Research On Financing Efficiency And Influencing Factors Of Coal Listed Companies In China

At present,it is a critical period for China to promote the reform and transformation of the coal industry.Although many reform measures have become a bright compass for the coal industry,it also puts forward higher requirements for coal companies' capital utilization efficiency.Based on the review of relevant literature and financing theory,this paper makes an in-depth study on the financing efficiency and influencing factors of listed coal companies,aiming to help coal companies improve their financing efficiency and successfully complete the transformation and upgrading.Main tasks as follows:(1)The disadvantages of the traditional two-stage series structure are pointed out,and a conceptual model of two-stage hybrid structure financing efficiency is proposed.Based on this,the relevant components of the financing efficiency of listed coal companies are analyzed,including the financing costs,financing methods,financing risks and so on,providing research basis for the evaluation of financing efficiency below.(2)According to the conceptual model of two-stage hybrid financing efficiency,a two-stage hybrid super-efficiency DEA model was constructed.At the same time,the relevant elements of financing efficiency were combined to calculate and analyze the financing efficiency of listed coal companies.The results show that the overall level of financing efficiency of listed coal companies is low,and the efficiency value of the three sub-stages from low to high is the efficiency value of raising funds,the efficiency value of business activities,and the efficiency value of investment activities.At the same time,the calculation results of this model are compared with the traditional two-stage series structure model.The results show that the two-stage hybrid structure model is more conducive to finding invalid decision-making units.(3)Combined with the characteristics of listed coal companies,the factors that may affect the financing efficiency were selected from the macro and micro perspectives,mainly including the macroeconomic environment,enterprise size,capital allocation structure and so on.Based on this,construct the variable intercept panel model,which is used to analyze the influencing factors of financing efficiency.The results showed that:the operating activity fund allocation rate and the size of the enterprise negatively affected the financing efficiency,and the macroeconomic policies,enterprise technology level and coal resources positively affected the financing efficiency.(4)On the basis of the empirical analysis results of listed coal companies' financing efficiency and influencing factors,the following four suggestions are proposed from the micro level on how to improve the listed companies' financing efficiency:controlling the reasonable size of assets;rationally allocating financing amount;selecting high quality Investment projects;enhance the technical level of enterprises.The two-stage hybrid financing efficiency conceptual model is conducive to digging deep into the problems of corporate financing efficiency.At the same time,combined with the analysis of the financing efficiency's the influencing factors,it can be targeted to propose measures to improve the financing efficiency of listed coal companies,thereby promoting China's the healthy development of the coal industry.This method and analysis idea have wide applicability to study financing efficiency,and have certain reference value to other industries.