;行業(yè)經(jīng)營(yíng)不景氣;融資結(jié)構(gòu)不合理;資金使用效率低。其次,根據(jù)融資效率的定義以及綜合以往文獻(xiàn)計(jì)算融資效率的方法,構(gòu)建DEA模型的指標(biāo)體系,以融資成本、融資結(jié)構(gòu)、融資風(fēng)險(xiǎn)和資金使用情況作為投入指標(biāo),以企業(yè)盈利能力、發(fā)展能力和營(yíng)運(yùn)能力為產(chǎn)出指標(biāo),對(duì)上市煤炭企業(yè)融資效率進(jìn)行評(píng)價(jià),通過計(jì)算可以得出上市煤炭企業(yè)的技術(shù)效率數(shù)值、純技術(shù)效率數(shù)值和規(guī)模效率數(shù)值,對(duì)計(jì)算結(jié)果的分析可以得出當(dāng)前上市煤炭企業(yè)的融資效率普遍處于無(wú)效狀態(tài)。接著,通過理論分析融資效率的影響因素,以計(jì)算所得的融資效率作為因變量,以各影響因素為自變量進(jìn)行回歸實(shí)證分析,結(jié)果是上市煤炭企業(yè)的資產(chǎn)規(guī)模、融資結(jié)構(gòu)、股權(quán)集中度和融資效率呈顯著負(fù)相關(guān)關(guān)系,資金使用效率與融資效率成顯著正相關(guān)關(guān)系,資金分配方式與融資效率的正相關(guān)關(guān)系但未通過顯著性檢驗(yàn)。最后,綜合上述分析結(jié)果,對(duì)提高煤炭企業(yè)的融資效率給出六個(gè)建議:完善企業(yè)融資結(jié)構(gòu),降低企業(yè)負(fù)債水平;發(fā)掘不同的融資渠道,將不同融資方式相結(jié)合;處理閑置資產(chǎn),精簡(jiǎn)資產(chǎn)規(guī)模;改善管理方式,提高資金管理效率;優(yōu)化法人治理結(jié)構(gòu),深入國(guó)企改革;提高企業(yè)盈利能力,從根本上改善企業(yè)經(jīng)營(yíng)狀況。研究結(jié)論及建議,可供參考,希望能幫助煤炭企業(yè)走出融資困境,實(shí)現(xiàn)供給側(cè)改革目標(biāo)。
[Abstract]:According to the statistical yearbook data for 2015, the total profits of industrial enterprises above the scale of coal mining and washing industry decreased by 70 percent compared with the previous year. The coal industry boom index disclosed by the coal industry network shows a continuous downward trend from 2013 to now. The cold winter of the coal industry is getting worse. With the development of the 13th Five-Year Plan, the supply-side structural reform of the coal industry is also in progress. The report of the 13th Five-Year Plan for the Development of the Coal Industry pointed out that By 2020, coal production and development will be further concentrated on large coal production bases, promote the merger and reorganization of coal enterprises, resolve excess production capacity, and develop clean coal production will be the way for the development of coal industry in the future. These reform measures provide the coal enterprises with difficult production and management with the opportunity to get out of difficulties, but at the same time, they also put forward challenges. The deepening reform of coal enterprises needs the support of capital, but the poor operation of coal industry makes coal enterprises face severe financing difficulties. Based on this, the article hopes to study the financing efficiency and its influencing factors of coal enterprises through the example of coal enterprises above, find ways to improve the financing efficiency, help coal enterprises out of the financing dilemma and smoothly through the reform period. The road to sustainable development. Firstly, according to the statistical data of yearbook and the financial data of listed companies in recent five years, the paper analyzes the present financing situation of coal enterprises, and finds out the problems existing in the financing of coal industry: high level of debt, weak ability of paying debts, bad operation of the industry; The structure of financing is unreasonable; the efficiency of using funds is low. Secondly, according to the definition of financing efficiency and the methods of calculating financing efficiency in previous literature, the index system of DEA model is constructed, which takes financing cost, financing structure, financing risk and fund usage as input index. This paper evaluates the financing efficiency of listed coal enterprises by taking the profitability, development ability and operation ability of listed coal enterprises as output indexes, and obtains the technical efficiency value, pure technical efficiency value and scale efficiency value of listed coal enterprises by calculation. The analysis of the calculation results shows that the financing efficiency of listed coal enterprises is generally invalid. Then, through the theoretical analysis of the factors affecting the financing efficiency, taking the calculated financing efficiency as the dependent variable, taking each factor as the independent variable to carry on the regression empirical analysis, the result is the listed coal enterprise's asset scale, the financing structure. There is a significant negative correlation between equity concentration and financing efficiency, a significant positive correlation between capital use efficiency and financing efficiency, a positive correlation between capital allocation and financing efficiency, but no significant test. Finally, based on the above analysis results, six suggestions are given to improve the financing efficiency of coal enterprises: to improve the financing structure of coal enterprises, to reduce the level of corporate debt, to explore different financing channels, to combine different financing methods, to deal with idle assets, and to improve the financing efficiency of coal enterprises. To streamline the scale of assets, to improve the management mode, to improve the efficiency of fund management, to optimize the structure of corporate governance, to deepen the reform of state-owned enterprises, to improve the profitability of enterprises, and to fundamentally improve the operating conditions of enterprises. The research conclusions and suggestions can be used for reference, hoping to help coal enterprises out of the financing dilemma and achieve the supply-side reform goal.
【學(xué)位授予單位】：西華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F406.7;F426.21

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