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中小板上市公司债务融资效率分析与政策支持研究——基于系统聚类与DEA-malmquist的实证分析 被引量:3

Debt Financing Efficiency Analysis and Policy Support Research of the Listed Firms in Chinese SMEs Stock Market
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摘要 本文采用2008年至2012年50家中小板上市公司面板数据,采用系统聚类和DEA-malmquist指数分析相结合的方法,对其债务融资效率进行了分析。结果表明,中小板企业在资产配置效率方面较关注自身盈利状况和成长前景,而未认识到节约融资成本的重要性以致债务融资效率偏低。中小板应充分发挥债务融资杠杆作用,通过强强联合和以强带弱途径分散经营风险,在扩大规模效益的基础上保障企业融资高效稳步前进。 This paper chooses the method of Hierarchical Clustering combineded with DEA-malmquist to access 50 Small and Medium-sized Listed companies' real efficiency conditions of debt financing from 2008 to 2012.taking the listed companies' panel data of China as the research object.According to the analysis,this study puts forward to following conclusions and suggestions:China's Small and Medium-sized enterprises have ignored the efficienry of asset allocation instead of being concerned about their own profitability and growth prospects,which resulted in lower debt financing efficiency.To solve these problems,our Small and Medium-sized Listed companies have no choice but to try the best to exert the function of leverage of the debt financing in order to improve the capital structure.And the powerful combination or the way of the strong help the weak is essential to reduce enterprises' business risks as to achieve the steadily forward of corporate finance efficiency.
作者 王丽娟 李骏
机构地区 江南大学商学院
出处 《财会通讯(下)》 2014年第9期89-92,共4页 Communication of Finance and Accounting
基金 教育部人文社科规划项目(项目编号:13YJA630087) 中央高校基本科研业务费专项资金项目(项目编号:JUSRP1069) 江南大学自主科研计划重点项目(项目编号:JUSRP51325A)阶段性研究成果
关键词 中小板上市公司 债务融资效率 系统聚类 DEA-malmquist生产率指数 Small and Medium-sized Listed enterprise Debt financing efficiency Hierarchical clustering DEA-malmquist
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