Research On Wannianqing’s Financing Efficiency And Influencing Factors

Cement industry plays an important role in the development of national economy and is an indispensable material for the development,production and construction of basic products.In recent years,the financing environment of the cement industry is bad,and the financing efficiency of the whole industry is not high,which has a negative impact on the country’s economic development.In recent two years,due to the implementation of the national "double carbon" strategy,enterprises need to replace the old production capacity.As a high-pollution industry,cement urgently needs to replace the old industry.At the same time,the market demand of cement is decreasing,the cost of cement products is increasing,resulting in the financing demand of the cement industry is increasing.The development of enterprises and financing are inseparable,improving the efficiency of financing is one of the important ways for enterprises to continue to develop.Taking Wannianqing as a case,this paper firstly analyzes the internal and external financing environment,financing methods and financing structure of Wannianqing.Find out the problems of Wannianqing financing: less financing channels,capital demand,low solvency.The DEA-BCC model was used to evaluate the static financing efficiency of Wannianqing,and six indexes were selected.It was found that the change of comprehensive technical efficiency of Wannianqing came from the change of scale efficiency.The DEA-Malmquist index was used to evaluate the dynamic financing efficiency,and the cross-sectional data of Wannianqing for 6 years were selected to compare the dynamic financing efficiency changes of Wannianqing from 2016 to 2021.Further analysis shows that the increase of total factor productivity index mainly comes from the increase of technological progress index.Then the Tobit model is used to study the factors affecting the financing efficiency of cement enterprises.It is found that the current ratio is positively correlated with the financing efficiency of cement enterprises,while the paid-in capital represents the enterprise size and is negatively correlated with the financing efficiency of enterprises.Then,using grey relational analysis method,it is found that the financing efficiency of Wannianqing is affected by asset-liability ratio,total asset turnover,liquidity ratio and paid-in capital.Based on the above analysis,the paper puts forward some suggestions on improving the financing efficiency of Wannianqing.