Research On Financing Efficiency Of Public Utilities Listed Companies

Public utilities are closely related to the daily life of the residents,so as to serve the society and meet the needs of the society.In recent years,with the accelerating pace of urbanization and the rapid growth of urban population,the demand of residents for public utility products has also been on the rise.The government is actively exploring ways to cooperate with listed companies in the public utilities sector to promote public utility construction.In recent years,the economy of our country has entered a new normal and banks have tightened the credit gate.Due to the particularity of the industry,listed companies engaged in the operation of public utilities generally have financing difficulties.For such companies,the efficiency of the use of integrated funds is particularly important.Therefore,it is of practical significance to study the financing efficiency of public listed companies.The article takes public utilities listed companies under GICS as a sample,excluding 6 companies with missing data,for a total of 91 listed companies.Select the financial data of the past five years since China's economic development entered a new normal.First of all,introducing the research background,purpose and significance of the article.Summarizes the domestic and foreign scholars on the status quo of the research on the public utilities industry and the status quo of research on financing efficiency,including the definition of financing efficiency and research methods of financing efficiency;secondly,the characteristics of public utilities listed companies and financing status analysis,By referring to the data in Flush database,the use of the overall method of calculating the relevant financial indicators of the industry,and other indicators of the industry to compare and analyze the differences with other industries,and then analyze the characteristics of public utilities listed companies.Moreover,the financing situation of public utilities industry is analyzed from three aspects: bank borrowing,equity financing and debt financing;thirdly,To analyze the financing efficiency of public listed companies.The DEA-BCC model and the DEA-Malmquist index model were introduced to construct an index system for evaluating the financing efficiency of enterprises.The financing efficiency of the public utility industry at the overall level and sub-industry level is evaluated from both static and dynamic aspects.Finally,Based on the analysis of the financing efficiency of the utility industry,draw conclusions,and put forward targeted suggestions for the problems found.