| 基于DEA-Tobit的上市军工企业融资效率研究 |
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| 引用本文： | 付兴,郑绍钰,张文鹏.基于DEA-Tobit的上市军工企业融资效率研究[J].国防科技,2018,39(5):035-039. |
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| 作者姓名： | 付兴 郑绍钰 张文鹏 |
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| 作者单位： | 国防大学联合勤务学院,国防大学联合勤务学院,国防大学联合勤务学院 |
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| 摘 要： | 为评估上市军工企业的融资效率,找出影响其融资效率的关键因素,建立将数据包络分析法和Tobit回归分析法有机结合的计量模型。文章依据上市军工企业融资效率的特点,构建评估指标体系,利用DEA方法测算出相对效率值,并选用Tobit模型对可能影响融资效率的因素进行实证研究。结果表明,目前我国上市军工企业的融资效率普遍不高,企业治理结构、资金利用率、偿债能力的提升对改进企业的融资效率有促进作用,但股权融资会抑制企业融资效率的提高。
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| 关 键 词： | 上市军工企业 融资效率 数据包络分析 Tobit |
The research of financing efficiency of listed military industrial enterprises based on DEA-Tobit |
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| FU Xing,ZHENG Shaoyu and ZHANG Wenpeng.The research of financing efficiency of listed military industrial enterprises based on DEA-Tobit[J].National Defense Science & Technology,2018,39(5):035-039. |
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| Authors: | FU Xing ZHENG Shaoyu and ZHANG Wenpeng |
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| Institution: | Joint Service College, National Defence University,Joint Service College, National Defence University and Joint Service College, National Defence University |
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| Abstract: | In order to evaluate the financing efficiency of listed military industrial enterprises, and discover the key factors that influence the financing efficiency, the metering method based on DEA-Tobit model is used. On the basis of the financing efficiency of listed military industrial enterprises, we build the evaluation Index System, and use DEA to measure relative efficiency.We analyze the factors that may influence the financing efficiency by Tobit Model.The results show that the financing efficiency of Chinese listed military industrial enterprises is generally poor at present;the rise of enterprise management structure, capital utilization,and solvency are conducive to improve the financing efficiency;but equity financing will restrain the increase of the financing efficiency. |
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