Research On The Financing Efficiency Of Listed Companies In Ceramic Industry And Its Influencing Factors

Capital is the blood of an enterprise,which is very important to the development of the enterprise.At present,due to the characteristics of small operation scale,weak guarantee ability and poor risk resistance ability of ceramic enterprises in China,most ceramic enterprises have the phenomenon of high financing cost,difficult financing and expensive financing.Financing has become an important bottleneck restricting the development of enterprises.Therefore,the research on the financing efficiency of ceramic enterprises has become an important issue of theoretical and practical circles.On the basis of reviewing the relevant theories of enterprise financing and financing efficiency,this paper makes an in-depth analysis on the financing status of Listed Companies in China’s ceramic industry.Taking 16 listed companies in ceramic industry as the research object,on the basis of referring to previous scholars’ research,this paper takes the enterprise’s asset scale,asset liability ratio and total operating cost as input indicators,return on net assets and main business income The growth rate is used as the output index to evaluate the financing efficiency of ceramic listed companies with the aid of DEA model.Combined with the comprehensive efficiency value calculated by DEA model and tobit test model,this paper makes an empirical study on the factors influencing the financing efficiency of ceramic listed companies.The main conclusions of this paper are as follows:(1)at present,the listed companies in ceramic industry have the characteristics of uneven geographical distribution,paying attention to equity financing and bond financing,and most of the enterprises’ financing structure is "mainly fromexternal sources,supplemented by internal sources".(2)With the help of BCC model in DEA,the static analysis of sample companies is carried out.The results show that although the number of listed companies with effective comprehensive financing efficiency,pure technical efficiency and scale efficiency is on the rise,the proportion of effective companies is low;the number of enterprises with diminishing returns to scale is on the rise,and ceramic listed companies should pay attention to operational efficiency and improve capital utilization rate.(3)The Malmquist index analysis method is used to evaluate the sample companies dynamically.The results show that the productivity index of the sample companies is on the rise,but the development of each year is extremely unstable.The blind expansion of enterprise scale has no significant effect on the financing efficiency of ceramic listed companies.We should increase the investment in technological innovation and improve the internal management system of enterprises,We will improve the ability to allocate funds and use resources.(4)Tobit random test model shows that the financing efficiency of ceramic listed companies is positively correlated with main business income,return on net assets and capital utilization efficiency,and is significantly negatively correlated with asset liability ratio and financing cost ratio.According to the empirical results,it is suggested that enterprises choose the capital scale reasonably,improve the allocation rate of capital,optimize the capital structure,reduce the financing cost,and improve their own management ability.