生态协同视阈下江苏新能源产业融资效率研究
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摘要
融资效率分为筹资效率和配置效率,文章将生态系统理论引入融资效率研究视阈,结合江苏2010-2016年20家新能源产业上市公司面板数据,利用两阶段链式网络DEA模型测度江苏新能源产业的筹资效率、配置效率和融资效率,并构建固定效应面板数据模型验证江苏新能源产业融资生态和融资效率的协同效应。研究显示:江苏新能源产业融资效率存在较大改善空间,相应产业上市公司从侧重筹资效率忽视配置效率逐渐转向促进筹资效率与配置效率共同提升;产业筹资效率受融资外部环境因素影响较大,而配置效率受融资内部因子影响较大。应通过强化外部融资生态环境与内部基因结构的协同效应来提升融资效率。
Financing efficiency can be divided into raising efficiency and allocation efficiency. This paper,by introducing ecological system theory into new energy industry financing efficiency research and combining with the panel data of twenty new energy industry listed companies in Jiangsu province from 2010 to 2016,measures raising efficiency,allocation efficiency and financing efficiency of the new energy industry in the province using the two-stage chain network DEA model,and verifies the synergy effect of financing ecology and financing efficiency of the new energy industry by building a fixed-effect panel data model.The study shows that the financing efficiency needs to be further improved,moreover,instead of only focusing on raising efficiency,new energy industry listed companies turn to promote raising efficiency and allocation efficiency together,the raising efficiency is influenced by the financing external environment,and the allocation efficiency is affected by the financing internal factors. Consequently,it is necessary to strengthen the coordination of the reform of financing external environment and the improvement of internal factors structure in order to improve the financing efficiency.
Financing efficiency can be divided into raising efficiency and allocation efficiency. This paper,by introducing ecological system theory into new energy industry financing efficiency research and combining with the panel data of twenty new energy industry listed companies in Jiangsu province from 2010 to 2016,measures raising efficiency,allocation efficiency and financing efficiency of the new energy industry in the province using the two-stage chain network DEA model,and verifies the synergy effect of financing ecology and financing efficiency of the new energy industry by building a fixed-effect panel data model.The study shows that the financing efficiency needs to be further improved,moreover,instead of only focusing on raising efficiency,new energy industry listed companies turn to promote raising efficiency and allocation efficiency together,the raising efficiency is influenced by the financing external environment,and the allocation efficiency is affected by the financing internal factors. Consequently,it is necessary to strengthen the coordination of the reform of financing external environment and the improvement of internal factors structure in order to improve the financing efficiency.
引文
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[21]CHARNES A,COOPERS W W,RHODES E.Measuring the Efficiency of Decision Making Units[J].European Journal of Operational Research,1978,2(6):429-444.
[22]BANKER R D,CHARNES A,COOPERS W W.Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis[J].Management Science,1984,30(9):1078-1092.
[23]KAO C,WANG H S.Efficiency Decomposition in Two-stage Data Envelopment Analysis:An Application to Non-life Insurance Companies in Taiwan[J].European Journal of Operational Research,2008,185(1):418-429.
[24]TANSLEY A G.The Use and Abuse of Vegetation Concepts and Terms[J].Ecology,1935,16(3):284-307.
[25]李扬,王国刚,刘煜辉.中国城市金融生态环境评价[M].北京:人民出版社,2005:124-128.
[2]曾康霖.怎样看待直接融资与间接融资[J].金融研究,1993(10):31-33.
[3]肖劲,马亚军.企业融资效率及理论分析框架[J].财经科学,2004(9):336-340.
[4]FAMA E F,JENSEN M C.Separation of Ownership and Control[J].Journal of Law and Economics,1983,26(6):301-326.
[5]ALMEIAD H,WOLFENZOND.The Effect of External Finance on the Equilibrium Allocation of Capital[J].Journal of Financial Economics,2005,75(1):133-164.
[6]HOGAN T,HUTSON E.Capital Structure in New Technology-Based Firms:Evidence from the Irish software Sector[J].Global Finance Journal,2005,15(3):369-387.
[7]宋文兵.对当前融资形势的理性思考[J].改革与战略,1997(6):1-6.
[8]高学哲.企业融资效率:内涵及外延[J].生产力研究,2005(6):205-207.
[9]赵守国,孔军,刘思佳.基于DEA模型的陕西上市公司融资效率分析[J].中国软科学,2011(S2):245-253.
[10]宋增基,张宗益.上市公司融资效率实证分析[J].商业研究,2003(5):97-99.
[11]刘力昌,冯根福.基于DEA的上市公司股权融资效率评价[J].系统工程,2004,22(1):55-59.
[12]耿成轩,王玲.江苏省战略性新兴产业资本配置效率研究——基于上市公司面板数据分析[J].华东经济管理,2016,30(8):23-28.
[13]李宗燕.我国新能源上市公司融资效率评价研究[D].北京:中国地质大学,2014.
[14]宋鹏鹏.我国新能源产业融资效率及影响因素研究[D].徐州:中国矿业大学,2015.
[15]FROSCH R A,GALLOPOULOS N E.Strategies for Manufacturing Sci Am[J].Scientific American,1989,261(1):144-152.
[16]MOORE J F.Predators and Prey:A New Ecology of Competition[J].Harvard Business Review,1993,71(3):75-86.
[17]周小川.完善法律制度,改进金融生态[N].金融时报,2004-12-07.
[18]梁春生.房地产企业融资生态研究[D].上海:华东师范大学,2007.
[19]孙园青.基于涉农经济组织视角的农户融资生态系统研究[D].杨凌:西北农林科技大学,2011.
[20]王海荣,耿成轩.新能源汽车产业融资效率——基于SUPER-SBM DEA及TOBIT模型[J].社会科学家,2016(11):83-87.
[21]CHARNES A,COOPERS W W,RHODES E.Measuring the Efficiency of Decision Making Units[J].European Journal of Operational Research,1978,2(6):429-444.
[22]BANKER R D,CHARNES A,COOPERS W W.Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis[J].Management Science,1984,30(9):1078-1092.
[23]KAO C,WANG H S.Efficiency Decomposition in Two-stage Data Envelopment Analysis:An Application to Non-life Insurance Companies in Taiwan[J].European Journal of Operational Research,2008,185(1):418-429.
[24]TANSLEY A G.The Use and Abuse of Vegetation Concepts and Terms[J].Ecology,1935,16(3):284-307.
[25]李扬,王国刚,刘煜辉.中国城市金融生态环境评价[M].北京:人民出版社,2005:124-128.