Study On Financing Efficiency And Its Influencing Factors Of Petrochemical Enterprises In China

As the pillar industry of our country,petrochemical industry has been brought into the scope of national economic strategic development in the 13th five year plan,which is proposed to promote the transformation and upgrading of petrochemical industry.At the same time,with the improvement of China's opening-up level,China's petrochemical industry has gradually liberalized the restrictions on foreign investment.But compared with foreign enterprises,the products of Chinese petrochemical enterprises are still insufficient in terms of high-end and differentiation.In the petrochemical market after opening up,the core competitiveness of Chinese petrochemical enterprises is relatively poor,which is mainly because the petrochemical enterprises do not maximize the effectiveness of the funds raised.In addition,considering the contradiction between the expansion of financing demand and the tightening of financing supply in petrochemical industry,it is a very important research topic to study how to help petrochemical enterprises improve financing efficiency.Based on this background,with the help of signal theory,capital structure and other related theories,the paper studies the financing efficiency of China's petrochemical enterprises by the combination of literature research,qualitative analysis and quantitative analysis.First of all,based on the analysis of the current situation of the development and financing of China's petrochemical industry,the paper points out the necessity of studying the financing efficiency of petrochemical enterprises.Then,by building a DEA model,after calculating the financing efficiency of 53 listed petrochemical enterprises,it is found that the overall financing efficiency of China's petrochemical enterprises is not high,and there are redundant investment factors of property right ratio,which indicates that petrochemical enterprises should reasonably improve their financing mode and financing structure,and secondly because of the internal management of enterprises The lack of management ability leads to the contradiction between scale expansion and financing scale redundancy.Finally,through the construction of Tobit model,the paper analyzes the possible factors that affect the financing efficiency of petrochemical enterprises from the macro and micro perspectives.The research shows that M2 growth rate,profitability and growth ability will have a positive impact on the financing efficiency of enterprises,and the asset liability ratio,asset model and international crude oil price will have a negative impact on the financing efficiency of enterprises.Based on the results of empirical analysis,in order to improve the financing efficiency of petrochemical enterprises,the paper suggests that the futures market should be used to hedge the risk of price fluctuation of raw materials,improve the financing environment and optimize the financing structure of enterprises;and it is suggested that the internal governance system of petrochemical enterprises should be strengthened from the perspective of standardizing capital management and improving organizational capacity,and the R & D investment should be increased,new technologies should be introduced and R & D personnel should be absorbed actively Enhance the core competitiveness of enterprises from the perspective of talents.