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.
引文
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