Research On Financing Efficiency And Influencing Factors In The Transformation And Upgrading Of Energy-intensive Enterprises

As an important part of the national economy,the high energy consuming industry has long provided power and energy support for the national economic development,which is of great significance for the economic development.However,due to the characteristics of high energy consumption and high pollution,it brings much economic benefits and many environment problems.In addition,in recent years,our government has put forward sustainable development strategy and circular economy strategy.The transformation and upgrading of high energy consuming enterprises is imminent.High energy consuming industries belong to capital intensive industries,and financing is the key issue in transformation and upgrading.Under the limited internal funds,it is the key to effectively carry out internal and external financing,reduce the cost of financing moderately and improve the efficiency of high energy consuming enterprises.In the end,the paper refers to the relevant domestic and foreign research literature,based on the theory of transformation and upgrading and financing efficiency,and takes the pillar of the middle and Western regions as the research object of 73 listed high energy consuming enterprises.First,we extract the financing efficiency evaluation model under the background of high energy consuming enterprises in the Midwest,upgrading transformation and building financial index.Secondly,the BCC-DEA input-output model is applied to calculate the financing efficiency of the high energy consuming enterprises in the process of transformation and upgrading from2011 to 2015.Finally,the financing efficiency is taken as the explanatory variable to select the enterprises.The other factors inside and outside the industry are explanatory variables.Tobit model is used to analyze the main factors that influence the financing efficiency of the high energy consuming enterprises in the Midwest.Through the research,it is found that most of the high energy consuming enterprises in the central and Western regions have been at a high level of financing efficiency in the last five years,but the overall financing efficiency has a downward trend,and there is a more obvious regional and industrial differences.At the same time,the research found that the net profit rate,the liquidity ratio,the diversification of business,the GDP growth rate,the economic prosperity and the enterprise research.Financial investment is positively affecting the efficiency of enterprise financing.The proportion of the top tenshareholders,total assets and PPI is negatively correlated with the efficiency of corporate finance.This research helps to enrich the related financing theory of high energy consuming enterprises,and also helps enterprises to examine their own financing efficiency objectively in the background of transformation and upgrading,and clarify the main factors that affect the efficiency of enterprises’ financing.