| More than 90% of China’s foreign trade transport is carried by sea, so shipping industry is strategically important for national economy’s normal operation. Shipping industry requires a lot of financial support during all stages of its life cycle, Therefore, financing plays an important part in shipping business. At present, the funding costs of many shipping companies in our country is high, and capital utilization efficiency is low, financing efficiency is becoming increasingly prominent. Hence, how to objectively evaluate the financing efficiency of shipping companies and analysis the impact factor of it has become the focus of common focus in academia and industry.Analyzing scholars’ related research on financing efficiency evaluation, on the premise of enterprise financing and financing efficiency theory, this thesis finds that traditional financing efficiency analysis method has limitations, but da ta envelopment analysis method is applicable to research on financing efficiency of listed shipping companies. Then, this thesis uses DEA-Tobit two-stage method to study the financing efficiency of listed shipping companies. According to Principal Component Analysis(PCA), DEA input-output indicators were built up, which included employees’ salaries, paid-in capital, financial costs as DEA inputs and operating revenue, turnover of total capital as outputs. DEA model was applied to analyze the financing efficiency values of listed shipping companies. Then, with DEA efficiency measure values and based on Tobit model, empirical analysis on financing efficiency factors of listed shipping companies was conducted. According to the results of analysis on listed shipping companies’ financing efficiency, suggestions to improve financing efficiency for shipping companies were concluded. Study shows that listed shipping companies’ of china financing efficiency is generally low. Less than a half companies are in a relatively efficient condition, and the relatively inefficient listed shipping companies can figure out how to adjust output-input to an efficient condition in order to improve efficiency, according to DEA efficiency estimate results. And debt ratio, operating margin and operating cost ratio are significantly related with enterprises’ financing efficiency. It is scientific and rational to use DEA-Tobit two-stage method to study listed shipping companies’ financing efficiency, and the analysis of listed shipping companies’ financing efficiency and its influencing factors are effect ive and objective, which meets information users’ decision-making needs. |
