Research On Financing Efficiency And Its Influencing Factors Of Steel Enterprises In China

As an basic industry of national economy,steel industry has made a great contribution to the healthy development of the national economy.However,in recent years,the development environment of steel industry is worsening day by day,which makes the industry enter the severe winter period.Under this background,the central government has put forward the supply-side structural reform and stressed that the steel enterprises ought to promoting supply-side structural reform firstly,which has pointed out the direction for steel enterprises to liberate themselves from the difficulties.The deepening reform of enterprises is inseparable from the support of funds.However,the current financing situation of steel enterprises is not optimistic,which has seriously hindered the reform of steel enterprises.Therefore,this paper holds that it is of great significance to study the financing efficiency and its influencing factors of steel enterprises.First,this paper selects 27 steel enterprises as research samples and constructs the DEA-Tobit model by using DEA method to make an evaluation on the financing efficiency of steel enterprises and make empirical analysis of the relevance and influence degree between the financing efficiency and its influencing factors.The empirical results show that the asset size and the asset-liability ratio have significant negative correlation with the financing efficiency,while the concentration ratio doesn't have significant correlation with the financing efficiency.According to the results of empirical analysis,this paper puts forward some suggestions on how to improve the financing efficiency of steel enterprises.The innovation of this article is that this paper uses the DEA-Tobit model to study the financing efficiency and its influencing factors of steel enterprises in China,and put forward some suggestions to improve the financing efficiency,which provides financial support for the reform of steel enterprises.