摘要
以2012-2020年751家A股上市公司为研究样本,基于资金存量、经营能力、偿债能力、成长能力、盈利能力五大体系构建DEA模型的投入和产出体系,并构建整体和分样本DEA模型,探究上市公司资金管理效率及时变特征,结果表明:2012-2020年,中国上市公司资金管理效率呈波动上升态势,但整体水平依然较低。9个年份的决策单元中,只有2016年、2019年和2020年三个决策单元达到了目标效率值,占比仅为37.5%。大型公司的资金管理效率高于中型和小型公司,三者均呈波动上升态势,但大型公司的资金管理效率改善较为明显,小型公司资金管理效率明显偏低,改善程度有限。上市公司是市场经济的主要参与者,其资金管理效率的高低对中国经济体系的运行效率也具有一定的影响。
Based on the 751 A-share listed companies as research samples from 2012 to 2020,based on capital stock,management ability,solvency,growth ability,profit ability five system build A DEA model of input and output system,and building the overall sample DEA model,it pointed to explore capital management efficiency and transient characteristics of listed companies in this paper,the results showed that the 2012 to 2020,China listed companies the management efficiency of funds is wave rise,but the overall level is still low.Among the decision making units in 9 years,only three decision making units in 2016,2019 and 2020 reached the target efficiency value,accounting for only 37.5%.The fund management efficiency of large companies is higher than that of medium and small companies,which all show a fluctuating upward trend.However,the fund management efficiency of large companies is significantly improved.The fund management efficiency of small companies is significantly lower and the improvement degree is lower.Listed companies are the main participants in the market economy,and the efficiency of their fund management has a certain impact on the operational efficiency of China economic system.
作者
贺琼
HE Qiong(School of Accountancy,Dalian University of Finance and Economics,Dalian,116622,Liaoning)
出处
《蚌埠学院学报》
2021年第6期57-60,共4页
Journal of Bengbu University
关键词
上市公司
资金管理
评价体系
时变特征
listed company
fund management
evaluation system
time-varying characteristics
