Research On Financing Efficiency Of Automobile Manufacturing Based On AHP-DEA Model

With the pace of reform and opening up,China’s automobile manufacturing industry has achieved world-renowned achievements.Its annual output has maintained the world’s first for many years.In 2018,it reached 27.809 million vehicles,and its operating income accounted for 9.26%of GDP.As a high-end manufacturing industry,the rise of China’s automobile manufacturing industry has driven the rapid development of upstream and downstream related industries,and plays an important role in the development of the entire national economy,technological progress and the improvement of people’s living standards.However,under the circumstances of fierce domestic and foreign market competition,macroeconomic downturn,manufacturing transformation and upgrading,energy saving and emission reduction,and innovation driven,the problem of low financing efficiency of China’s automobile manufacturing industry has become increasingly prominent,which not only restricts the rapid and healthy development of the industry It also has an adverse impact on the entire national economy.On the basis of summarizing relevant research and achievements at home and abroad,this article defines the meaning of financing efficiency and financing structure,summarizes the financing theory and AHP,DEA methods,and analyzes the status of China’s automobile manufacturing debt financing and equity financing;Based on the questionnaire survey,the AHP method was used to select the input and output indicators of financing efficiency evaluation,which were total assets,asset-liability ratio,financial expenses,net asset yield,operating income,and total asset turnover rate,and determined Gradient division criteria for financing efficiency evaluation;using CCR and BCC models in the DEA model and the Malmquist index model,a dynamic and static evaluation analysis of the financing efficiency of China’s automobile manufacturing industry from 2014 to 2018 was conducted,and domestic brand enterprises in the sample Compared with the financing efficiency of non-sedan manufacturers,the results show that:from a static point of view,the overall financing efficiency of China’s automobile manufacturing industry is low,and the sample period shows a declining trend;the average value of pure technical efficiency is better than the average value of scale efficiency,and the difference in scale efficiency is The main reason for affecting the financing efficiency,static financing of domestic brand enterprises Lower than a larger sample as a whole,static efficiency financing of non-sedan manufacturer magnitude of change.From a dynamic point of view,the total factor productivity of China’s automobile manufacturing industry fluctuates around 1,and the low technological progress index is the main factor leading to low total factor productivity.