An Evaluation Study On Debt Financing Efficiency Of The Textile Industry Listed Company

Under the impetus of economic globalization, financing has become an important research field of Modern Corporation financial. The domestic and foreign scholars have studied the financing efficiency issue from different angles with the deepening theoretical research. The efficiency of debt financing is not only affects the enterprise capital adequacy but also affects the governance structure and the business operating performance, as a result, the debt financing is vital to the development of enterprises. Textile industry occupies the important position in national economy, it is influenced greatly by the policy in financing filed, and there is a certain theoretical significance in the current economic system. Meanwhile, financing problem is one of issues faced by the textile industry at the present; the improving of the financing efficiency has practical significance for the development of the textile industry. This thesis will give a study on the debt financing efficiency of the textile industry listing Corporation.Firstly, this thesis reviews the domestic and foreign literature; analyze the influential factors and debt financing status of textile industry listing Corporation. Secondly, the paper shows the definition of debt financing efficiency, and constructs the evaluation model of debt financing efficiency based on the relevant theoretical model. Then, according to the characteristics of textile industry listing Corporation debt financing, this thesis selects the representative index to builds an evaluation index system with an aim to evaluate the debt financing efficiency of the textile industry listing Corporation in2007-2011by data envelopment model (DEA model).Thirdly, the thesis has an empirical analysis on the factors which affecting the textile industry listing Corporation debt financing efficiency with the gradually entered the regression analysis method. Lastly, the paper will put forward some suggestions on the financing efficiency of China’s textile enterprises debt.After an empirical analysis of the textile industry listing Corporation debt financing efficiency, the results show that:Most of the textile industry listing Corporation debt financing efficiency in China is (DEA) non-effective; after an empirical analysis of the factors affecting the textile industry listing Corporation debt financing efficiency, the results show that:the influential degree on the textile industry listing Corporation debt financing efficiency are different based on the different factors. A Further study showed that China’s textile industry listing Corporation debt financing low efficiency is due to the shortage sources of funds and the low utilization of the funds. The textile enterprises can improve the textile industry listing Corporation debt financing efficiency by adjusting the different influence factors of the efficiency of debt financing. Finally, the thesis proposed some suggestions in order to improve the textile enterprise debt financing efficiency.