摘要
发展智能制造产业是我国由制造业大国向制造业强国转变的必经途径,考虑到智能制造业研发成本高、投资风险大带来的融资效率较低的问题,本文以33家在A股上市的智能制造企业为样本,选取2017—2020年年报数据,运用数据包络分析法测度债权融资、股权融资和内源融资三种不同融资方式的融资效率水平。结果显示:从静态分析结果来看,我国智能制造企业整体的融资效率水平较低,在研究的33家企业中,仅有不超过30%的企业的融资效率达到最优,三种不同的融资方式中,内源融资的融资效率最高,债权融资的融资效率最低;从动态分析结果来看,债权融资和股权融资的融资效率呈下降趋势,内源融资的融资效率呈上升趋势,技术进步变化指数是影响3种融资方式融资效率的主要因素。
Intelligent manufacturing is the necessary way for China to transform from a large manufacturing country to a strong manufacturing country.Considering the low financing efficiency caused by the high R&D cost and high investment risk of smart manufacturing,this article uses 33 smart companies listed on the A-share market as a sample,selects the four-year annual report data from 2017 to 2020,and uses the data envelopment analysis method to measure the financing efficiency of three different financing methods:debt financing,equity financing and endogenous financing.The results show that:from the static analysis results,the overall financing efficiency of China’s smart manufacturing companies is low.Among the 33 companies studied,only 30%of the companies have the best financing efficiency.Among the three different financing methods,the financing efficiency of endogenous financing is the highest,and the financing efficiency of debt financing is the lowest;from the results of dynamic analysis,the financing efficiency of debt financing and equity financing shows a downward trend,the financing efficiency of endogenous financing shows an upward trend,and the technological progress changes Index is the main factor affecting the financing efficiency of the three financing methods.
作者
马慧斌
宋良荣
MA Huibin;SONG Liangrong(School of Management,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《技术与创新管理》
2022年第2期207-212,共6页
Technology and Innovation Management
基金
国家自然科学基金面上项目“产业‘互联制造’供需网的结构、演化及其动力学研究”(71871144)。
关键词
智能制造
融资方式
融资效率
静态分析
动态分析
intelligent manufacturing
different financing methods
financing efficiency
static analysis
dynamic analysis
作者简介
马慧斌(1996-),男,山西吕梁人,硕士研究生,主要从事金融、公司金融与资本市场的学习与研究。
