金融学院知识库

  近些年来，随着我国经济体制朝着市场化不断推进，市场划分的层次愈加丰富，市场主体趋于多元化，资本市场在我国经济发展的过程中担任着日益重要的角色，企业的融资模式也由银行主导逐渐转向资本市场。西北地区很多企业在快速发展的中国资本市场中受益，涌现出读者传媒、烽火电子、天山股份等一批具有影响力的企业，但相较于中东部地区，西北地区的资本市场发展还是较为缓慢。上市公司作为资本市场的主体，融资是其面对的关键问题，特别是融资效率的高低，不仅关系上市公司自身的发展，对整个资本市场的资金流动和配置都有着重要的影响。

  鉴于此，本文在对企业融资、融资效率及融资效率评价方法的国内外研究成果进行研究整理的基础上，首先，阐述了融资相关的概念与理论基础。其次，对西北五省上市公司的发展现状和融资现状进行研究分析：发展现状包括西北五省上市公司的数量、规模及行业分布情况；融资现状包括西北五省各省份及整体的内源融资、债券融资和股权融资的占比情况。再次，运用DEA数据包络模型测度2015-2019年五年间西北五省上市公司及各省份上市公司的融资情况，分别从融资综合效率（Crste）、纯技术效率（Vrste）及规模技术效率（Scale）三个方面进行测算和分析。最后，以融资综合效率值作为被解释变量构建受限因变量Tobit回归模型，对影响西北五省上市公司融资效率的因素进行实证分析。

  基于上述研究得到结论：西北五省上市公司目前整体融资效率低下，达到融资基本有效（0.8<θ<1）的企业不足10%。制约西北五省上市公司融资综合效率达到基本有效的主要因素在纯技术层面，反映出西北上市公司在管理和技术层面对融入资金的配置都不够科学合理。

  最后，本文就现阶段制约西北五省上市公司融资有效的因素提出对策建议：第一，政府应完善企业发展环境，加强金融市场建设；第二，当地金融机构应强化金融产品创新，为企业提供更多的融资方式；第三，企业要根据自身的发展现状和未来发展方向及时调整融资结构，提升内部管理水平及盈利能力。

  In recent years, with China's economic system is to move onwards step by step towards marketization, the gradations of market division are tend to be richer and richer, and the main body of market also has a tendency to become diversified. In the process of China's economic development, capital markets are playing an increasingly important role, the financing model of enterprises has also shifted from bank-led to capital markets. Many enterprises in the Northwest Territories have also benefited from the fast-growing Chinese capital market, a number of influential enterprises have emerged, such as Reader Media, Beacon Electronics, Tianshan Shares and so on. But compared with the central and eastern regions, capital markets in the Northwest Territories are developing slowly. Listed companies’ financing is the key issue when they are the mainstay of capital markets. In particular not only the efficiency of financing relates to the development of listed companies themselves, but also has an important impact on the flow and allocation of capital markets as a whole.

  In view of this, on the basis of research and collation of major research results at home and abroad, this paper expound the concept and theoretical basis of financing in the first place which is about evaluating enterprise financing, financing efficiency and financing efficiency evaluation method. In the second place, the development status and financing status of listed companies in the Northwest Five Provinces are researched and it turned out the development status includes the number, scale and industry distribution of listed companies in the five provinces of northwest China; The current financing situation consist of the proportion of endogenous financing, bond financing and equity financing in the five provinces of the Northwest Province and the whole; In the third place, using the DEA data envelope model to measure the financing efficiency of listed companies in the Northwest Five Provinces in the five-year period 2015-2019. There are three aspects which are measured in the financing efficiency of the five northwest provinces and each province: financing comprehensive efficiency, pure technology efficiency and scale technology efficiency. Finally, the financing comprehensive efficiency is used as an explanatory variable to build a Tobit model to study the factors affecting the financing efficiency of listed companies in the Northwest Five Provinces.

  Based on the above research, the following conclusions are obtained. At present, the overall financing efficiency of listed companies in the Northwest Five Provinces are inefficient, less than 10% of enterprises meet the basic validity of financing (0.8<θ<1). Break down the comprehensive efficiency of financing into pure technical efficiency and scale technology efficiency, and it can be seen that technical limitations are the key factors restricting the improvement of financing efficiency of listed companies in the Northwest Five Provinces.

  This paper puts forward countermeasures and suggestions to improve the financing efficiency of listed companies in the Northwest Five Provinces at this stage. First of all, the government is supposed to create a good environment for the development of listed enterprises. In the second place, local financial institutions should strengthen financial product innovation so as to provide more financing for enterprises; In the course of time, enterprises should adjust their financing structure according to their own development status and future development direction and improve the level of internal management and profitability.