The Research On Investment Efficiency Of Rail Transit Companies

Along with a series of development strategy and favorable policies in our country,such as "The Belt and Road" and the approval of rail transit projects decentralization to the provincial authorities,China's rail traffic ushered in a new round of development opportunities.High-speed development of rail transit,brings a large amount of capital investment,it has also brought the problems of low-level expansion andovercapacity,which makes the capital investment and income difficult to match,as well as the investment utility is badly in need of improvement.The rail transit listed company plays a demonstration and leading role in the overall industry,whose investment efficiency is a focus of attention to investors and management authorities.Defining the concepts of rail transit listed company and its investment efficiency firstly,the research object in this text is 42 rail transit listed companies,combined with its characteristics,the text selects five input indexes from three aspects as “people,money,matter”,and four output indexes from growth capacity and profitability.To set up the evaluation index system of rail transit investment efficiency.Then from the perspectives of static and dynamic,with the model of VRS-BCC and Malmquist index,the article measures the investment efficiency of rail transit listed company from 2011 to 2015,and with Tobit measurement model,we find the factors that have an important influence on the investment efficiency of listed company in the rail transit.Lastly,according to the results of the study,the feasible suggestions are put forward.According to the empirical research,the conclusions are listed as follows.The first,from 2011 to 2015,88% of the rail transit listed company has non DEA effective investment now.Among non DEA effective investment listed company,the input are highly redundant.Among the five years of investment efficiency change,the technical efficiency index of most listed company has not played a key role.The second,the internal cash flow and the proportion of technical personnel play a positive impact on investment efficiency,they are the main factor affecting the investment efficiency;there are negation and remarkable correlations between the investment efficiency and the assets-liability ratio.According to the above empirical results,the paper point out the improvement direction of investment redundancy as well as putting forward targeted suggestions for rail transit listed company from the research and development and debt financing.