An Empirical Study On The Financing Efficiency Of Listed Port Companies

Port industry,as a fundamental and key industry related to the development of national economy.It is an important support for promoting the healthy development of related industries and providing logistics infrastructure for economic development,a significant symbol of the development level of the open economy as well.Especially in the Belt and Road context,its importance is becoming increasingly prominent,but port construction and operation possess the characteristics of large capital demand,long operation cycle and slow investment recovery.Financing is still the key factor restricting the development of port industry.Thus,the ways of financing efficentlly,utilizing financing effectively and improving financing efficiency has become a vital research topic.This paper takes Chinese A-share listed port enterprises as the research object,uses three-stage DEA model to analyze their financing efficiency quantitatively,and puts forward measures and suggestions for the overall low financing efficiency,which has certain guiding significance for the financing of port industry and its sustainable development.Based on the researching results of domestic and foreign scholars,this paper clearly defines the connotation of financing efficiency,that is,financing is a resource allocation behavior with input-output relationship,and its efficiency should be measured in three aspects:financing cost,the amount of funds and the economic benefits generated by using the funds.This paper extends the traditional DEA model,uses three-stage DEA model,filters out the influence of environmental factors and random errors on the efficiency value,and obtains the financing efficiency value which can reflect the management level of enterprises themselves preferably.Firstly,the input-output index system to measure the financing efficiency is constructed,and the original data of the index is substituted into the DEA model to get the initial value of financing efficiency.Then,the index system of environmental factors is constructed,and the influence of environmental factors on the value of financing efficiency is analyzed by using stochastic frontier analysis method,and the original data of input-output index is imported.Finally,the adjusted input-output data are re-introduced into the DEA model to get the final financing efficiency value which filters out the influence of environmental factors and random errors,and the difference between the final efficiency valueand the initial efficiency value is analyzed.Through empirical analysis,this paper draws the following conclusions: firstly,the overall level of financing efficiency of listed port enterprises is low;secondly,the financing scale efficiency of listed port enterprises is weak;thirdly,the listed port enterprises' financing efficiency is vitally influenced by environmental factors;last but by no mean the least,it is obviously to find the regional discrepancies of port enterprises.In view of the above conclusions,this paper based on two aspects of improving the value of financing efficiency and eliminating the adverse effects of environment factors,proposes the measures and suggestions of adjusting financing scale,speeding up the reform of mixed ownership,actively integrating into the "one belt road" construction,and promoting the development of port area,etc.