摘要
结合我国17家港口上市公司2011-2019年的财务数据,运用DEA-Malmquist方法从静态和动态两个角度分析我国港口上市公司的融资效率情况,通过构建Tobit模型分析港口上市公司融资效率的影响因素。结果表明,静态来看,我国港口上市公司的融资效率整体不高,样本中未有公司达到DEA有效,并且融资效率的偏低更大程度是由规模效率低下导致的。动态来看,融资效率变化处于逐年波动的状态,技术问题是造成融资效率波动变化的主要原因。从影响因素来看,资产负债率、公司规模对港口上市公司融资的综合效率、纯技术效率和规模效率均有显著负向影响;运营能力对上述三者均有显著正向影响;盈利能力对综合效率和纯技术效率有显著正向影响;政府扶持力度仅对纯技术效率有显著正向影响;区域金融发展水平对综合效率、纯技术效率和规模效率的影响均不显著。
Based on the financial data of 17 listed port companies in China from 2011 to 2019,this paper uses DEA-Malmquist method to analyze the financing efficiency of China's listed port companies from static and dynamic perspectives,and analyzes the influencing factors of the financing efficiency of listed port companies by constructing Tobit model.The results show that,from the static point of view,the overall financing efficiency of China's port listed companies is not high,none of the companies in the sample is effective in DEA,and the low financing efficiency is more caused by the low scale efficiency.From the dynamic point of view,the change of financing efficiency is fluctuating year by year,and technical problems are the main reasons for the fluctuations in financing efficiency.From the perspective of influencing factors,asset liability ratio and company size have significant negative effects on the comprehensive efficiency,pure technical efficiency and scale efficiency of port listed companies'financing.Operating capacity has a significant positive effect on the above three;Profitability has a significant positive effect on comprehensive efficiency and pure technical efficiency.Government support intensity only has a significant positive effect on pure technical efficiency;Regional financial development level has no significant influence on comprehensive efficiency,pure technical efficiency and scale efficiency.
作者
姜慧慧
温艳萍
JIANG Huihui;WEN Yanping(College of Economics and Management,Shanghai Ocean University,Shanghai 201306,China)
出处
《海洋经济》
2023年第1期41-50,共10页
Marine Economy
作者简介
第一作者:姜慧慧,女,硕士研究生,主要研究方向海洋经济管理,E-mail:1349361208@qq.com;通讯作者:温艳萍,女,博士,副教授,主要研究方向海洋经济管理和价值评估,E-mail:ypwen@shou.edu.cn。
