Research On The Financing Efficiency Of My Country's Military Industry Enterprises

Military enterprises are related to the national economy and the people's livelihood.They are strategic enterprises and an important pillar of the national defense industry.Military enterprises involve many fields,including talent sharing,capital integration,and military-civilian technology.While China's military industrial enterprises are developing steadily and promoting economic construction,the financing efficiency of military enterprises affects the transformation of enterprises and their modernization and sustainable development.Therefore,how to improve the financing efficiency of enterprises has a strong research significance.Relying on the existing researches in a large number of literatures,this paper summarizes the research status of military enterprises' financing efficiency based on the integration of military and civilian,and puts forward relevant issues according to national policies and development trends.After considering the integrity of data acquisition and the relevance and effectiveness of the research objects,this paper selects 36 listed military enterprises in China from 2015 to 2017 as a sample,and comprehensively uses factor analysis and DEA model to extract total assets and debt service ratio as an input variable,while operating income and total asset profit rate as output variables to conduct a DEA analysis of financing efficiency.Finally,based on the empirical analysis,it is found that the overall financing efficiency of military enterprises is low.The influencing factors are including capital structure,capital utilization efficiency,technological innovation capability,enterprise management level,and matching of factor input and production scale.On the basis of the above,this paper puts forward corresponding countermeasures and suggestions with a view to the reference to the development of military enterprises.