摘要
文章对多阶段DEA模型加以拓展,同时考虑投入松弛量信息及外部环境和随机因素的影响,构建六阶段Super-SBM模型,结合Malmquist指数模型,对江苏省战略性新兴产业29家上市公司2009-2014年融资效率进行静态与动态评价,更真实地反映融资效率状况。研究表明:"熨平"外部环境和随机因素影响后,平均融资效率明显下降,说明改善金融生态和创新环境能显著提升融资效率;融资效率整体呈现上升趋势,但年均增长有放缓态势;融资效率增长主要依赖技术进步,但效率充分提升还受到技术效率的影响;制约技术效率的主要原因为纯技术效率不高,企业各种资本要素有效集聚和配置管理的水平有待进一步提升。
Considering the information of input slack variables,as well as the effects of external environment and random fac？tors,this paper proposes a six-stage Super-SBM model on the basis of existing multi-stage DEA model. Combining with Malmquist index model,we evaluate both statically and dynamically 29 listed companies’financing efficiency of strategic emerging industries in Jiangsu province from 2009 to 2014,so as to reveal the real status of financing efficiency. The study shows that：After“ironing out”the effects of external environment and random factors,the average financing efficiency of these samples decreases obviously,which indicates that the improvement of financial ecology and innovative environment can significantly promote the financing efficiency;The overall financing efficiency tends to rise up,but the average annual growth rate slows down;The growth of financing efficiency mainly depends on technological progress,and is restricted by technical efficiency;The main reason for limiting technical efficiency is pure technical efficiency. Moreover,the concentration and con？figuration of various capital elements of the enterprise need to be improved.
出处
《华东经济管理》
CSSCI
北大核心
2016年第7期14-20,共7页
East China Economic Management
基金
国家社会科学基金项目(15BGL056)
江苏高校哲学社会科学研究重点项目(2015ZDIXM008)
中央高校基本科研业务费专项资金资助项目(NP2015302)
