Calculation And The Influencing Factors Of China’s Enterprises’ Financing Efficiency

From 2012, China’s GDP growth rate began to fall. China has now farewell to the 30 years growth of GDP around 10%. Our economic development goals now turn into the optimization and upgrading of economic structure and achieving innovation-driven growth.Overcapacity businesses like industrial companies is the focus of economic restructuring. Industrial enterprises rely on the elements and investment-driven business development in the long term, resulting in a long-term waste of resources and funding. In this paper, we study the financing efficiency of industrial enterprises and its influencing factors, trying to make reasonable suggestions for enterprises to achieve economic restructuring.This paper focuses on the financial efficiency and influencing factors of industrial companies, using Data Envelopment Analysis to measure and evaluate the level of financing efficiency of Chinese enterprises. And then establishing panel data individual fixed effects model, derived factors that influence the efficiency of corporate finance. Due to the empirical results of this paper, this paper would come to what measures should be taken to improve enterprises’financing efficiency.Financing of enterprises cannot do without financial support of various financing channels, cannot do without their own assets management and corporate governance, and also, the macroeconomic environment. Through literature and empirical research, the conclusion is:Overall, the financing efficiency of enterprises is not high. This paper selects 220 infrastructure related enterprises’data from 2005 to 2014; choosing current ratio, cash inflows from financing activities, gross margin and asset-liability ratio as input indicators and choosing the return on total assets, the weighted average cost of capital and total asset turnover as output indicators to establish the DEA variable returns to scale (BCC) model. Not only comes to the overall production efficiency, technical efficiency and technological change of individual samples, but also gives pure technical efficiency and scale efficiency by the technical efficiency. According to the BCC model, it comes to that 35 percent of enterprises are DEA effective,65 percent of enterprises are DEA non-valid effective. Therefore, we can say that our construction-related businesses have low financing efficiency.This article used pure technical efficiency as the financing efficiency of enterprises which measured by dynamic DEA model. And select four variables:the ways of corporate financing, asset management, corporate governance, macroeconomic, as influencing factors of financing efficiency. Because of the DEA analysis, data of 2005 is as a base. Therefore, establish individual fixed effects model analysis for 220 companies’data from 2006 to 2014, coming to the conclusion that the asset-liability ratio and financing efficiency of enterprises was " U-shaped" relationship; financing efficiency and corporate assets were negative relationship; ownership concentration and financing efficiency of enterprises was positive relationship; the level of economic development has a positive correlation with corporate financing efficiency. Retained equity ratio and business efficiency are not related. Financing efficiency and equity balance rate’of enterprises is not relevant.Through the above empirical test, this paper argues that in the choice of financing, enterprises should use different means of financing. Increasing debt financing rate to increase the efficiency of corporate finance. The efficiency of enterprises will increase as the asset-liability ratio is over 50%. For industrial enterprises, expand the scale of assets is in favor of the development of enterprises. But through empirical testing, the increase of asset size has negative impact on the financing efficiency. So, it should be appropriate to reduce the size of the assets of enterprises to improve financing efficiency; to maintain an appropriate concentration of ownership also have a positive impact on improving the efficiency of corporate finance; equity financing balance degree and the efficiency of enterprises are not related, so the company’s equity balance did not play its role; financing business efficiency and macroeconomic environment are closely related, enterprises should actively participate in national policy support projects, to catch economic development "through train."This paper is divided into six parts, respectively, from the theoretical and practical point of view, and from measuring and evaluating corporate financing efficiency and analysis of influencing factors to introduce financing efficiency.The first part is an introduction, including the background and significance of the topic, research methods and research content, paper structure and innovation.The second part is relevant theories and the literature review. The relevant theories including corporate finance theory and corporate financing efficiency theory. Introduction to the theory of corporate finance mainly involves MM theorem, pecking order theory and principal-agent theory. Then introduce the definition of efficiency and financing efficiency, and introduces two main efficiency theories. When comes to the literature review, the evaluation and measurement of the efficiency of the corporate finance-related literature were firstly reviewed. Then relevant literature reviewed from the ways of financing, ownership structure and other factors affecting enterprise financing efficiency. This part is the theoretical support of this thesis.The third part is empirical analysis of the efficiency of corporate finance. First introduced the DEA dynamic evaluation model, and then introduces the input and output indicators, then the sample and the data source of the model are introduced, and finally the efficiency of corporate finance Evaluation and empirical results Analysis.The fourth part is empirical research. Panel data model was first introduced, followed by interpretation of selected data and sample selection and influencing factors, and then build the model of corporate finance affect the efficiency factor, and finally is the conclusions of corporate finance efficiency affecting factors.Part fifth make proposals from increasing financing use efficiency, control assets scale, improve governance capacity and active participation in economic development "through train" three aspects for improving the efficiency of China’s enterprises financing.In this paper, the standard research and empirical research, qualitative research and quantitative research and research methods to study literature was used. The innovation is the combination of the new era; the choice of the latest data; not simply equal business financing efficiency to corporate earnings. This paper starting from the definition of financial efficiency, firstly measured and evaluated the enterprise financing efficiency and then used empirical test to analyze influencing factors of the financing efficiency of corporate. Come to the conclusion that the asset-liability ratio and financing efficiency of enterprises was " U-shaped" relationship; financing efficiency and corporate assets were negative relationship; ownership concentration and financing efficiency of enterprises was positive relationship; the level of economic development has a positive correlation with corporate financing efficiency. Retained equity ratio and business efficiency are not related. Financing efficiency and equity balance rate of enterprises is not relevant.