Research On Evaluation Of Financing Efficiency Of Listed Companies In Construction Industry

The construction industry plays an important role in the process of advancing the national economy.It is a pillar industry in China.While growing,it can not only absorb a large amount of social capital,but also promote the growth of upstream and downstream industries related to it.The construction industry has a large amount of capital investment.In the early stage of the project,a large amount of capital needs to be paid in advance.In addition,the project has a long construction period and slow recovery of funds.Therefore,the self-owned funds in the operation process are obviously insufficient and require a large amount of external financing.Exogenous financing is currently the method commonly adopted by enterprises in countries around the world,but exogenous financing has high costs and high risks.Therefore,the shortage of internal financing and the high risk of external financing have higher requirements on the company’s financing capacity and financing efficiency.Therefore,it is of great significance to study the financing efficiency of the construction industryThis paper first collects a large number of domestic and foreign research materials related to the theme,systematically grasps the theories and empirical research methods related to corporate financing efficiency,then defines the meaning of financing and financing efficiency on the basis of previous studies,and after reviewing the classical financing theories,discusses the development status and financing of listed companies in China’s construction industry Problems in the way of capital.In the empirical aspect,according to the financing characteristics of Listed Companies in the construction industry,this paper selects representative indicators to build an index evaluation system,uses DEA model to measure the static financing efficiency of 44 listed companies in the construction industry from 2014 to 2018,and then uses Malmquist model to analyze the dynamic efficiency level of the sample companies again.Finally,combined with the empirical conclusions and the current situation of the industry,the corresponding policy recommendations are put forward.Through empirical analysis,the conclusions obtained are as follows:(1)In the past five years,the technical efficiency of the sample companies in the construction industry has performed poorly,and the technical efficiency value has been lower than the average level of the sample.(2)The changes in pure technical efficiency and technical efficiency are roughly consistent,and the reason why the technical inefficiency of the construction industry is formed can be classified as low pure technical efficiency,which means that the management and operation standards of the construction industry are waiting to be improved.(3)The scale efficiency of construction enterprises generally prefers that the average scale efficiency over the past five years is 0.9114,which does not deviate much from the optimal scale.(4)Construction companies have high financing costs and a single financing method.There are large differences in financing efficiency among sample companies in the construction industry,and the utilization rate of funds is uneven.The results prove that the financing structure is rationalized,the financial market is improved,and the construction industry is strengthened.Innovation ability can effectively improve the financing efficiency of the construction industry.Finally,the corresponding feasibility suggestions are given from the micro-level of construction enterprises and the macro-level of national regulation:(1)Enterprise level:construction enterprises should effectively strengthen the technological innovation of construction enterprises and enhance their competitiveness;ensure the rationality of enterprise size and achieve Sustainable development;optimizing the management level of construction industry enterprises and improving operating capacity;(2)Government level:standardizing the development of the construction industry and increasing supervision;effectively promoting regional construction and expanding financing channels;formulating a reasonable reward and punishment system for the construction industry...