| Transportation infrastructure is an important social public infrastructure to maintain the normal operation of society and promote economic development.For transportation infrastructure enterprises,especially large-scale transportation infrastructure enterprises,a large amount of fixed assets investment is required.Therefore,such enterprises have been accompanied by huge financing needs since their inception.At present,China’s large transportation infrastructure enterprises have both social welfare and operational nature.On the one hand,enterprises need to finance funds for new construction or reconstruction and expansion projects;On the other hand,the high-quality transportation infrastructure enterprises with the attribute of resource monopoly have become the investment targets concerned by the capital market.The capital invests in such enterprises to obtain long-term and stable income.In the process of financing,due to different sources of funds and different financing modes,it will present different financing structures and show different financing efficiency.This paper takes the transportation infrastructure enterprises in the above cities as the research object,including selecting the 11-year data of 37 listed enterprises in expressways,airports,ports and railways.By analyzing the financing performance of enterprises,we can find the internal correlation between the financing efficiency and financing structure and the impact on the business performance of enterprises.From the perspective of input-output,financing efficiency is investigated at the level of the balance between financing input and financing output benefits.This paper selects the data envelopment method to evaluate the financing efficiency index,and takes the measurement index of financing efficiency as the explanatory variable of the investigation relationship.From the perspective of financing structure,this paper takes endogenous financing,equity financing and debt financing as important indicators to investigate the correlation.Entropy method is used to conduct comprehensive evaluation from multiple dimensions of enterprise business performance.Finally,by constructing the regression model of financing efficiency,financing structure and business performance,the hypothesis of correlation is verified,and the following conclusions are drawn:for transportation infrastructure enterprises,the improvement of financing efficiency has a positive impact on their business performance,the impact intensity will decline with the improvement of financing efficiency;From the perspective of financing structure,internal financing will have a positive impact on business performance,which is also the main reason why enterprises first consider endogenous financing when making financing decisions;The financing efficiency of debt financing reflects the negative correlation effect;From the perspective of equity ratio,for transportation infrastructure enterprises,the change of state-owned capital,especially the state-owned holding capital within a certain range,does not affect the business performance of enterprises;Further analysis of debt financing shows that long-term debt has a more significant negative effect on business performance than short-term debt.High long-term debt ratio will greatly affect the business performance of enterprises.The above conclusions will provide reference for enterprises in the actual financing decision-making process and developing and innovating financing methods,and provide theoretical support for the formulation of relevant policies. |
